Armenia's economy is set to grow 3.5% in 2017, up from an earlier estimate of 2.9%, the International Monetary Fund said in its World Economic Outlook update for October.

The IMF lefts its 2018 forecast of 2.9% GDP growth unchanged.

Armenia's economy grew just 0.2% in 2016, with the government initially eyeing a 3.2% growth for 2017.

Later on, however, the country's finance minister Vardan Aramyan said thatthe economy is set to grow by 4.3% this year.

Also, Aramyan said in late September that the government planned to sell $500 million worth of Eurobonds in 2019 or 2020 to refinance a seven-year bond that matures in 2020.