INDEX OF ARMENIA’S ECONOMIC ACTIVITY 70.1 IN 2ND QUARTER 2006 AGAINST
70.5 IN 1ST QUARTER AND 72.2 IN 2ND QUARTER 2005

Arka News Agency, Armenia
June 23 2006

YEREVAN, June 23. /ARKA/. The index of Armenia’s economic activity
amounted to 70.1 out of the 100-point measurement in the 2nd quarter
2006 against 70.5 in the 1st quarter 2006 (72.2 – 2nd quarter 2005,
71 – 3rd quarter 2005, 53.6 – 4th quarter 2005).

At the same time, the final averaged index of economic activity in
the 2nd quarter 2006 totaled 99.4% of the previous quarter’s level
(0.6% decrease). As compared to the 2nd quarter 2005, this index
decreased by 2.9% in the 2nd quarter 2006.

According to the Central Bank of Armenia, the index of economic
activity is calculated on the basis of averaged method of evaluations
and expectations of respondents concerning production volumes, orders
for production and expected changes of production reserves.

Starting from 2005 the CBA has begun quarterly surveys of
non-financial, financial organizations and households.

The surveys are aimed at evaluating the change of the current
situation compared to the previous period, economic expectations of
the respondents, and to calculate and publish aggregative economic
indices based on the survey results. More than 600 organizations of
the industrial, construction and service sectors were selectively
investigated.

The surveys were held on Internet, by means of phone calls and direct
visits. R.O. –0–