Central Bank: Armenian economy growing faster than expected

26.04.2010 22:40
Central Bank: Armenian economy growing faster than expected

YEREVAN, April 26. /ARKA/. Armenia’s economy is growing faster than expected, the board of the Central Bank of Armenia said at its Monday’s meeting.

The central bank’s board said that faster-than-expected economic growth became possible thanks to recovery of the global economy, anti-crisis measures taken by the government and expansionary monetary and fiscal policies.

February’s economic growth ensured 3.1% growth in Jan-Feb 2010 against 3.7% decline at the same period a year earlier.

All the sectors of the national economy made a rally.

In particular, industry built up its output 9.4% as added value grew 4.6%.

In construction sector, added value rose 5.5%, in services sector 2.2% and agriculture 2.7%.

The board stressed that positive signs were seen also in development of payment balance – they were seen in faster-than-expected growth of export as well as growth in investment imports.

The flow of private investments has started intensifying as well.

National Statistical Service of Armenia says referring to statistical reports that the country’s GDP grew 5.5% in Jan-March 2010, compared with the same quarter a year earlier, and reached AMD 568.1 billion by late March.

March’s GDP is 43.1% greater than that of February.

Armenia had 14.4% economic decline in 2009.

GDP growth is planned at 1.2% in the 2010 state budget. ($1 = AMD 390.33). -0--


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