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Seda Hergnyan

Armenian Economy Minister Estimates 5% Economic Decline in 2020

Armenia’s Ministry of Economy Tigran Khachatryan estimates that the country’s economy will decline by 5% in 2020.  

Talking with reporters today in Yerevan, Khachatryan said the economy will register positive trends in the third and fourth quarters of the year to offset earlier downturns.

"This is similar to the general tendencies of the world economy. Reputable international organizations predict a decline of up to 6% in the world economy. They predict that 2021 will be a year of economic recovery," said Khachatryan.

According to the latest data of the Statistical Committee (RA CC), in the first half of this year, Armenia's economic activity index decreased by 4.7% compared to the same period last year.

The decline in the construction sector was 23.4%, in the trade turnover - 11.1%, in the services sector - 6.4%.

Industrial growth in the first half of the year was 1.5%, the growth of agriculture - 1.7%.

Armenia’s Central Bank has forecast a 4% economic decline for this year.

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