YEREVAN, August 23. /ARKA/. Armenia’s gross domestic product (GDP) grew by 13.1% in the second quarter of 2021 as opposed to the same time span of 2020, according to the numbers, released today by the National Statistical Committee (NSC).
It said the nominal volume of Armenia’s GDP estimated at market prices amounted to 1,575,488.1 trillion drams. Compared to the first quarter of 2021 the growth was 17.4%.
According to the official data, the GDP deflator index (a measure of inflation in the prices of goods and services produced in the country) was 9.6% when compared to the second quarter of 2020 and 4.7% when compared to the first quarter of this year.
The agricultural output in absolute terms in April-June 2021, amounted to 202,576.6 billion drams, 10.3% increase compared to the second quarter of 2020 and 199.4% surge compared to the first quarter of this year.
Armenia’s Prime Minister Nikol Pashinyan said on July 1 that the economic growth projection for 2021 was revised upward from the previously forecast of 3.2% to 6 %.
On June 15, Armenia’s Central Bank chairman Martin Galstyan said the regulator had again revised upward its economic growth forecast for 2021 to 4.6%. According to him, the upward revision was prompted by the growth in the services sector, which the bank believes will grow by 6.2% this year, up from its earlier forecast of 1.2%.
The World Bank forecasts a 3.4% growth for 2021, a 4.3% for 2022 and a 5.3% for 2023. The IMF expects 1% growth in 2021.
According to S&P Global Ratings, Armenia’s real GDP growth will be 2.5% in 2021 and 4.5% in 2022-2023. –