Eurasian Development Bank: Armenia’s GDP growth may reach 4.8% in 2014

Eurasian Development Bank: Armenia’s GDP growth may reach 4.8% in 2014

YEREVAN, July 23. /ARKA/. Armenia’s GDP growth may reach 4.8% in 2014, Eurasian Economic Union analysts say in a fresh issue of Eurasian Development Bank’s CIS Macromonitoring.   

They say the increase in macroeconomic assistance from international donors and expansion of the country’s cooperation with the Customs Union will contribute a great deal to this growth.  

At the same time, GDP growth in Armenia slowed down 3.1% in the first quarter of this year, compared with the same period a year earlier, because of the weakening of domestic demand and the adverse outside developments, particularly fallen prices for exported raw materials.  

A low economic activity was seen especially in the mining industry’s 1.3% decline and construction’s 3.3% downturn. 

Instead, the agriculture sector and processing industry showed good results (+6.0% and +4.5%).

According to the analysts, CIS countries’ average GDP growth slowed down 1.2% in the 1st Q 2014, compared with the same period a year before. 

This decline was first of all due to the fallen investment activity in Russia and some slowdown in investment activity in Kazakhstan. 

Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. -0-----

14:22 23.07.2014

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