EDB expects Armenian economy to grow by 4.9% in 2021

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Economy

20.10.2021, 10:49

Armenia's economic activity in the first eight months of 2021 grew by 4.9% y/y, according to the Macroeconomic Review report released by the Eurasian Development Bank (EDB) for October 2021.

EDB expects Armenian economy to grow by 4.9% in 2021

YEREVAN, October 20. /ARKA/. Armenia's economic activity in the first eight months of 2021 grew by 4.9% y/y, according to the Macroeconomic Review report released by the Eurasian Development Bank (EDB) for October 2021.

In August, the growth rate dropped to 2.3% y / y after 6.2% y/y growth in July. According to the report, the weakening of the dynamics is mainly caused by the decline in industrial output. At the same time, growth in the construction, services and trade sectors continues to support economic activity. In particular, the volume of construction increased by 2.3% y / y in August (by 7.3% y / y in January-August).

The construction sector is supported by funding from the state and an increase in mortgage and construction loans (by 37.8% y / y and 34.6% y / y in August, respectively).

The Bank believes that the restraining factors for the remainder of the year will be the gradual exhaustion of deferred demand and the tightening of fiscal and monetary policies.

The EDB predicts that by the end of 2021, the rate of economic growth in Armenia will be about 4.9%. Price growth will slow down in December, inflation will return to the target interval in the second quarter of 2022.-- 0--

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