Macroeconomic Forecast Armenia

BMI View: GDP growth in Armenia reached an impressive 11.8% year-on-year (y-o-y) in H106 according to preliminary data, prolonging the extended period of double-digit economic expansion. Robust growth in the agricultural sector (7.2%) and a booming construction industry (31.8%) were enough to offset a contraction of 1% y-o-y in industrial output. We believe H206 will see a moderation in growth, forecasting an end-year figure of 9.4%, and expect this trend to continue over the next two

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