Armenia CB forecasts economic growth within 4.6-6.1% in 2019

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The Central Bank predicts growth of the Armenian economy in 2019 at the level of 4.6-6.1%, CB Chairman Arthur Javadyan said on Monday during the discussion of the Annual Report on the Central Bank of Armenia in the National Assembly.

"According to our short-term expectations, in 2019, economic growth will be in the range of 4.6-6.1%, which will mainly contribute to consumption in the private sector," he said, adding that this forecast was approved by the Central Bank Council on March 22 , and the main provisions were derived on the basis of research and macro-situation as of February.

According to Javadyan, the high growth of private consumption will mainly contribute to the accelerated rates of loans issued to business. Investment growth is expected at a more modest level, due to the high growth recorded in 2018, which affects the investment performance in 2019.

At the same time, the head of the Central Bank said that the impact of export and fiscal policies on demand will restrain economic growth during the year due to the growth rate of imports and the simultaneous reduction of the state budget deficit.

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