YEREVAN, May 22. /ARКА/. Armenia’s economic expansion in the first quarter of 2020 amounted to 3.8% compared to the same period in 2019, reaching 1 trillion and 241 drams in absolute terms, according to numbers, released today by the National Statistical Committee (NSC).
But compared to the fourth quarter of 2019, the GDP growth in the first quarter of this year slashed by 38.8%.
According to the NSC, in the first quarter of 2020 agriculture, hunting and forestry, fisheries and fish farming recorded an increase of 4.4%, the industry, including energy production increased by 2.1%, the trade and services increased by 5.8%. At the same time, the construction sector declined by 12.1%.
In the first quarter of 2020, per capita GDP amounted to 428,337 drams or $888.
On April 29, the parliament of Armenia approved a revision of budget indicators to offset the consequences of the COVID-19. The originally projected GDP growth of 4.9% was reduced to 2% Also, the original GDP volume of 7.095 trillion drams was reduced to 6.485 trillion drams and the earlier projected deficit budget of 160.7 billion drams was raised to 324 billion drams.
The share of tax revenues in GDP will drop from the earlier projected 22.6% to 22.1%. More precisely, tax revenues will drop by 169.1 billion drams to 1 trillion 433 billion drams. The state budget deficit will grow to 5% of GDP from the previous 2.3% and the government will need to secure additional funding of 260 billion drams. ($1 – 483.63 drams).