ITAR-TASS News Agency
TASS
March 10, 2004 Wednesday

Armenia’s economic growth makes 139% in 2003

By Tigran Liloyan

YEREVAN

The Armenian economic growth made 13.9 percent in 2003, Armenian
President Robert Kocharyan said at a meeting with students of
universities at Yerevan State University on Wednesday. The industrial
production growth reached 18 percent, capital development — 40
percent and export — 34 percent, the president emphasised.

According to him foreign debts mostly for credits on easy terms
amounted to 40-44 percent of Armenia’s GDP that testifies to the
solvency of the country.

“The economic policy of the government should be aimed at the
improvement of the life quality in the republic,” Kocharyan remarked.
Educational reforms, particularly the transition to the two-stage
educational system are carried out so that the Armenian education
would be recognised in Europe, he pointed out.