Central Bank: 3.1 to 4.8% economic growth expected in Armenia in 2012

Banks

YEREVAN, February 11. /ARKA/. The Central Bank of Armenia, in its 1st Q monetary policy program, projects 3.1 to 4.8% economic growth in 2012.

The financial regulator says that some slowdown in world demand recovery and worsened outlooks of households have prompted revision of economic growth forecast.

Industry’s VAT is expected to stand between 5 and 7% in 2012 thanks to improvement of industrial capacity of large mining, metallurgic and food enterprises as well as enlargement of food and beverage industries’ outputs.

Outputs of power plants will contribute a great deal to VAT indicator.

Outlooks for growth in construction sector remained unchanged, at 3.5 to 5.5%. This sector will owe this growth mainly to construction in agriculture, transport and communications areas.

Forecast for services sector remained unchanged as well – real growth on VAT is projected to be between 2.5 and 4.5%.

Growth in agriculture is believed to slow down. The projected 4-6% growth in 2012 will be ensured by cattle-breeding and plant-growing economies.

In the 2012 government budget, GDP is projected at 4.2%.–0–

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