EDB revises upward forecast for Armenia's economy

YEREVAN, November 13. /ARKA/. The Eurasian Development Bank (EDB) said it will revise upward its previous growth forecast for Armenia, saying the revision is prompted by stronger economic performance in the first nine months of this year and improved economic situation in Russia.

The Kazakhstan-based bank said in its weekly macroeconomic review that Armenia’s industrial output decreased by 0.6% YoY in January-September due to the persistent decline in the mining and manufacturing sectors after last year's strong performance.

"However, strong dynamics in services, trade and construction sectors support the economy. Armenia's economic growth rates will remain high until the end of this year," EDB analysts say.

Armenian government’s growth projection for 2023 is 7%; the inflation is expected to be 4% (±1.5%).

Fitch predicted for the Armenian economy 6.1% growth in 2023, Moody's forecast is 7%, and that of S&P is 7.5%.

The World Bank estimates that Armenia's GDP growth will be 4.4% this year, the EDB expected it to grow by 7.5%, the EBRD’s growth forecast is 5%. -0-