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.

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