"AN UNPRECEDENTED ECONOMIC GROWTH IN JANUARY-AUGUST"
By Ara Martirosian

AZG Armenian Daily
25/09/2007

According to the Chief of the National Statistical Service

The economic growth of Armenia grew 13,6 percent in January-August of
this year, according to the Chief of the National Statistical Service
Stepan Mnatsakanian.

The index is unprecedented according to him.

The picture is the following in each sphere: 1,7 percent of growth in
the sphere of industry, the percentage is 0.9 percent without power
production, and 8.2 percent without diamond production.

Agriculture grew by 7 percent. The biggest growth is recorded in the
spheres of construction (19,6 percent) and services (19,7 percent). The
retail trade growth is 10,9 percent.

In the first eight months of this year 0,8 percent deflation is
recorded, according to Stepan Mnatsakanian. And to the question how to
understand that index of deflation, when the prices of bread, butter,
oil, etc. grew, he answered the rises in prices would be reflected
in the indexes of September.

It’s worth to mention that compared with June the deflation of August
is 1,5 percent, which influenced the total index of deflation.

The average wages rose by 21,5 percent to AMD 73,6 thousand. The
average wages in public sector rose to AMD 54 thousand, in private
sector – AMD 91,8 thousand.

Foreign trade rose by 51,4 percent to USD2 billion 659 million. Export
rose by 23,2 percent to USD733 million, import – by 46,7 percent to
USD1,9 billion.

According to the above-mentioned indexes, the foreign trade negative
balance continues to deepen: it is USD1,2 billion at present.