DESPITE HIGH ECONOMIC GROWTH RATES, INFLATION RELATIVELY LOW IN ARMENIA

Noyan Tapan
Jan 23, 2008

YEREVAN, JANUARY 23, NOYAN TAPAN. The high economic growth in Armenia
in 2007 was accompanied by macroeconomic stability. Particularly,
inflation was lower than in regional countries and Armenia’s main
trade partner states, the RA minister of trade and economic development
Nerses Yeritsian stated at the January 23 press conference. In 2007,
Armenian GDP grew by 13.8% compared with the previous year, while
inflation made 6.6%.

According to N. Yeritsian, industry started developing at high rates:
there was a 2.6% growth in 2007, whereas a 0.9% decline was registered
in 2006 on 2005. Industrial production without diamond production
grew by 8.8% in 2007.

The ministry’s monitoring of industrial enterprises showed that in
2007 high growth rates were registered in mining industry – 106.6%,
machine-building and instrument making – 128.4%, chemical industry –
120.4%, and in woodworking industry – 103.1%.