YEREVAN, July 21, /ARKA/. In July the 12-month inflation rate was 8.5%, down from the projected 9.5%, the Central Bank of Armenia Board said today after a recurrent meeting. It said deflation in the second quarter of 2011 was 1.6%. The Central Bank blamed a 7.3% inflation rise in the 12 month term on increasing food prices.
According to official data, the deflation in 2011 June was 1.4% if compared with May. In this conditions the 12 month inflation dropped by 0.5% from May 2011. The drop was due to a 25.6% decline in prices of vegetables and potato. The rise in prices of non-foods drove the inflation high by only 0.05 p.p. a month.
The press service of the Central Bank also noted that the National Statistical Service has used a new method to calculate the GDP growth rate in the first quarter of 2011, which was 1.2% compared to the same period last year.
The National Statistical Service also published economic activity indicators in May that was 9.9%. The economic activity in January-May, compared to the same period last year, was estimated within 5.1%, due to increased industrial output and rise in services by 10.3% and 6.2% respectively.
The downturn in the construction sector is estimated within 3.5%, despite the fact that the volume of construction assembly works increased. The agriculture saw a 0.6% decline.
Given these figures, the Central Bank Board said that GDP for the second quarter was within projected limits.
According to the official figures, exports in January-May 2011 (in FOB prices) grew by 30.8% compared to the same period of 2010 and imports (in CIF prices) grew by 12.6%. -0-
YEREVAN, July 21, /ARKA/. In July the 12-month inflation rate was 8.5%, down from the projected 9.5%, the Central Bank of Armenia Board said today after a recurrent meeting. It said deflation in the second quarter of 2011 was 1.6%. The Central Bank blamed a 7.3% inflation rise in the 12 month term on increasing food prices.
According to official data, the deflation in 2011 June was 1.4% if compared with May. In this conditions the 12 month inflation dropped by 0.5% from May 2011. The drop was due to a 25.6% decline in prices of vegetables and potato. The rise in prices of non-foods drove the inflation high by only 0.05 p.p. a month.
The press service of the Central Bank also noted that the National Statistical Service has used a new method to calculate the GDP growth rate in the first quarter of 2011, which was 1.2% compared to the same period last year.
The National Statistical Service also published economic activity indicators in May that was 9.9%. The economic activity in January-May, compared to the same period last year, was estimated within 5.1%, due to increased industrial output and rise in services by 10.3% and 6.2% respectively.
The downturn in the construction sector is estimated within 3.5%, despite the fact that the volume of construction assembly works increased. The agriculture saw a 0.6% decline.
Given these figures, the Central Bank Board said that GDP for the second quarter was within projected limits.
According to the official figures, exports in January-May 2011 (in FOB prices) grew by 30.8% compared to the same period of 2010 and imports (in CIF prices) grew by 12.6%. -0-
