Armenia posts 2.2% economy growth in Q1 - statistics
29.05.2015,
15:22
Armenia posted a 2.2% economic growth in the first quarter of this year.
YEREVAN, May 29. /ARKA/. Armenia posted a 2.2% economic growth in the first quarter of this year.
According to the preliminary information from the National Statistical Service, the country’s GDP amounted to 873.6 billion drams or about $1.83 billion (the Q1 2015 exchange rate was 477.26 drams per $1).
According to the statistics, the economic growth level was recorded due to 2% industry growth, 4.5% growth seen in agriculture and 3.9% growth in services sector. Construction growth rate was 0.8% in the first quarter.
The budgeted levels were 4.1% for GDP growth and 4% (±1.5%) for inflation for the first quarter of 2015. The Central Bank of Armenia made an upward revision of its economy growth forecast for 2015 to 2.1-2.5%. Yet, many international financial organizations lowered their projections of the Armenian GDP growth.
Many international organizations have recently lowered their economic projections of Armenia’s GDP growth for 2015. In particular, the World Bank says it is 0.8%, EDB’s forecast is 1.6%, ADB’s projection is 1.6%. The IMF expects the Armenian economy to decline by 1% and the EBRD projects a 1.5% decline.
Fitch Agency said in its last review a moderate recession was expected in Armenia in 2015 due to the worsening in Russia. According to Moody’s, Armenian economy will grow by 2.3%. ($1- 479.3 drams). –0--
According to the preliminary information from the National Statistical Service, the country’s GDP amounted to 873.6 billion drams or about $1.83 billion (the Q1 2015 exchange rate was 477.26 drams per $1).
According to the statistics, the economic growth level was recorded due to 2% industry growth, 4.5% growth seen in agriculture and 3.9% growth in services sector. Construction growth rate was 0.8% in the first quarter.
The budgeted levels were 4.1% for GDP growth and 4% (±1.5%) for inflation for the first quarter of 2015. The Central Bank of Armenia made an upward revision of its economy growth forecast for 2015 to 2.1-2.5%. Yet, many international financial organizations lowered their projections of the Armenian GDP growth.
Many international organizations have recently lowered their economic projections of Armenia’s GDP growth for 2015. In particular, the World Bank says it is 0.8%, EDB’s forecast is 1.6%, ADB’s projection is 1.6%. The IMF expects the Armenian economy to decline by 1% and the EBRD projects a 1.5% decline.
Fitch Agency said in its last review a moderate recession was expected in Armenia in 2015 due to the worsening in Russia. According to Moody’s, Armenian economy will grow by 2.3%. ($1- 479.3 drams). –0--
