ARMENIA’S GDP FOR RECENT FIVE YEARS AVERAGES 12.21%

ARKA News Agency, Armenia
Sept 18 2006

YEREVAN, September 18. /ARKA/. Armenia’s average GDP for recent five
years has made 12.21%, Armenian President Robert Kocharyan said Monday
at Armenia-Diaspora 3rd forum.

He said private sector contributed 85% to the growth, of which 40%
came from small- and mid-scale entrepreneurship.

The president said offshore investments totaled $500 million last year.

He finds this a great achievement for a country having neither oil
nor gas.

Kocharyan also pointed out that large-scale reforms had been
implemented in Armenia last four years.

He stressed that Armenia’s membership in WTO speeded up the country’s
integration in the world economy and made its relations with trade
partners predictable.

The head of state singled out energy sector as well as mining,
processing and jewelry industries, information technologies and
construction as the leading areas in the country’s economy.

He stressed the role Armenian communities worldwide with their direct
investments play in Armenia’s economy.

The 3rd Armenia-Diaspora forum is to last three days – from September
18 to 20 – in Yerevan.

Armenian Apostolic Church leader Catholicos Garegin II is set to
speak at the forum.