13.7% ECONOMIC GROWTH RECORDED IN ARMENIA IN 2007

ARKA News Agency
Jan 31 2008
Armenia

YEREVAN, January 31. /ARKA/. A 13.7% economic growth was recorded in
Armenia in 2007 against 2006.

The volume of Gross Domestic Product (GDP) was 3,139,353.9mln Drams
(in current prices) in the period under review, Armenia’s National
Statistical Service reported. GDP produced in December 2007 was 35.8%
higher that the level in the previous month.

GDP deflator index was 103.9% by the end of January-December 2007.

According to the statistical data, 11.7% growth of gross added value
provided a 10.7 pct increase in the actual volume of GDP (12.3pct in
January-December 2006). 36.6% growth of taxes, the subsidies exclusive,
provided 3pct of the actual growth of GDP (1pct in January-December
2006).

In the period, 18.4% construction growth increased the GDP by 4.5pct
(against 7.6pct in 2006). Industry (including energy sector) provided
0.6pct of economic growth (growth in industry 3.2%).

9.6% growth of agriculture, forestry, hunting and fishing provided
1.7pct of the economic growth.

The 12.4% increase recorded in the services field provided 4pct
increase in the GDP (4.7pct 2006). The sphere of trade and public
catering contributed 2.1cpt to the GDP growth, with increase in the
sphere making 11.8% in January-December 2007.

The share of added value was 90.2% in the GDP structure against 91.8%
in January-December 2006.

The share of industrial production was 15.7% against 17.9% in January-
December 2006. The share of agriculture reduced by 0.6pct down to 17.5%
and the share of construction increased 1.1pct up to 25.6%. Trade,
public catering, transport and communication provided 17.3%, the
services sector – 32.5%.

Taxes, the subsidies exclusive, constituted 9.8% of the GDP. GDP per
capita was 973,021Drams or $2,844 (2,080EUR) by the end of 2007.

13.3% economic growth was recorded in 2006.

Under the state budget, 11% growth of GDP was expected in Armenia in
2007. ($1=306.62Drams).