Wednesday, February 28 2018 13:53
Karine Melikyan

Statistics: Armenian GDP growth in 2017 amounted 7,5%

Statistics: Armenian GDP growth in 2017 amounted 7,5%

ArmInfo. Armenian GDP grew by  7.5% in 2017 to 5.580 trillion drams ($ 11.6 billion). A year  earlier, in 2016, GDP growth slowed to 0.2% from 3.2% in 2015. As the  data of the National Statistical Service of Armenia testify, the GDP  deflator index in 2017 was 102.2%, against 100.5% in 2016 and 101.2%  in 2015.

Economic growth in 2017 was supported by the services sector - by  14.4% per annum, trade - by 14% and the industrial sector - by 12.6%,  against growth of 7.1%, 0.1% and 6.7%, respectively, a year earlier .  A relatively modest growth was also ensured by the energy complex and  the construction sector - 6.1% and 2.2%, which recorded a decline of  6.2% and 10.8% a year earlier.  Against this background, the  agricultural sector, delayed in the recession, only slowed down to 3%  from 5.2% in 2016.

According to statistics in 2017, in absolute terms leadership is held  by the trade sector with a volume of 2.6 trillion. AMD ($ 5.4  billion). The industrial sector is on the second place with 1.7  trillion ($ 3.4 billion), the third - the service sector - 1.5  trillion AMD ($ 3.01 billion), the fourth - the agricultural sector -  906.8 billion AMD ($ 1.9 billion), and the fifth - the construction  sector - 415.9 billion AMD ($ 861.5 million). The volume of  electricity generation in January-December 2017 amounted to 7762.9  million kWh, of which 825.5 million kWh. - Only in December.

At the same time, Armenia's foreign trade turnover for 2017 was  3100.4 billion AMD ($ 6,425.6 million) with an annual growth of  26.9%. In its structure, the volume of exports has undergone annual  growth of 25.2% to 1082.1 billion AMD ($ 2242.9 million), and imports  - annual growth of 27.8% to 2018.3 billion AMD ($ 4,182.7 million). A  year earlier, in January-December 2016, foreign trade turnover  increased by 7.4% due to growth in exports by 20% and imports by  1.6%. By way of comparison, we note that in January-December 2015 the  foreign trade turnover decreased by 20.6% per annum due to a 26.5%  drop in imports with a decline in exports of 3.9%.

The average calculated exchange rate for dram totaled 483.18 AMD / $  in December 2017, and 482.72 AMD / $ 1 in January-December, compared  to 482.84 AMD / $ 1 in December 2016 and 480.49 AMD / $ 1 in January-  December 2016, 482.93 AMD / $ 1 - in December 2015 and 477.92 AMD / $  1 - in January-December 2015.

Note that updated in January 2018, the World Bank forecast for 2017  indicated the growth of Armenia's GDP by 3.7%, with acceleration in  2018 to 3.8% and in 2019 to 4%. The Central Bank of Armenia  previously forecast GDP growth by 4.4-4.9% (an average of 4.6%) in  2017, in early January 2018 revised the GDP growth estimate for 2017  in the direction of acceleration to 6.4%, and the Government of their  expectations in 2017, GDP growth was estimated at 5.5-6%, revised at  the beginning of 2018 in the direction of 6.7-7.4%. The state budget  of the Republic of Armenia for 2017 laid the GDP growth by 3.2%, and  by 2018 - 4.5%.

According to National Statistical Service of Armenia, guided by the  government's decision of 25.01.2011, publishes monthly economic  activity (in%), and publishes a quarterly and annual absolute value  of GDP after 60-90 days from the reporting period.

