ArmInfo.According to Eurostat, Armenia is Europe's leader in GDP growth in the Q1 of 2019 by 7.1% per annum. Eurostat's report includes 41 countries.
Hungary is in second place with GDP growth in Q1 of 2019 at 5.2% per annum. The third place is taken by Romania with GDP growth of 5%. With the same GDP growth of 4.7%, Poland and Georgia ranked fourth and fifth.
Azerbaijan ranks 18th place with a 3% GDP growth. Ukraine is in 24th place with a 2.2% GDP growth. Belarus in 35th place with GDP growth of 1.1%, and with the same indicator 33rd and 34th places are occupied by France and Belgium. Germany ranked 36th with a 0.7% rise in GDP. 37-39 places with the same GDP growth of 0.6% are located in Sweden, Iceland and Switzerland. Russia was in 40th place with a 0.5% increase in GDP. Italy closes the list - 41 places with GDP growth by 0.1%.
According to the RA Statistics Committee, in the Q1 of 2019, Armenia's GDP exceeded 1.2 trillion drams or $ 2.6 billion. The growth drivers in the reporting period were the services sector, the commercial sector, the construction sector, and particularly the industrial sector.
To note, according to updated in June of this year World Bank's forecast for 2019, Armenia's GDP growth will be 4.2%, with acceleration in 2020 to 4.9% and in 20121 to 5.2%. According to the updated IMF forecast, GDP growth in Armenia in 2019 will be 4.6% with a slowdown in 2020 to 4.5%. In the state budget of the Republic of Armenia for 2019, GDP growth of 4.9% is laid. By updated at the end of June this year the forecast of the Central Bank of Armenia, the range of GDP growth in Armenia for 2019 is significantly improved - 5.9-7.4% against the previous 4.6-6.1%. Such a revision of the forecast for GDP growth for 2019 was explained by the Central Bank to higher than expected economic growth in the Q1 (by 7.1% per annum) and a high probability that this trend will continue in subsequent quarters of this year. The CBA led to an increase in the range of projected growth by maintaining high growth rates in the service sector and partly by activating the industrial sector, as well as by the expected significant increase in private consumption.