Armenia’s Central Bank now says the country will experience 3.9-4.8% economic growth this year, up from its original estimate of 3.3-4.8% released after the 1st quarter.
The Central Bank says it revised the figures due to greater than expected tourism numbers and quickly growing exports.
The manufacturing sector is expected to grow 7.8-8.6%, says the bank, due to an increase in mineral ore prices and a higher than predicted growth in sector economic activity.
Growth data for the construction sector remains the same – 1.5-2.4%
A slowdown in agriculture, first observed in second half of 2016, has continued into this year. Thus, growth in the sector is estimated at 1.6-2.4%.
The Central Bank also revised its growth estimate for the services sector, bumping it up to 4.2-4.6%. The increase is due to greater than average tourist numbers.
The bank believes that the steps taken by the government to reform the business environment in Armenia and to spur investment have been on target and will have positive economic consequences.
On the downside, the bank says that consumer demand is still lagging.
Officials stats put GDP growth in the first half of 2017 at around 6%.