ADB scales up Armenia GDP growth forecast to 5.2% for 2021September 22, 2021 - 13:30 AMT PanARMENIAN.Net - The Asian Development Bank has revised upwards the growth forecast for Armenia in fiscal year 2021 to 5.2%, from 1.8% predicted earlier, according to a fresh report published on Wednesday, September 22. "Armenia’s economy expanded by 4.9% in the first half of 2021, with gains in all sectors and in both consumption and investment. This marked recovery from a low base but also from multiple economic shocks in the second half of 2020," the report said. "Its growth projections are thus revised up from 1.8% to 5.2% for 2021 and from 3.0% to 3.5% for 2022." On the supply side, all sectors contributed to growth. Agriculture expanded by a strong 7.1% on higher crop production. Services grew by 5.3%, with increases in trade, transportation, food, and administrative and real estate services that outstripped declines in recreation, accommodation, and education services. Construction grew by 5.5%, supported by public infrastructure and private construction. Industry grew by 1.3% as gains in mining and quarrying, electricity generation, and water and waste management more than outweighed a 4.4% decline in manufacturing. On the demand side, private consumption expanded by 5.4% on higher remittances, and public consumption grew by 3.2% with higher spending on social services. Investment, measured by gross fixed capital formation, surged by 9.5% on higher government and private capital spending. With the economy recovering faster than anticipated, this Update raises growth projections for 2021 and 2022. 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 | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |