Monday, February 5 2018 18:49
Karine Melikyan

World Bank forecasts  slow restoration of construction sector and agricultural sector of Armenia

World Bank forecasts  slow restoration of construction sector and agricultural sector of Armenia

ArmInfo. The World Bank forecasts a slow recovery in the construction sector and the agricultural sector of Armenia and some slowdown in the pace of industrial production.

Thus, in the WB's updated analytical report on the Armenian economy, it is noted that the construction sector will reach a 3.2% growth in 2018 (out of a 1.5% decline in 2017), with an acceleration of the rate in 2019 to 3.5%.

Armenian Agriculture sector , according to the WB forecast, will accelerate growth from 0.8% in 2017 to 1.9-2.3% in 2018-2019. The Armenian industrial sector, on the contrary, will slow down its growth from 12.5% in 2017 to 8.9-7.7% in 2018-2019.

In general, the World Bank's GDP forecasts are as follows: 3.7% in 2017 (up to 5154.7 billion AMD), 3.8% in 2018 (up to 5,400.1 billion AMD), 4% in 2019 (up to 5682.1 billion AMD).

The WB sees a modest turn of the Russian economy as the main factor in improving the situation in the Armenian economy, in particular, a 1.7% growth and maintaining this level in 2018 with an acceleration to 1.8% in 2019. This will increase the flow of private transfers to Armenia after seven years of a consecutive decline.

According to the Central Bank of Armenia, the inflow of private transfers to the country increased by 14.6% to $ 1.757 billion in 2017, against the decline in 2016 by 6.1%. Moreover, $ 1.065 billion was received from Russia through transfers, with growth for 2017 by 18.7%, against a decline of 11.1 in 2016.  The share of Russia in the total inflow increased from 58.5% in 2016 to 60.6% in 2017.

According to official statistics, economic activity in Armenia increased by 7.7% in 2017, against 0.5% in 2016. Growth drivers were the services sector - by 14.4%, trade - by 14% and the industrial sector - by 12.6%, and by a more modest pace - the energy complex and the construction sector - 6.1% and 2.2%, respectively. Against this background, the agricultural sector only slowed down the rate of decline to 3%.  As a comparison, in 2016 the service sector showed growth of 7.1%, industrial sector - by 6.7%, trade - by 0.1%, and the construction sector, energy complex and agricultural sector were in decline - 10.8% , 6.2% and 5.2%.    на 68,1%.

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