  Armenia's GDP contracted by 7.6% y/y in 2020 February 22, 2021 - 18:33 AMT PanARMENIAN.Net - Armenia's GDP contracted by 7.6% year-on-year in 2020, according to preliminary data published by the country's National Statistical Service. The economy expanded by 3.9% in the first quarter, but went on to decline by 13.7% in Q2, 9% in Q3 and by 8.8% in Q4, official figures showed. The Ministry of Finance had earlier predicted that the economic recession in Armenia could reach 8% by the end of 2020, forecasting a rebound in 2021. The Central Bank has forecasted some 2% growth next year, while the World Bank believes that Armenia's economy will bounce back and expand by 3.1% and 4.5% in 2021 and 2022, respectively.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year  German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year.Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan.Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan.Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |
