CENTRAL BANK FORECASTS 11% ECONOMIC GROWTH FOR NEXT YEAR

Panorama.am
16:05 18/12/2007

In accordance with the forecasts of the Central Bank (CB), the
high pace of economic growth is expected in the year 2008 bringing
11% annual economic growth. The CB grounds this suggestion on the
development of economic sectors in the course of this year as well
as the expectations for the fourth quarter. This is announced in CB
2008 monetary policy program.

In the course of 2008, 6-8% recovery of value added growth pace is
expected. It is conditioned by the fact that the declining trends
of diamond industry in 2007 will vanish. According to the program,
industry volume will rise in other branches of industry with special
high rates in chemical industry, metal industry, energy, food industry
and construction material production. Considerable rise is expected
in fertilizer and food industry. It is expected that in the course
of 2008 the local production of fertilizers will completely meet the
demand of the local agriculture.