ArmInfo. The Central Bank of Armenia attaches importance to pursuing a countercyclical (stabilization) policy in the current economic situation to mitigate  negative consequences and maintain macroeconomic balance. On June 1,  Governor of the Central Bank of the Republic of Armenia Martin  Galstyan stated this in the parliament during the preliminary  discussions of the annual report on the implementation of the 2020  state budget.

ArmInfo. Armenia's gross international reserves increased in January- April 2021 by 14.3% or by $ 375.1 million, amounting to $ 2.991 billion, as evidenced by the  data of the Central Bank of Armenia.

ArmInfo. In Armenia, economic activity in January-April 2021 increased by 2.6% per annum (against a 1.7% decline a year earlier), against the backdrop of an increase in  exports and imports by 16.7% and 2.2%, respectively. According to the  preliminary data of the Statistical Committee of the Republic of  Armenia, in the sectoral breakdown, growth was demonstrated by all  sectors, except for the service sector, and data on the agricultural  sector are published in the statistical report only on a quarterly  basis.

ArmInfo.In the banking system of Armenia, the accelerated growth of non-performing loans (NPL) in 2020 continued in Q1 2021. In such a situation, the "indulgences"  undertaken by the regulator to shift part of the burden of bad loans  from 2020 to 2021 are likely to weigh down the already toxic loan  portfolio, as a result of which profits will linger in the downturn.

ArmInfo. The Central Bank of Armenia intends to revise the forecast of the country's economic growth for 2021 towards improvement. 

ArmInfo. The decline in the Armenian economy in 2020 was about 7.5%, largely due to the coronavirus pandemic and the Karabakh war. According to the forecasts of the IMF  and the Central Bank of Armenia for 2021, growth will be about  1-1.4%.

ArmInfo.Armenia's foreign trade turnover in the first quarter of 2021 amounted to $ 1.5 billion, accelerating the decline to 4.4% (from 4% a year earlier). According  to the final data of the Statistical Committee of the Republic of  Armenia, this was provoked by the acceleration of the decline in  imports from 6.2% to 8.7%, while the export growth accelerated from  0.2% to 3.4%, the volumes of which amounted to $ 936.4 million and $  572.9 million, respectively.

ArmInfo. Minister of Economy of Armenia Vahan Kerobyan again promised to reach a double-digit indicator of economic growth by the end of the year. He stated this  on May 5 from the rostrum of the RA National Assembly, answering the  questions of parliamentarians.

ArmInfo. In the consumer market of Armenia in January-April 2021, inflation was recorded at 5.1%, against 2.6% inflation in the same period in 2020. According to the RA Statistical Committee, this was provoked by an increase in the  prices of food products (including alcohol and cigarettes) by 8.6%  (versus 5.7% a year earlier), non-food products - by 5%  (versus 0.1% a year earlier) and tariffs for services - by 1.1%  (against 0.3% a year earlier).

ArmInfo. In Armenia, economic activity in the 1st quarter of 2021 compared to the same period of 2020 decreased by 2% (against 4% growth in the 1st quarter of 2020).   According to the final data of the Statistical Committee of the  Republic of Armenia, only the construction sector and the energy  complex were in growth, while the industrial sector, agricultural  sector, trade, and the service sector are still overdrawn.

ArmInfo. Taking into account the current macroeconomic situation and the inflationary impact expected from the external and internal economies, the Council of the Central  Bank of Armenia considers it necessary to gradually neutralize the  stimulating effect of monetary conditions.

ArmInfo. Armenia's gross external debt, which already in 2020 exceeded GDP to 103.5%, will continue to prevail over GDP both in 2021 (107%) and in 2021 (105.1%).  Thus, the gross debt of the Armenian government will reach 69.9% of GDP in 2021  (from 62.8% of GDP in 2020), and then in 2022 it will modestly  decrease to 68.8% of GDP. This is stated in the new IMF report  "Regional Economic Outlook Update: Middle East and Central Asia",  which presents a detailed forecast of key indicators of Armenia.

ArmInfo. Armenia's gross international reserves increased in the first quarter of 2021 by  15.1% or by $ 393.7 million, amounting to $ 3.009 billion, as  evidenced by the data of the Central Bank of Armenia. Of these, the  lion's share - $ 3.003 billion - falls on foreign assets in hard  currency, and the SDR share in the IMF amounted to $ 2.9 million.  According to the regulator's report, for the first quarter of this  year foreign assets in hard currency increased by 15.2%, while the  share of SDR in the IMF decreased by 67.3%.

ArmInfo.In the long term, aggregate demand indicators in Armenia will remain weak, and in these conditions, inflationary pressures cannot be accelerated, so by the  end of the year we will return to the permissible inflation range of  4% (+/- 1.5%).

ArmInfo. Armenia’s current economic reform program has been supported by the IMF since May 2019. The program has helped Armenia preserve macroeconomic stability and maintain access to international financial markets, and was adjusted to help Armenia respond to the major challenges that it faced in 2020. ArmInfo correspondent spoke with Nathan Porter, the IMF’s mission chief for Armenia, about the program and how Armenia has fared during these difficult times.

ArmInfo. In Armenia, economic activity in the first quarter of 2021 decreased by 2% compared to the same period in 2020 (compared to 4% growth in the first quarter of  2020). According to the preliminary data of the RA State Committee,  only the construction sector and the energy complex were in the  growth, while the industrial sector,the agricultural sector, trade,  and the service sector are still in the red.

ArmInfo.  Maintaining the current high level of prices on the world copper market during 2021 will have a positive impact on Armenia's economic  growth. This was announced by former Armenian Finance Minister Vardan Aramyann on his Facebook page.

ArmInfo. The International Monetary Fund (IMF) forecasts GDP growth of 1% for Armenia in 2021, with an acceleration to 3.5% in 2022. This is stated in the report of  the IMF following the results of the virtual discussions held by the  Fund's team led by Nathan Porter with the Armenian authorities  regarding the latest economic developments, prospects and political  priorities for the future.

ArmInfo. RA Deputy Prime Minister Mher Grigoryan, continuing discussions within the framework of spring online meetings with representatives of the Washington Consensus (International Monetary Fund (IMF) and World Bank (WB)), held a video conversation with WB Regional Vice President Anna Bjerde.

ArmInfo.Armenia's gross international reserves (WMR) for February 2021 jumped by $784.2 million or 33% (after an 8.2% decline in January and against a 0.5%  decline in February 2020), for the first time exceeded the  three-billion mark, amounting to $3.185 billion. This is evidenced by  the data of the Central Bank of the Republic of Armenia.