ArmenPress, Armenia
July 27 2005

ARMENIA POSTS 10.2 PERCENT GDP GROWTH IN THE FIRST SIX MONTHS

YEREVAN, JULY 27, ARMENPRESS: Armenia’s GDP growth in the first
six months of 2005 amounted to 10.2 percent with deflator index
making 6 percent and consumer price index 2.3 percent. Armenian trade
and economic development minister Karen Chshmaritian told a news
conference today that the correlation between imports and GDP was
51.7 percent, down 6.4 points from the same time span in 2004.
Chshmaritian also said industrial production in the reported time
amounted, in terms of money, to 306.7 billion drams and the growth
rate was 5. 3 percent. The agricultural GDP was 103.6 billion drams
and growth rate 10.2 percent. The major construction volume was 116.5
billion drams with a growth rate of 43 percent, retail sale was 353
billion drams with a 5 percent growth rate. In the first six months
of this year 137 billion drams worth services were rendered to
population with a 15 percent growth rate. Mining industry reported 19
percent growth and jewelry sector almost a 100 percent growth.
Foreign trade was $1.217 billion, growth rate was 27 percent.
Exports stood at $430 million (28 percent growth) and imports -$788
million (26 percent growth). Foreign trade balance remained negative
with a $359 million gap. The minister also said $60.2 million were
invested in Armenia in the first three months of 2005, including $36
million of direct investments. The growth rate was 44 percent.