Armenia ends 2016 with 0.2% economic growth
YEREVAN, February 28. /ARKA/. Armenia recorded a 0.2-percent economic growth in 2016 hitting the record low in the last seven years.
According to the preliminary reports of the National Statistical Service, GDP amounted to AMD 5 067.8 billion or about $10.5 billion (exchange rate in 2015 – AMD 480.49 per $1).
The country's economy was growing only in the first half of 2016, while in the second half decline began.
Economic growth stood at 4.7% in the first quarter and at 2.6% in the second quarter, while in the third and fourth quarters the country faced 2.6% and 1% decline respectively.
The low economic growth figure in 2016 was mainly due to 11.3% decline in the construction sector and 5.8% decline in agriculture.
The country's industry supported economic growth – the energy sector contributed 5.1% and trade with services 4%.
Per-capita GDP in Armenia amounted to AMD 1 693 523 ($3 525) in 2016 against AMD 1 679 920 ($3 515) in 2015.
This is the fourth consecutive year Armenia fails to ensure the indicator projected in the government budget.
In the government budget for 2016, GDP growth was projected at 2.2%.
In its latest report, the Central Bank of Armenia predicted 03-05% GDP growth for 2016.
The World Bank expected 2.4%, the International Monetary Fund 1.9%, the United Nations 2.5%, the European Bank for Reconstruction and Development 2% and Moody's 2.2%. --0----
According to the preliminary reports of the National Statistical Service, GDP amounted to AMD 5 067.8 billion or about $10.5 billion (exchange rate in 2015 – AMD 480.49 per $1).
The country's economy was growing only in the first half of 2016, while in the second half decline began.
Economic growth stood at 4.7% in the first quarter and at 2.6% in the second quarter, while in the third and fourth quarters the country faced 2.6% and 1% decline respectively.
The low economic growth figure in 2016 was mainly due to 11.3% decline in the construction sector and 5.8% decline in agriculture.
The country's industry supported economic growth – the energy sector contributed 5.1% and trade with services 4%.
Per-capita GDP in Armenia amounted to AMD 1 693 523 ($3 525) in 2016 against AMD 1 679 920 ($3 515) in 2015.
This is the fourth consecutive year Armenia fails to ensure the indicator projected in the government budget.
In the government budget for 2016, GDP growth was projected at 2.2%.
In its latest report, the Central Bank of Armenia predicted 03-05% GDP growth for 2016.
The World Bank expected 2.4%, the International Monetary Fund 1.9%, the United Nations 2.5%, the European Bank for Reconstruction and Development 2% and Moody's 2.2%. --0----