EDB expects Armenian economy to grow by 5.4 percent in 2017
The Russia-controlled Eurasian Development Bank (EDB) said in its monthly review of macroeconomic indices that it expects Armenia's GDP in 2017 to expand by 5.4%.
The agricultural sector also showed a positive growth, having increased by 3.4% y / y), partly due to the low base of the previous year. Construction dropped by 4.4% y / y). "In the second half of 2017, apart from the recovering consumer activity, the GDP growth will be provided by the low base of the previous year ," the review said.
It said also that the domestic demand and economic activity will be aided by the growing amount of private remittances sent to Armenia from aboard. It cited Armenia’s Central Bank data, which say remittances surged by 9.1% year-on-year in 2017 June, including 8.9% growth in remittances from Russia.
The annual inflation in June remained within positive values standing at 1.1%. The bank believes that against the backdrop of economic recovery and an increase in the inflationary impact from domestic demand, the inflation will gradually recover at the end of 2017 to reach 2.3%. -0-