YEREVAN, November 28. /ARKA/. Armenia’s Central Bank has brought an upward revision in its projection of economic growth for 2013 to the range of 5-6%, says the bank’s performance report on monetary and credit policies for Q3, 2012.

The upward revision is attributable mainly to increased production capacities and higher investment attractiveness under optimistic growth expectations, as well as to ongoing restoration of external demand, says the report.

Industry is expected to grow
Real value added is expected to grow by 8-10% in industry in 2013, provided production capacities are increased in industries with high export potential, such as mining, metallurgy, food industry, diamond-cutting, beverages, pharmaceuticals, energy.

Real added value in construction is to increase by 2.5-4.5%, attributed mainly to large-scale construction works in energy sector, processing industry, trade, agriculture, transport and communications.

A 4.5-6.5% increase is expected in real added value in services in 2013; the contributing sectors are transport and communication, financial mediation, tourism.

A 2-4% increase in real added value is expected in agriculture in 2013 based on the minimal risk scenario, as crop production that provides half of the output depends largely on climate conditions, and tangible results will not come immediately after the investments.

Under the Armenian budget for 2012, GDP is expected to grow by 4.2%; economic growth projection for 2013 is 3.8%. N.V. –0--