Wed, 16 July
25.1 C
Yerevan
USD: 383.74 RUB: 4.93 EUR: 450.05 GEL: 141.25 GBP: 521.81

GDP growth of Armenia accelerated to 7.5% in 1Q: EDB research

YEREVAN, July 17./ARKA/. Armenia’s GDP growth accelerated to 7.5% in the first quarter of 2013, according to “Macro-monitoring of the CIS” published by the Eurasian Development Bank.

Such economic activity in Armenia is due to high industrial growth rate as a result of increase in agricultural output processing, metal ore mining and primary metal manufacturing, as well as due to relatively strong domestic demand risen by migrants’ transfers (+8.7%).

The experts also say despite some growth in export-oriented sectors of Armenia economy, the foreign economic activity has deteriorated. It occurred due to reduction in international reserves and devaluation of the national currency.

“EDB anticipates a slowdown of GDP in Armenia to 5% in 2013. Inflation rate is expected to reach at least 5.5%,” the document says.

As a whole, the EDB analysts note the industrial production tumbled in the CIS (-0.2%) amid slowdown of export and investments. Therefore, annual GDP of the CIS dropped by 1.7%.

At the same time, EDB forecasts 3.3% hike in CIS economies in 2013 and acceleration to 4% in 2014.

“We suppose that the economic growth in the CIS was not full in 2012 and first half of 2013. If no significant outer or inner shocks occur, the CIS economy may bound back to its post-crisis growth rate (2010-2011),” the research states.

According to the National Statistical Service of Armenia, economic activity in Armenia rose by 5.3% in January-May 2013 from a year earlier. The GDP is projected at 6.2% in 2013.

EDB was established by Russia and Kazakhstan in January 2006 with the purpose of support to market economy of participant-states. Charter capital of the bank exceeds $1.5 billion. Participant-states of the bank are Russian Federation, Kazakhstan, Armenia and Tajikistan. -0—

spot_img

POPULAR

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

Euro falls by 1.14 drams against Armenian dram, as US dollar rises slightly

The average market exchange rate of the US dollar against the Armenian dram as of July 11, 2025, increased by 0.17 points compared to July 10 and amounted to 383.91 drams.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Armenian Market: Acceleration of Economic Activity is Positive for the Market

In the period from June 16 to June 30, 2025, the Armenian stock market demonstrated mixed dynamics.

Armenia approves grant agreement with ADB for $6 million seismic safety improvement program

The Armenian government approved a $6 million grant agreement between the Republic of Armenia and the Asian Development Bank (ADB) on a seismic safety improvement program at a meeting on Thursday.

LATEST NEWS

spot_imgspot_imgspot_img