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Armenia's economy contracts 9.1% year/year in Q3

YEREVAN, Nov 20 (Reuters) - Armenia’s economy shrank 9.1% year-on-year in the third quarter, after a 13.7% contraction in the second quarter, as the COVID-19 pandemic and six-week conflict between Azerbaijan and ethnic Armenian forces over the Nagorno-Karabakh enclave weighed, preliminary data showed on Friday.

The decline in July-September was the result of contractions in almost all sectors of the economy besides mining, health and social service, education, communication, financial and insurance sector.

The former Soviet republic’s economy had expanded 7.6% in 2019.

The central bank has forecast that the economy would contract 6.2% in 2020 and get back to 4%-5% growth in 2021.

International financial institutions have pledged support to Armenia to mitigate the impact of the coronavirus on the economy and support the healthcare system, as well as the consequences of the heaviest military confrontation over Nagorno-Karabakh since the early 1990s. (Reporting by Nvard Hovhannisyan; Editing by Hugh Lawson)

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