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Interfax, Russia
Sept 23 2011
IMF keeps Armenian 2011 GDP growth forecast at 4.6%
YEREVAN. Sept 23
The International Monetary Fund has kept its 2011 GDP growth forecast
for Armenia at 4.6%, but lowered the 2012 forecast to 4% from 4.3%.
"Overall macroeconomic conditions have improved. As a result of a
rebound in the agricultural sector and dynamic industry and services
sectors, growth outturns are set to improve this year in line with our
previous projection of 4.6% growth," the IMF office in Yerevan said in
a statement, citing Mark Horton, who led the recent IMF Mission to
Armenia. However, due to less than favorable external conditions, the
forecast for 2012 has been lowered to 4%.
The IMF said the fiscal balance has continued to improve, with the
overall deficit expected to come down to below 4% in 2011 from 5% in
2010. In order to ensure debt sustainability, the deficit is expected
to continue to be reduced in 2012.
"The Central Bank continues to show a commitment to a flexible
exchange rate and the inflation targeting regime, engaging in limited
foreign exchange interventions to smooth volatility," the statement
said. Inflationary pressure is being eased through recovery in
agriculture and lower international prices for raw materials. Annual
inflation in August was 4.8% and it is expected to remain low in 2012.
The IMF Mission visited Armenia from September 7 to 20 to monitor
implementation of the EFF/ECF program.
The EFF/ECF program, worth 266.8 million SDR ($419 million), was
approved by the IMF board in June 2010.
Sept 23 2011
IMF keeps Armenian 2011 GDP growth forecast at 4.6%
YEREVAN. Sept 23
The International Monetary Fund has kept its 2011 GDP growth forecast
for Armenia at 4.6%, but lowered the 2012 forecast to 4% from 4.3%.
"Overall macroeconomic conditions have improved. As a result of a
rebound in the agricultural sector and dynamic industry and services
sectors, growth outturns are set to improve this year in line with our
previous projection of 4.6% growth," the IMF office in Yerevan said in
a statement, citing Mark Horton, who led the recent IMF Mission to
Armenia. However, due to less than favorable external conditions, the
forecast for 2012 has been lowered to 4%.
The IMF said the fiscal balance has continued to improve, with the
overall deficit expected to come down to below 4% in 2011 from 5% in
2010. In order to ensure debt sustainability, the deficit is expected
to continue to be reduced in 2012.
"The Central Bank continues to show a commitment to a flexible
exchange rate and the inflation targeting regime, engaging in limited
foreign exchange interventions to smooth volatility," the statement
said. Inflationary pressure is being eased through recovery in
agriculture and lower international prices for raw materials. Annual
inflation in August was 4.8% and it is expected to remain low in 2012.
The IMF Mission visited Armenia from September 7 to 20 to monitor
implementation of the EFF/ECF program.
The EFF/ECF program, worth 266.8 million SDR ($419 million), was
approved by the IMF board in June 2010.