The International Monetary Fund has revised Armenia’s 2015 GDP growth up to 2,5%, Mr Mark Horton, IMF Mission Head to Armenia, told the media on Friday.

The GDP growth of 4,4% in the 1st half of 2014 encourages to expect a year-end growth.

“In the light of international uncertainties, however, we remain cautious about the 2nd half of the year, which is decisive for GDP, and this leads us to 2,5%”, he said.

Future developments are not yet clear with manufacturing activity in China, the economic growth in Russia, and metals prices, the latter being one of the key determining factors of Armenian exports value.

The growth, however, is projected to keep up in 2016, albeit at a bit more modest rate of 2,2%.

These projections are a notable advance compared to April 2015 reading of the IMF’s World Economic Outlook, which forecasted a 1% decline for this year.    

The expected tiny slowdown in 2016 reflects considerations over the limited profitability of the banking sector this year.

This helps make the case for greater structural reforms to promote investment and diversify economy, Mr Horton added.