6.5% economic growth in Armenia in 1st Q 2017

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Economy

31.05.2017, 13:21

Armenia recorded a 6.5 percent economic growth in the first quarter of this year.

6.5% economic growth in Armenia in 1st Q 2017

YEREVAN, May 31. /ARKA/. Armenia recorded a 6.5 percent economic growth in the first quarter of this year.

According to the National Statistical Service’s preliminary report, the country’s GDP amounted to AMD 971.9 billion or about $2 billion in Jan-March 2017 (the then exchange rate was AMD 485 per one dollar).

This growth was due to growth in industry, including energy, by 12.4% and trade and services by 5.3%.

Instead, agriculture faced a 3.8% decline and construction 9.6% decline.

In the government budget for 2017, GDP growth is projected at 3.2%. The Central Bank of Armenia forecasts 3.2% to 4.8%.

The World Bank predicts 2.7% economic growth, the International Monetary Fund 2.9%, the United Nations up to 2.5%, Fitch 2.1%, the European Bank for Reconstruction and Development 2.5%, the Asian Development Bank 2.2% and the Eurasian Development Bank 2.9%. --0----

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