According to the preliminary data reported by the RA Statistical Service 2.4% GDP growth was registered in Armenia this January-October, which means lower GDP growth rates. The largest GDP growth rate, 8.8%, was registered this January-May. Lower GDP growth rates were registered this January-July and January-September – 4% and 2.8% respectively.

The Armenian Government accounts for the lower GDP growth rates by a seasonal decline in the agricultural sector – 16.8% this January-October. The construction sector registered a 5.1% decline.

The other economic sectors do not register decline, but still report lower growth. The Armenian industry registered 9.8% growth against 10.9% last month.

Despite lower growth rates, 7.3% growth was registered in October as compared with September. Larger growth was registered last October.

A 1.2% annual GDP growth is budgeted for 2011. Speaking in Parliament, RA Prime Minister Tigran Sargsyan stated 2.4% growth was forecast for the end of this year. The International Monetary Fund forecasts a growth of about 4%.