YEREVAN, May 31. / ARKA /. Armenia's overall GDP in the first quarter of 2014 amounted to 750.38 billion drams, a 3.1 percent year-on-year rise, according to the latest numbers released today by the National Statistical Service (NSS). It said the per capita GDP in the first three months was 248,876 drams ($605 or 442 euros).

The Eurasian Development Bank has projected a 4.8% growth for this year for Armenia. The IMF has revised downwards its projection to 4.3 %; the World Bank’s forecast is 5%.

The international rating agency Moody's said earlier that the GDP growth in Armenia in 2014 will be lower than in 2013 because of the Ukrainian crisis and Russia’s involvement in it.

Earlier this month the Central Bank of Armenia has revised downwards its GDP growth projection to 4.1%-4.8 % from 5.4%-6.1 %.

The bank said the revision stems from worsening economic conditions in Russia, which is Armenia's major trade and investment partner. Other factors that made the regulator to cut its forecast are the weaker than expected tax and fiscal policy, as well as the delayed commission of Teghut copper mine.

In 2013 the country’s overall GDP was worth about 4.3 trillion drams, the equivalent of $10.4 billion. The economic growth was 3.5 percent.  The government’s projection of GDP for this year is 5.2 percent. It also expects a 4 % (± 1.5%) inflation. -0-