Central Bank of Armenia improves its forecast for economic growth in 2017 and set it in the range of 3.9-4.8% instead of the previous 3.3-4.8%.
According to the Central Bank of Armenia inflation report, industry and services will be the driving force for economic growth.
The Industry forecasts in 2017 have been revised in the direction of growth due to high economic activity in the first half of the year and a higher level of prices for crude oil. As a result, in 2017, the industry is forecast to increase the value added by 7.8-8.6%, instead of 7.2-8.4%.
The value added in the construction industry has not changed significantly compared to the previous one, in particular 1.5-2.4% decline is expected in 2017.
In 2016 the economic activity slowed down in the second half of the year in the field of agriculture, it was also maintained in the first half of the current year. As a result, industry growth is estimated at 1.6-2.4%, instead of the previous 3.6-4.4%.
In the sphere of services in 2017, the value added is estimated at 4.2-4.6%, which is higher than the previous forecast (3.4-4%). The review is largely determined by the year-round increase in the number of tourists visiting Armenia as compared to the CB's expectations.

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