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YEREVAN. – IMF has cut Armenia's projected economic growth down one percentage point from the previous 3.5 percent, Mark Horton, head of the International Monetary Fund mission to Armenia, told reporters in Yerevan on Tuesday.

Accordingly, IMF's current year-end forecast for Armenia is 2.5% for 2014.

The previous forecast, he told, was affected by both domestic and external factors. External influences included troublesome repercussions of the crisis in Ukraine, followed by sanctions upon Russia.

The latter, in turn, affected the remittance flows from Russia to Armenia, which are a key source of subsistence for a large number of Armenian households.

Domestically, the economy has been inhibited by the continuing underspending from state budget. This has particularly affected large-scale capital spending projects, which generate sizable employment for the population, Horton added.

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