Armenia’s GDP grew by a strong 7.9 % year-on-year in the third quarter of 2019, World Bank says in its December update on Armenia.
“GDP growth remains strong,” the report says.
The experts at the World Bank believe that the growth is driven largely by private consumption. On the production side, most of growth came from trade and services and the rest from industry, mainly manufacturing, mining and construction.
Manufacturing grew by 9 percent, while output in mining rebounded by 18 percent year-on-year, as the sector continued to recover from the production disruptions in 2018.
It is noted that inflation in November continued to edge upwards with consumer prices growing by 1 percent in November. The average annual inflation rate in the year-to-November 2019 remained at 1.5 percent.
At the same time strong growth in imports of vehicles and lower gold exports widened the trade deficit. The Budget registered a 0.5 percent of annual GDP deficit in October.
