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Armenian economy grew by 7.6% in 2019

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21.02.2020
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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%.

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