Economy Continues At A Canter

The Armenian economy continues to surprise with its robust double-digit outturn, despite a deteriorating external position and industrial decline. Real GDP growth measured 12.5% year-on-year (y-o-y) in the first nine months of the year, according to preliminary estimates from the Statistics office, and is likely to remain high in the final quarter. Indeed, we have raised our end-year growth forecasts on the back of the latest data release, from 9.9% to 10.2%. A construction boom - the industry expanded almost 40% y-o-y in the same period - is the principal driver of economic activity, and as such, we anticipate a

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