Armenian economy on a roll

Yerevan, May. 21 (UPI) — Armenia’s economy grew by more than 9
percent in the first quarter of 2004, Interfax reported Friday.

According to the National Statistics Service of Armenia, growth in
the remote and mountainous Caucasus republic was 9.3 percent from
January through March compared with the same period in 2003, Interfax
said. The growth exceeded state budget projections, which had aimed
for a still ambitious seven percent growth rate.

President Robert Kocharian told journalists in Yerevan that the growth
was the result of balanced economic policy that encouraged the gradual
development of all economic sectors, rather than focusing on just
one or two to the detriment of the rest, Interfax said.