Tuesday, January 14 2020 16:51
Alina Hovhannisyan

Minister of Economy: Armenia will end 2019 with economic growth of at  least 7.5%

Minister of Economy: Armenia will end 2019 with economic growth of at  least 7.5%

ArmInfo. Armenia will end 2019 with economic growth of at least 7.5%. Minister of Economy of the Republic of Armenia Tigran Khachatryan made a similar statement  on January 14 during at a press conference on the results of 2019.

<Despite the fact that the y-o-y totals of GDP have not yet been  summed up, we can already say that at least we will be able to ensure  7.5% economic growth. This is an important achievement in one and a  half years of work>, he said.

In general, the minister assessed the past year from a positive point  of view, noting in this vein a number of economic achievements. He  noted that thanks to the foundations laid down in 2019, the new 2020  also expected to be good in terms of economic results.

Referring to official statistics, Tigran Khachatryan said that  according to the results of 11 months, Armenia's economic growth was  fixed at 7.5%, to ensure which the industrial sector has priority  (growth by 9.3%), the service sector (about 15%) , domestic trade  (9.2%), construction (4.5%) and export (9%).  In addition, the  minister shared the situation on the labor market of Armenia. So,  according to him, in January - September 2019 the number of people  employed in the private sector of the Republic of Armenia increased  by 40 thousand jobs, of which 5.3 thousand were in the manufacturing  industry, 12.4 thousand - retail and wholesale, 4.3 thousand -  catering and accommodation, 2.3 thousand - communications, 2.1  thousand - IT sector, 2.7 thousand - other services, etc.

It should be noted that according to the World Bank, in 2019, the  economic growth in Armenia will be 6.9%. The IMF forecasts Armenia's  GDP growth in 2019 by 4.6% with a slowdown in 2020 to 4.5%. The  Central Bank of the Republic of Armenia forecasts it in the range of  6.7-7.2%. For 2020, the Central Bank and the government issued a  forecast similar to the IMF growth.

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