Armenian economy ups 6 percent in first half
YEREVAN, August 31. /ARKA/. Armenia’s economy grew by 6 percent in the first six months of 2017, the National Statistical Service (NSS) said today. According to official data, in the first quarter the growth was 6.5% dropping to 5.5% in the second quarter.
The GDP in the second quarter of 2017 amounted to 1.205.1 trillion drams or about $2.49 billion (the average weighted exchange rate in the second quarter was 483.36 drams for $1).
According to NSS, economic growth in the second quarter was driven by a growth in industry, including a 0.6% growth in the energy sector and a 5.9% growth in trade and services. The agricultural sector recorded a decline of 0.4%, and the construction sector fell by 1.2%.
A 6 or more percent growth for the first half of the year was previously recorded in 2012, when the economic expansion was 6.1%, and the annual growth was 7.2%. In the following years, Armenia's economic growth never exceed 3.5%.
The government’s GDP growth projection for 2017 is 3.2%. The Central Bank said earlier it expects the economy to grow from 3.9% to 4.8%. -0-