{"id":64427,"date":"2013-10-23T15:32:02","date_gmt":"2013-10-23T15:32:02","guid":{"rendered":"https:\/\/armbanks.am\/2013\/10\/23\/239610\/"},"modified":"2024-12-15T13:07:47","modified_gmt":"2024-12-15T13:07:47","slug":"armenias-gdp-growth-slows-down-because-decline-in-construction-and-slow-growth-in-mining-sector","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2013\/10\/23\/64427\/","title":{"rendered":"Armenia\u2019s GDP growth slows down because decline in construction and slow growth in mining sector"},"content":{"rendered":"

YEREVAN, October 23. \/ARKA\/.<\/strong> Armenia\u2019s GDP grew 3.5% in Jan-June 2013, compared with the same period a year before, showing a slower growth than in Jan-June 2012, compared with the previous year.\u00a0 This slowdown was due to a decline in the construction sector and a slow growth rate in the mining sector.<\/p>\n

Added value growth in the industry showed a 1.3-percent year-on-year growth in the first half of this year mainly due to growth in mining and processing segments of the industry.<\/p>\n

The agriculture sector accounted for a 3.5-percent year-on-year growth in Jan-Jun 2013, which was slower than that of the Jan-June 2012 growth, compared with the same period of 2011, because the 2012 growth was very high.<\/p>\n

Added value in construction dropped 19.6% mostly due to considerable contraction of the construction carried out at the account of organizations. Construction paid from international loans declined as well.
\nInstead, population-paid construction grew.<\/p>\n

Added value in the services sector accounted for a good, 7.9-percent year-on-year growth in Jan-Jun 2013 thanks to growth in trade and other services.<\/p>\n

According to the central bank\u2019s report, private consumption grew 3.4% in Jan-June 2013, compared with the same period a year earlier, while private investments shrank 10%.<\/p>\n

Some slowdown in consumption growth, compared with the Jan-June 2012 year-on-year growth, was due to the gradual dwindling of economic impacts of the 2012 fast growth in the agriculture sector and a slower growth in lending to farmers.<\/p>\n

Public sector\u2019s consumption grew 9.2%, while government investments reduced 1.9%.
\nArmenia\u2019s lending market accounted for a 5.2-percent growth, compared with the end of 2012, which showed some slowdown that can be explained by the lending market saturation that will probably force banks to introduce new instruments.<\/p>\n

The regulator says in its report that growth was recorded in lending to all the segments of the economy but industry, where loan portfolio shrank 8.7%.<\/p>\n

The share of nonperforming loans in the total loan portfolio grew 2.1% to 5.6%.<\/p>\n

The surveys conducted by the central bank showed that business activity index went 0.8% down in Jan-June 2013, compared with the second quarter of this year, but rose 7.4%, compared with the same period a year before. The highest business activity index was recorded in the services sector \u2013it rose 9.9%, compared with the second quarter.<\/p>\n

Optimistic expectations were seen in all the segments of the economy.
\nIn the 2013 government budget, GDP growth in Armenia is projected at 6.2%. —-0—<\/p>\n","protected":false},"excerpt":{"rendered":"

Armenia\u2019s GDP grew 3.5% in Jan-June 2013, compared with the same period a year before, showing a slower growth than in Jan-June 2012<\/p>\n","protected":false},"author":1,"featured_media":157087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,12627,12344,15419,1127],"class_list":["post-64427","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-en","category-news","tag-armenia-2","tag-construction","tag-growth-2","tag-1127"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t