YEREVAN, JUNE 3, ARMENPRESS. According to the short-term estimates of the Central Bank of Armenia, the economic growth in 2019 will be in 4.6-6.1% range, CBA President Artur Javadyan said while introducing the annual report of the Bank’s activity in the Parliament.

“I will introduce the macro-environment based on which the inflation figure has been predicted and developed for the upcoming period of the monetary policy. According to our short-term estimates, the economic growth in 2019 will be in 4.6-6.1% range, which will be contributed mainly by the private consumption”, the CBA President said.

He noted that more modest growth of investments is expected in connection with the high growth registered in 2018 which has a base effect on the investment growth rates of 2019. The impact of export and fiscal policy on the economic growth will be restraining to some extent, conditioned by the import growth rates in line with export, as well as the decline of state budget deficit.

“In the predicted horizon, which in our case is 12 quarter, the economic growth is within 3.8-5.9% range. But in the medium-term and long-term horizon the economic growth developments will be greatly determined by the expansion of economic production capacities, during the structural reforms being carried out by government and at potential levels of economic growth forecast in the partner countries”, Artur Javadyan said.

The report has been approved by the CBA Board on March 12, and the main provisions are based on the research and macro-situation of February.

Edited and translated by Aneta Harutyunyan