YEREVAN, August 23. /ARKA/. The Central Bank of Armenia has revised its GDP growth outlook for 2014 lowering it from the previously predicted 4.1-4.8% to 3.6-4.2%, according to the regulator’s inflation report based on its monetary policy for the 3rd Q 2014 and its performance of the 2nd Q 2014 monetary policy.

“The downward change in the economic growth outlook came amid the current developments in the domestic economy, a less-than-planned expansionary tax and budgetary policy and pessimistic outlooks for the Russian economy’s prospects,” the central bank says in its report.

According to the report, the economic development will mainly be propelled by the services sector – its annual contribution to the economic growth is estimated at 2.3%.

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Russia’s central bank has downed its 2014 outlook on growth in the population’s deposits to 10-12%, Mikhail Sukhov, deputy chairman of the bank, said on Thursday

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