ArmInfo. The forecast 6.5% economic growth is most unlikely to be recorded, Armenia`s Minister of Finance Tigran Khachatryan stated in response to an MP`s question. Babken Tunyan, an MP of the Civil Contract faction, noted lower economic growth rates over the last few months. Cumulative economic growth of 5.2% was recorded this Jan-July, 4.7% this Jan-Aug and 4.4% this Jan-Sept.
The MP inquired about the causes and GDP growth expectations for 2021.
Minister Khachatryan admitted the fact of lower-level economic activity over the last two months. He reported 4.4% cumulative economic activity in Jan-Sept 2021. "The main reason is lower growth rates in two sectors. First, some mining enterprises recorded less output and exports than expected. The second factor is lower growth rates in agriculture," Khachatryan said.
The minister noted that the mining industry is expected to recover its growth rates in the next few months, as the mining companies have to ensure the annual output - limits are set to their excavating, processing and exporting mineral resources. "And if their monthly or two-month output is less, they can fill the gap during the following months," the minister said. So recovery during the next two months could make up for the lower growth rates recorded in the period under review.
As regards the agricultural sector, Khachatryan said the situation is somewhat different. According to the estimates, last year was different in terms of a number of indicators. The minister noted recovery by the end of this year is unlikely. The situation will continue until Armenia has high-tech agriculture. Considering the above, Armenia`s government is revising its GDP growth forecasts - 6% instead of the 6.5% budgeted for next year.
