May 21, 2020 / 11:09 AM / 2 months ago

Armenia's economic growth expands 3.8% yr/yr in Q1

YEREVAN, May 21 (Reuters) - Armenia’s economy expanded 3.8% year-on-year in the first quarter of 2020, down from 7.1% growth in the same period of 2019, preliminary official data showed on Thursday.

The growth in January-March was supported by expansion in the mining sector, communication services, finance and insurance and government expenditure.

The former Soviet republic’s economy expanded 7.6% in 2019, up from 5.2% in 2018. This year the government expects a contraction of 2%, down from the earlier projection of 4.9% growth, largely because of the coronavirus outbreak.

International financial institutions have pledged support to Armenia to mitigate the impact of the coronavirus outbreak on the economy and support the healthcare system. (Reporting by Nvard Hovhannisyan; Editing by Timothy Heritage)

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