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Time in Yerevan: 11:07,   28 March 2024

Annual inflation in Armenia made up -1.1% in 2016

Annual inflation in Armenia made up -1.1% in 2016

YEREVAN, JULY 7, ARMENPRESS. Based on the macroeconomic environment the Central Bank of Armenia (CBA) has carried out an expansive monetary policy in 2016 which aimed at mitigating the existing deflationary environment, CBA President Artur Javadyan said during the discussion of the CBA 2016 monetary policy program performance report at the Parliament, reports Armenpress.

“The consistent works of the Central Bank in gradually easing monetary terms gave positive results since within the year the inflationary expectations significantly decreased under low inflation rates, a recovery of domestic demand and inflation to some extent has been recorded, as well as revenues purchasing power has been maintained and foreign competitiveness has been restored”, he said.

The CBA President informed that in the fourth quarter of 2016 slow economic growth rates have been maintained mainly in connection with the decline in output of agriculture and mining industry fields, therefore, the CBA revised the 2016 economic growth downward. “Nevertheless, the prediction for 2017 economic growth has been significantly revised. The deflationary developments in the fourth quarter of 2016 have been certainly mitigated and by the end of the year 12-month inflation comprised -1.1%.  Up to the end of 2017, the deflationary environment will gradually neutralize, and the 12-month inflation will return to the targeted figure in the predicted horizon”, the CBA President stated.

He said in the fourth quarter of 2016 2.7% inflation has been recorded compared to 1.9% of the previous year, as a result of which the 12-month inflation made up -1.1%.

According to the CBA estimations, the 2017 economic growth rates will accelerate mainly in connection with the gradual recovery of the expected domestic demand in Armenia’s economy, effective implementation of the Government’s several programs directed to boosting investments and export, improvement of external economic environment and implementation of structural reforms. As a result, 2.2-3.2% economic growth is expected in 2017.

 








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