YEREVAN, February 27. /ARKA/. Armenia’s central bank projects a 4.7-5.7% economic growth in the country in 2013, says the regulator’s implementation report on monetary and credit policy for the fourth quarter of 2012.
Similar report for the third quarter has a projection of 5-6% economy growth for 2013. The downward revision was made having in mind the current macroeconomic situation in the country and possible slow-down of foreign and domestic demand, according to the report.
Industry growth is expected to range between 7% and 9%. Projected construction growth is 2.5-4.5%. Growth in services sector and agriculture is expected at 4.2-6.2% and 2-4% respectively.
Nominal wages may rise by 7.4% due to increased production in private sector, reduced unemployment, stabilized inflation and salary increase in some state-funded organizations, according to the report.
The expected economic growth will promote demand for labor leading to reduction of unemployment. Under these circumstances, average unemployment rate may drop by 0.6% to 16.5% in 2013 compared to 2012, says the report.
According to the budget projections, Armenia’s GDP growth is 6.2% for 2013. -0-