Wednesday, February 28 2018 14:38

ArmInfo. According to the  forecasts of the Central Bank of Armenia, GDP growth in 2018 will be  4.7-5.8%, in 2019 - 4.5-5.9%, in 2020 - 4.4-6%. This is set out in  the Monetary Policy Program (MCP) of the Central Bank for the first  quarter of 2018, published in late February. Here is an updated  forecast for GDP growth for 2017 - 7.2-7.4%, which is due to the  growth of consumption of the private sector by 10.2% and investment -  by 13.4%.

The Central Bank of Armenia forecasts an increase in imports in 2018  by 6-8%, with exports growing by 9- 10%. The growth of remittances in  the current year is expected to be within 7-9%, consistent with the  strengthening of the ruble and the scenario for assessing Russia's  economic growth.

The Central Bank expects that in the areas of the drivers of economic  growth - industry and services - the growth rate in 2018 will slow  down somewhat.

According to the World Bank's updated forecast for January 2018, the  GDP growth in Armenia was 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 the National Statistical Service of Armenia, Armenia's  GDP grew by 7.5% in 20175.580 trillion AMD ($ 11.6 billion). A year  earlier, in 2016, GDP growth slowed to 0.2% from 3.2% in 2015. 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.  Armenia's  foreign trade turnover for the year 2017 increased by 26.9%, in  particular exports - by 25.2% and imports - by 27.8%. A year earlier,  in 2016, foreign trade turnover increased by 7.4% due to growth in  exports by 20% and imports by 1.6%. In 2015, the foreign trade  turnover decreased by 20.6% per annum due to a 26.5% drop in imports  with a 3.9% decline in exports.