4% year-on-year increase in Armenia’s economic activity in 1st Q 2020
27.04.2020,
14:52
The indicator of economic activity in Armenia, according to preliminary data, increased by 4% in January-March 2020, compared to the same period a year earlier, the National Statistics Committee of the country reports.
YEREVAN, April 27. /ARKA/. The indicator of economic activity in Armenia, according to preliminary data, increased by 4% in January-March 2020, compared to the same period a year earlier, the National Statistics Committee of the country reports.
In March, compared with February, the economic activity went 0.2% down, and compared with March 2019, the decline in economic activity was 4.9%.
According to the report, in January-March 2020, the country’s industrial output amounted to approximately AMD 450,400.6 million, increasing by 8.7% compared to the same period a year before, while decreasing by 2% compared to the previous month, and by compared with March 2019 - by 1.9%.
The agriculture sector’s output in the first quarter increased by 4.5% to AMD 73,621.9 million drams.
According to statistical data, the domestic trade turnover in January-March 2020 amounted to AMD 657 530.4 million (an increase of 0.2%), while compared with the previous month, the indicator decreased by 9.9%, and in March 2020 compared to March 2019 - by 3.5%.
As noted in the report, services (excluding trade) in Jan-March 2020 amounted to AMD 451 575.8 million (a 5.5% year-on-year increase), while in March compared to February, the indicator decreased by 4.8% , and in March to March 2019 - by 5.8%.
Construction sector reported AMD 43,914.3 million in the first quarter of 2020 (a decrease of 9.4%), while in March compared to February 2020, the indicator increased by 14%, and in March 2020 by compared with March 2019 decreased by 26.2%.
In the government budget for 2020, economic growth is projected at 4.9%, and inflation at 4% (± 1.5%). In the country's updated budget for 2020 due to the coronavirus, the previous economic growth rate of 4.9% was replaced by a decline of 2%.
According to the estimates of the Central Bank of Armenia, the economic growth in 2020 will be 0.7%, which is much lower than previous forecasts, but later, in 2021, it will mainly recover to 7.2%.
The IMF expects a 1.5% decline in Armenia's economy in 2020. Such a forecast is contained in the April International Monetary Fund’s World Economic Outlook for April 2020. At the same time, the authors of the report predict that in 2021 a 4.8% growth will be recorded in the Armenian economy.
The World Bank, in its spring Review of the Economics of Europe and Central Asia predicts that the growth of the Armenian economy, according to the optimistic scenario, in 2020 will be 1.7%, and inflation - 3%. The report predicts that in 2021 Armenia’s GDP growth will be 4.5%, and inflation - 3.5%. The growth of the Armenian economy is forecasted at 4.7% for 2022 and inflation at 4%.
Fitch Ratings predicts that the shock from the coronavirus will slow down the growth of Armenia's GDP from 7.6% in 2019 to 0.5% in 2020.
According to the latest Eurasian Development Bank’s forecast, in 2020 the GDP growth in Armenia will slow down 1.7%. ($ 1 – AMD 479.67). -0---
In March, compared with February, the economic activity went 0.2% down, and compared with March 2019, the decline in economic activity was 4.9%.
According to the report, in January-March 2020, the country’s industrial output amounted to approximately AMD 450,400.6 million, increasing by 8.7% compared to the same period a year before, while decreasing by 2% compared to the previous month, and by compared with March 2019 - by 1.9%.
The agriculture sector’s output in the first quarter increased by 4.5% to AMD 73,621.9 million drams.
According to statistical data, the domestic trade turnover in January-March 2020 amounted to AMD 657 530.4 million (an increase of 0.2%), while compared with the previous month, the indicator decreased by 9.9%, and in March 2020 compared to March 2019 - by 3.5%.
As noted in the report, services (excluding trade) in Jan-March 2020 amounted to AMD 451 575.8 million (a 5.5% year-on-year increase), while in March compared to February, the indicator decreased by 4.8% , and in March to March 2019 - by 5.8%.
Construction sector reported AMD 43,914.3 million in the first quarter of 2020 (a decrease of 9.4%), while in March compared to February 2020, the indicator increased by 14%, and in March 2020 by compared with March 2019 decreased by 26.2%.
In the government budget for 2020, economic growth is projected at 4.9%, and inflation at 4% (± 1.5%). In the country's updated budget for 2020 due to the coronavirus, the previous economic growth rate of 4.9% was replaced by a decline of 2%.
According to the estimates of the Central Bank of Armenia, the economic growth in 2020 will be 0.7%, which is much lower than previous forecasts, but later, in 2021, it will mainly recover to 7.2%.
The IMF expects a 1.5% decline in Armenia's economy in 2020. Such a forecast is contained in the April International Monetary Fund’s World Economic Outlook for April 2020. At the same time, the authors of the report predict that in 2021 a 4.8% growth will be recorded in the Armenian economy.
The World Bank, in its spring Review of the Economics of Europe and Central Asia predicts that the growth of the Armenian economy, according to the optimistic scenario, in 2020 will be 1.7%, and inflation - 3%. The report predicts that in 2021 Armenia’s GDP growth will be 4.5%, and inflation - 3.5%. The growth of the Armenian economy is forecasted at 4.7% for 2022 and inflation at 4%.
Fitch Ratings predicts that the shock from the coronavirus will slow down the growth of Armenia's GDP from 7.6% in 2019 to 0.5% in 2020.
According to the latest Eurasian Development Bank’s forecast, in 2020 the GDP growth in Armenia will slow down 1.7%. ($ 1 – AMD 479.67). -0---
