Armenian economy in 2009

Recent statements of the Armenian central bank are more pessimistic than previous ones. The central bank has made the prognosis that GDP will reduce by 2.9%, whereas previously it envisaged that the Armenian economy would grow by 4.5-7.5%.

The central bank estimates that the downturn in the construction industry will delay investments in both manufacturing and services. However while industrial production volume will decline an increase in agricultural output is expected.