YEREVAN, January 17. /ARKA/. Armenia’s Central Bank had revised upward its GDP growth forecast for 2017 to 6.4%, up from its previous forecast of 4.6%. The higher forecast was announced during a meeting of the Central Bank’s Board, held on December 26, 2017, the regulator reported today.
According to Central Bank, the economic activity throughout 11 months of 2017 was driven mainly by industry and services, which grew at high rates. According to statistics, economic activity in the first 11 months of 2017 increased by 7.3% year-on-year.
The Central Bank noted also that in the fourth quarter, the recovery of domestic demand significantly exceeded the expected rates. As a result, private consumption and private investment growth indicators exceeded the expected figures by more than 2%.
The Central Bank noted also that the rapid recovery of domestic demand continued to stimulate the expansionary monetary policy, the relatively low inflation and high growth in remittances.
High domestic demand, in turn was reflected in the growth in imports, trade, lending and natural inflation. -0-
