Armenia GDP decline forecast revised downward to 6.8%

Armenia GDP decline forecast revised downward to 6.8%

PanARMENIAN.Net - The Ministry of Finance has revised the forecasted decline in Armenia's economy in 2020 from 2.6% to 6.8%, Finance Minister Atom Janjughazyan said on Monday, November 2, Sputnik Armenia reports.

"The forecast for the decline in GDP in 2020, which was previously estimated at 2.6%, was first revised to 6%, then to 6.8%," Janjughazyan said during discussions of the draft budget for 2021.

According to him, the GDP was planned to amount to AMD 7.095 trillion ($16.1 billion) under the budget for 2020, but the forecast has now been reduced to AMD 6.170 trillion ($12.5 billion) in October.

"In 2021, the GDP is expected to grow by 4.6% to AMD 6.598 billion ($13.3 million)," the Finance Minister added.

In mid-September, the Asian Development Bank said the Armenian economy will contract 4% in 2020 – down from a previous forecast of 3.5% decline – recovering to 3.5% growth in 2021.

 Top stories
Vahan Kerobyan said Armenia will most probably introduce a ban on the sale of Turkish products as well.
According to Vahan Kerobyan, a sharp decline in the travel industry was recorded last year, but now the situation has changed
Mher Grigoryan added that the government will ensure that the borrowed funds are spent efficiently.
Wizz Air Abu Dhabi will be regularly flying from the Armenian capital of Yerevan to Abu Dhabi, UAE.
Partner news
---