IMF projects 4% annual economic growth in Armenia in 2013-2015

YEREVAN, January 15. /ARKA/. Armenia’s economic growth may hit 4% and remain unchanged in 2014-2015, says the report on stability of Armenian financial system published on IMF’s website Friday.

Armenia’s economic growth will be 3.8% as of the end of 2012, according to the report.

Earlier, Armenian minister of finance Vache Gabrielyan said that Armenia’s GDP growth is expected to be 7-7.1% by the end of 2012, as compared to the projected 4.2%. Under the government budget a 6.2% GDP growth is planned for 2013.

According to the report, Armenia’s exports will total $2.5bln in 2012 and imports will amount to $4.9bln. The IMF projects exports worth a total of $2.7bln and imports worth a total of $5.1bln for 2013. Exports and imports are expected to amount to $2.8bln and $5.2bln in 2014 and to $3bln and $5.4bln in 2015 respectively, according to the report. The country’s trade red ink will reach $2.8bln by 2015.

According to the most recent data of Armenia’s National Statistical Service, exports were $1,292.2mln in 11 months of 2012, which is an increase of 6.7% compared to the same period of the year before. Imports grew by 2.5% to $3,838.5mln in the period, according to the same source.

Direct foreign investments were $498mln in 2012 and are expected to grow gradually and reach $624mln by 2015, says the report.

According to the most recent data of Armenia’s National Statistical Service, direct foreign investments in the real economy were about $221.3mln in Armenia in the 9 months of 2012, as compared to $479.4mln in the same period of 2011.

The IMF is projecting that Armenia’s foreign debt will constitute 67.6% of GDP by the end of 2012 and will decrease to 61% in 2015

The ministry of finance says Armenia’s national debt was $4bln 374.9mln at the end of 2012 and $3bln 159mln. Foreign debt totaled $3bln 159mln against $2bln 950mln in 2011, according to the same source.

Earlier, head of WB Armenia country manager Jean-Michelle Happi told ARKA Agency that, according to debt sustainability analysis (DSA) by the WB and the IMF, Armenia is assessed as facing low risk of debt distress. ($1=408.54drams).-0-