25.09.2014 19:06
YEREVAN, September 25. / ARKA /. The Asian Development Bank has reduced the growth forecast for Armenia in 2014 and 2015, as weakness in industry and construction caused economic activity to slow in the first half of 2014.
Growth is projected to recover in 2015, reflecting higher production, increased domestic demand, and an expected revival in the Russian Federation, according to the bank’s latest Asian Development Outlook report.
The report says growth slowed to 2.6% in the first half of 2014 from 3.5% in the same period of 2013. A 0.8% drop in industry and growth at only 0.7% in construction and 1.9% in agriculture contributed to the slowdown; services grew by 3.7%.
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