YEREVAN, JUNE 15, ARMENPRESS. The Central Bank of Armenia has revised the economic growth projection for 2021 because the ongoing developments outline faster recovery rates than expected, CBA President Martin Galstyan said during a press conference today.

“The economic growth projection has been revised. We forecast 4.6% economic growth for 2021, mainly conditioned by the growth in services, as it has been revised from 1.2% to 6.1%, the industry growth has been revised from 0.7% to 4.5%”, he said.

He said the industry growth is mainly connected with the high growth in prices of raw materials, and also with the higher volumes of export and import. As for the services, tourism sector is showing activeness. “We receive some signals from the external sector as well that the year is more positive than we predicted. We expect positive change in private consumption during the year, but the private investments continue to remain weak”, the CBA President said.

This year in March the CBA again has revised the economic growth projection for 2021, lowering it from 2% to 1.4%.

Editing and Translating by Aneta Harutyunyan