Central Bank: Armenia’s high economic activity in q3 driven largely by increased productivity

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YEREVAN, November 13. /ARKA/. Armenia’s high economic activity in the third quarter of 2019 was driven largely by increased productivity, the Central Bank said following a meeting of its Board on the refinancing rate held on October 29.

It added that the economic activity of 7.1 percent registered for the first 9 months of 2019 was largely due to high growth in services and industry. It also said that in September 2019 the inflation was 0.2% against 0.3% in the same period last year, as a result the 12-month inflation in late September 2019 0.5%.

It said the low prices for agricultural products in September also contributed significantly to low inflation. Although the natural inflation in September slightly decreased, however, it remained at a high level of 1.1% compared to overall inflation.

According to the National Statistical Committee, the economic activity in Armenia in September 2019 grew by 7.5% as opposed to September 2018. The government’s projection of GDP growth for 2019 is 4.9%. The projected inflation is 2.7%.

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