Armenia’s GDP increases 2.3 percent in second quarter to 952.1 billion drams, national statistical service
01.09.2014,
15:23
Armenia's GDP increased by 2.3 percent in the second quarter of 2014 from the year earlier amounting to 952.1 billion drams, according to the latest numbers, released today by the National Statistical Service (NSS).
YEREVAN, September 1. / ARKA /. Armenia's GDP increased by 2.3 percent in the second quarter of 2014 from the year earlier amounting to 952.1 billion drams, according to the latest numbers, released today by the National Statistical Service (NSS).
The agricultural sector, fish farms and forestries were the largest contributors accounting for 12.2 percent of the overall GDP (116.7 billion drams); wholesale and retail trade, repair of motor vehicles and motorcycles accounted for 11.9 percent (112.9 billion drams), manufacturing was responsible for 10.9 percent (103.4 billion drams) and construction – for 10.3 percent (97.8 billion. drams).
According to the latest forecast of the Eurasian Development Bank (EDB), Armenia's GDP this year will grow 4.8 percent. IMF’s forecast is 4.3 percent, while the World Bank expects it to grow by 5 percent. At the same time, the international rating agency Moody's said the GDP growth in Armenia in 2014 will be lower than in 2013 because of the crisis in Ukraine and Russia’s involvement in it.
In August the Central Bank of Armenia revised downward its forecast for economic growth in 2014 to 3.6-4.2 percent from the previous forecast of 4.1-4.8 percent.
Armenia's GDP in 2013 was worth $10.4 billion, while economic growth was 3.5 percent. This year’s budget predicts a 5.2 percent GDP growth, and 4% (± 1.5%) inflation. ($ 1 - 411.23 drams). -0-
