Armenia's GDP contracted by 7.6% y/y in 2020February 22, 2021 - 18:33 AMT PanARMENIAN.Net - Armenia's GDP contracted by 7.6% year-on-year in 2020, according to preliminary data published by the country's National Statistical Service. The economy expanded by 3.9% in the first quarter, but went on to decline by 13.7% in Q2, 9% in Q3 and by 8.8% in Q4, official figures showed. The Ministry of Finance had earlier predicted that the economic recession in Armenia could reach 8% by the end of 2020, forecasting a rebound in 2021. The Central Bank has forecasted some 2% growth next year, while the World Bank believes that Armenia's economy will bounce back and expand by 3.1% and 4.5% in 2021 and 2022, respectively. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |