Armenian economy declines by 2.6 percent in third quarter
30.11.2016,
15:34
Armenia’s economy in the third quarter of 2016 saw a 2.6% drop, according to preliminary data of the National Statistical Service (NSS).
YEREVAN, November 30. /ARKA/. Armenia’s economy in the third quarter of 2016 saw a 2.6% drop, according to preliminary data of the National Statistical Service (NSS). It said the GDP in the third quarter was worth 1.518.3 trillion drams or about $3.1 billion. (the average exchange rate of USD in quarter 3 was 475.36 drams).
According to the NSS, the decline in GDP in the third quarter was prompted by an 8.5% decline in construction sector and a 2.6% drop in the agriculture. At the same time energy sector saw a 4.5% growth, and trade and services grew by 4.9%.
According to official data, in the first and second quarters Armenia’s economy expanded by 4.3% and 1.6% respectively.
Economic activity in the first 10 months of 2016 was 0.4%. The growth of economic activity began to slow in the second half of the year. Thus, in the first 6 months it grew by 4.8%, slowing to 3% in the first seven months and to 1.6 percent in the first nine months.
The government’s projection of GDP growth for 2016 is 2.2%. The World Bank’s and IMF’s forecast is 1.9%. -0-
According to the NSS, the decline in GDP in the third quarter was prompted by an 8.5% decline in construction sector and a 2.6% drop in the agriculture. At the same time energy sector saw a 4.5% growth, and trade and services grew by 4.9%.
According to official data, in the first and second quarters Armenia’s economy expanded by 4.3% and 1.6% respectively.
Economic activity in the first 10 months of 2016 was 0.4%. The growth of economic activity began to slow in the second half of the year. Thus, in the first 6 months it grew by 4.8%, slowing to 3% in the first seven months and to 1.6 percent in the first nine months.
The government’s projection of GDP growth for 2016 is 2.2%. The World Bank’s and IMF’s forecast is 1.9%. -0-
