ACCORDING TO MINISTER, ARMENIA’S SHADOW ECONOMY MAKES OVER 30%

Noyan Tapan
Jan 23, 2008

YEREVAN, JANUARY 23, NOYAN TAPAN. The Armenian minister of trade
and economic development Nerses Yeritsian considers that the data on
Armenian GDP’s growth published by the RA National Statistical Service
corresponds to reality. At the January 23 press conference he said that
these indices also include the shadow economy (by rough estimates).

In the minister’s opinion, the matter concerns a shadow economy of
over 30% which is an extremely high index. "By not understanding these
figures, one can form a myth which will later result in frustration,
as people may have expectation that there are quite large incomes
they know nothing about," N. Yeritsian said.

In his words, the promises to "double budgets and increase fourfold
salaries", which are stated in various pre-election programs, may
result in high inflation if these promises are kept.