Armenian economy grew by 7.6% in 2019
According to preliminary data, the economic growth in Armenia in 2019 formed 7.6%, Armenian Deputy Prime Minister Tigran Avinyan mentioned on his social networks pages. According to him, this is the highest indicator since 2008.
According to statistical data, in January-December 2019, the trading sector with the volume of 3.249 trillion holds leadership in absolute terms. drams ($ 6.8 billion). In the second position, the industrial sector recovered - 2.104 trillion ($ 4.4 billion), displacing the services sector in third place - 2.062 trillion drams ($ 4.3 billion), in the fourth - agricultural sector - 852.8 billion drams ($ 1.8 billion), and in the fifth - construction sector - 434.6 billion drams ($ 904.6 million). The volume of electricity generation in January- December 2019 formed 7632.3 million kWh.
At the same time, the foreign trade turnover of Armenia in January-December 2019 amounted to 3912.9 billion drams ($ 8154.1 million) with a slowdown in annual growth to 10.4% from 16.4% in 2018. In its structure, export volume accelerated annual growth - up to 9.4% from 7.8% in 2018, amounting to AMD 1267.1 billion ($ 2640.3 million), while annual growth in imports slowed down sharply to 10.8% from 21.1% in 2018, amounting to 2645.8 billion drams ($ 5513.8 million).
It should be noted that according to the forecast of the World Bank updated at the beginning of January 2020, it indicated an increase in expectations of GDP growth in Armenia in 2019 by 6.9% (compared to the previous 5.5%), and for 2020 a slowdown in growth rates to 5.1% was predicted with acceleration in 2021 and 2022 to 5.2%. IMF forecasts for Armenia's GDP growth were much more modest: in 2019 by 4.6% with a slowdown in 2020 to 4.5%.