Armenia GDP growth highest in past 4 years

YEREVAN, NOVEMBER 9, ARMENPRESS. Armenia’s GDP grew by 5,9% January-June of the current year against the same period of the last year. This is the highest indicator of the last 4 years.

In the first semester of 2014, GDP grew by 2,5% against the previous year, in 2015 – by 4%, and in 2016 by 3,5%.

Industry’s added value recorded stable growth since 2014. In the first half of the current year it grew by 7.7%, in 2016 it was 5,8%, in 2015 – 4,6% - in case when in 2014 the indicator was negative, - 1,7%.

A comparable analysis of macroeconomic indicators shows that the growth of economic activeness is also the highest of the past 4 years.

During the 9 months of 2017, economic activeness grew by 5,1% against 2016, when in 2016 the indicator was 1,6%.

The volume of industrial output grew by 11,9% in the reporting period. A stable growth also exists for the volume of services, with a 12,8% growth, while the indicator was 8,3 in 2016.

The volume of exports grew by 19,1%, with imports also growing by 23,2% in the first 9 months of the current year.

Inbound tourism also grew. Around 1,2 million people visited Armenia in the reporting period, with the growth comprising 21 percent.

Economist Atom Margaryan says a clear improvement has happened in the economic condition in the past one and a half year.

“Armenia’s macroeconomic indicators are clearly growing in the last 1.5 years. This is proved by the official data of the last 9 months. The 5 year and mid-term spending programs of this government are already giving certain results”, the economist told ARMENPRESS.

According to Margaryan, the 5,1% growth of economic activity of the 9 months of the current year make the planned 4,3% economic growth, which was revised from 3,2%, for 2018 realistic.

The key sector of the economy, the industry branch, continues to be improved.