ArmInfo. According to the Central Bank of Armenia, GDP growth in 2017 will be 6.4%, which is mainly caused by higher (by 2 percentage points) than expected growth rates of private consumption and private investment. This was reported in the press service of the Central Bank of Armenia.
Earlier, the Central Bank's Monetary Policy Program (MPP) for the IV quarter, published in November 2017, indicated GDP growth of 4.4-4.9% (4.6% on average), and medium-term forecasts were: 2018 - 3 , 5- 4,6%, 2019 - 3,5-4,9%, 2020 - 3,8-5,4%. In the same LCP program, the acceleration of private consumption growth was expected from the previous 4.8% to 7.4% and an increase in private investment by 6%. It should be noted that the World Bank's forecast updated in January 2018 envisages the GDP growth of Armenia in 2018 by 3.8% with the acceleration in 2019 to 4%, against the expected 3.7% growth in 2017.
Fitch improved the GDP growth forecast for Armenia in 2017 to 4.3% from the previously projected 3.4%, and sees the possibility of accelerating growth by an average of 3.6% in 2018-2019. The budget of Armenia for 2018 laid the growth of GDP by 4.5%. According to the National Statistical Service of Armenia, in Armenia, economic activity growth accelerated in January-November 2017 to 7.3% from last year's 0.6% in 11 months of 2016. Drivers of growth were trade, services and the industrial sector. Inflation in Armenia's consumer market in January-December 2017 was 2.6%, with annual inflation (by January- December 2016) of 1%.