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Asian Development Bank: Armenia Annual GDP Growth Forecast Moderates

The Asian Development Outlook 2019 Update forecast by the Asian Development Bank has been published.

According to the report, Armenia’s gross domestic product (GDP) growth moderated from 8.7% year on year in the first half of 2018 to 6.8% in the same period of this year—still robust, reflecting buoyant domestic demand, news.am reports.

Industry excluding construction performed strongly, expanding by 5.2% as growth in manufacturing and mining outweighed lower electricity production.

Construction grew by 3.5%, largely from higher household construction.

Services rose by 9.8% on strong gains in information technology, finance, insurance, and recreation.

Unfavorable weather constrained agriculture, which, having contracted by 8.5% in the whole of 2018, contracted further by 6.9% in the first half of 2019.

According to the theme chapter of the report, to remain engines of economic growth and jobs, developing Asia’s burgeoning cities need efficient transport networks and affordable housing backed by effective and coordinated land and economic planning․

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