Monday, February 5 2018 18:50
Karine Melikyan

World Bank predicts a significant slowdown in 2018 the growth rate of Armenia`s foreign trade

World Bank predicts a significant slowdown in 2018 the growth rate of Armenia`s foreign trade

ArmInfo. The World Bank forecasts a significant slowdown in 2018 of the growth rate of Armenia's foreign trade. According to the forecast provided in the World Bank's updated analytical report on the economy of Armenia, the growth rate of exports would slow in 2018 to 9.2% from 13.2% in 2017, and imports to 10.3% from 14.2% in 2017. At the same time, in 2019, on the contrary, the WB forecasts a significant acceleration of growth rates for exports and imports - up to 9.7% and 10.6%, respectively. According to the World Bank forecast, the current account deficit to GDP will decrease in 2018-2019 to 3.8-3.6%, from 4% in 2017.

According to official statistics, Armenia's foreign trade turnover in January-December 2017 increased by 26.9% per annum (against growth of 7.4% in 2016), making 3100.4 billion AMD ($ 6,425.6 million). In its structure, the volume of exports has undergone annual growth of 25.2% to 1082.1 billion AMD or $ 2242.9 million (against growth of 20% in 2016), and imports - an annual growth of 27.8% to 2018.3 billion drams or $ 4182.7 million (against growth of 1.6% in 2016). Moreover, the primacy of both the foreign trade turnover, and the export and import is reserved for Russia. Thus, the foreign trade turnover between Armenia and Russia in 2017 increased by 26.1% to $ 1.7 billion, due to export growth of 44.6% to $ 541.6 million and imports - by 19.1% to $ 1.2 billion.

The foreign trade turnover between Armenia and the European Union countries increased by 28.4% in 2017 (against 2.1% growth in 2016), and foreign countries by 26.8% (against 7.7% growth in 2016 ). In particular, the export of goods from Armenia to the European Union grew by 32.2% in 2017 (against 15.9% growth in 2016), while imports grew by 26% (against the 5.2% decline in 2016). The export of goods from Armenia to non-CIS countries grew by 14.5% in 2017 (against 13.7% growth in 2016) with an increase in imports of 34.7% (against 4.2% growth in 2016).

Armenia's economic activity in January-December 2017 accelerated its annual growth rate to 7.7%, from an almost stagnating 0.5% over the same period in 2016.

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