POST A COMMENT
Input digits     


News
Number of plastic cards up as capital relocated to Armenia Number of plastic cards up as capital relocated to Armenia 
AMD 4,248,945 to AMD 4,248,945 to "QaylTech": The August beneficiary of "The Power of One Dram" is "The Rehabilitation City of Heroes" - psychological rehabilitation center
Airlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in ArmeniaAirlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in Armenia
Cargo traffic down, passenger traffic up in Armenia in first half,  2022Cargo traffic down, passenger traffic up in Armenia in first half,  2022
Growth of trade sector was facilitated by increase in activity in  wholesale and car trade marketsGrowth of trade sector was facilitated by increase in activity in  wholesale and car trade markets
4.5% increase in proceeds of Armenia`s communication sector in first  half 20224.5% increase in proceeds of Armenia`s communication sector in first  half 2022
188,856 tourists visit Armenia this July188,856 tourists visit Armenia this July
Accelerated growth of Armenian industrial sector was driven by  processing industryAccelerated growth of Armenian industrial sector was driven by  processing industry
Veolia Djur proposes to raise water tariff in ArmeniaVeolia Djur proposes to raise water tariff in Armenia
State Revenue Committee of Armenia starts active administration in  pursuance of law State Revenue Committee of Armenia starts active administration in  pursuance of law " On Non-Cash Transactions"
Armenia`s premier calls for revising economic programmes Armenia`s premier calls for revising economic programmes 
EDB to allocate $25 million to implement Armenia`s largest livestock  programEDB to allocate $25 million to implement Armenia`s largest livestock  program
Double-digit growth in economic activity in Armenia is accompanied by  surge in imports and exportsDouble-digit growth in economic activity in Armenia is accompanied by  surge in imports and exports
Armenian business forum to be held in Yerevan for second timeArmenian business forum to be held in Yerevan for second time
Production of aluminum foil in Armeniaincreased by 8% in June 2022Production of aluminum foil in Armeniaincreased by 8% in June 2022
Metallurgy industry of Armenia sums up H1 2022 with a 7% declineMetallurgy industry of Armenia sums up H1 2022 with a 7% decline
EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB 
EADB to allocate $37mln for construction of 11 solar power stationsEADB to allocate $37mln for construction of 11 solar power stations
Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%
 Further rise in food prices in Armenia  Further rise in food prices in Armenia 
Loan payoff with another bank via AppLoan payoff with another bank via App
Deputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpointDeputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpoint
Ferry communication to be launched this month - minister Ferry communication to be launched this month - minister 
Armenia is among the TOP-5 destinations for Russian tourists this  autumArmenia is among the TOP-5 destinations for Russian tourists this  autum
Austria to invest in Armenia`s SyunikAustria to invest in Armenia`s Syunik
Gyumri Breeding Station reports three-fold growth in barley output Gyumri Breeding Station reports three-fold growth in barley output 
CBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banksCBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banks
CBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increaseCBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increase
Minister: The share of the mining industry in the total volume of  Armenia`s exports has decreasedMinister: The share of the mining industry in the total volume of  Armenia`s exports has decreased
Statistical data, real situation in agricultural sector different -  minister Statistical data, real situation in agricultural sector different -  minister 
FLYONE ARMENIA launches flights to Domodedovo International AirportFLYONE ARMENIA launches flights to Domodedovo International Airport
Armenia, Iran deepen cooperation in mining industryArmenia, Iran deepen cooperation in mining industry
CBA raises refinancing rate from 9.25% to 9.5% CBA raises refinancing rate from 9.25% to 9.5% 
23.9% rise in petrol prices in Armenia in first half of 2022 23.9% rise in petrol prices in Armenia in first half of 2022 
Armenia meets Russia`s brand demandArmenia meets Russia`s brand demand
Armenia is not ready to open the land border with Turkey: ExpertArmenia is not ready to open the land border with Turkey: Expert
Armenia, Qatar discuss possible areas of bilateral cooperationArmenia, Qatar discuss possible areas of bilateral cooperation
Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022
Ardshinbank offers a new type of loan for small and medium enterprises.Ardshinbank offers a new type of loan for small and medium enterprises.
Armenia among priority partners of Austrian Development AgencyArmenia among priority partners of Austrian Development Agency
International reserves of Armenia reaches historical maximum by July  2022International reserves of Armenia reaches historical maximum by July  2022
More funds for government-sponsored medical services More funds for government-sponsored medical services 
South Caucasus Railway delivers production equipment from Yerevan to  KrasnodarSouth Caucasus Railway delivers production equipment from Yerevan to  Krasnodar
4% inflation expected in Armenia in medium-term 4% inflation expected in Armenia in medium-term 
Ameriabank leads in list of largest taxpaying banks in ArmeniaAmeriabank leads in list of largest taxpaying banks in Armenia
Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022
Over 500 Armenian servicemen to benefit from soft lending programmeOver 500 Armenian servicemen to benefit from soft lending programme
Washington to allocate $120mln to Armenia for democratic development,  economic stabilityWashington to allocate $120mln to Armenia for democratic development,  economic stability
17.1% increase in food prices significantly affected low-income  citizens of Armenia - study17.1% increase in food prices significantly affected low-income  citizens of Armenia - study
Armenia, Ethiopia consider development of cooperation in e-governance  and technology educationArmenia, Ethiopia consider development of cooperation in e-governance  and technology education
Armenian assets of GeoProMining Group of Compaines significantly  increase payments to state budgetArmenian assets of GeoProMining Group of Compaines significantly  increase payments to state budget
Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s "Gloomy and More Uncertain"  forecast
Armenia`s vice-premier hosts AMD company vice-presidents Armenia`s vice-premier hosts AMD company vice-presidents 
MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development 
Mirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relationsMirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relations
Zangezur Copper-Molybdenum Combine topped list of taxpayers in  Armenia in H1 2022Zangezur Copper-Molybdenum Combine topped list of taxpayers in  Armenia in H1 2022
Converse Bank completes distribution of bonds ahead of scheduleConverse Bank completes distribution of bonds ahead of schedule
Armenia implements intellectual property development strategyArmenia implements intellectual property development strategy
Iran successfully expands trade with Armenia: Iran TPO headIran successfully expands trade with Armenia: Iran TPO head
Converse Bank offers new loans to SME’sConverse Bank offers new loans to SME’s
Read more


Exchange rates
12.08.2022
RUB6.66-0.04
USD405.91-0.18
EUR417.56-2.22
GBP482.25-3.42
CAD317.71-0.42
JPY30.38-0.25
CNY60.21-0.11
CHF430.45-0.96