ARMENIAN GDP UP 8.8% IN Q1

Interfax News Agency
April 30 2008
Russia

Armenian GDP grew 8.8% to 428.3 billion dram ($1.4 billion) in the
first quarter of 2008 compared to the same period of 2007, the National
Statistics Service said in a report.

The GDP growth was mainly the result of a 22.5% increase in
construction output to 41 billion dram, a 10.2% rise in services
to the population (excluding retail) to 122.5 billion dram, a 5.9%
increase in electricity output to 1.722 billion kilowatt hours and
a 4.5% rise in retail turnover to 184.3 billion dram.

Industrial production grew 0.2% to 169 billion dram in the period,
although output in the mining industry fell 4.7% to 24.5 billion dram
and manufacturing dropped 1.1% to 102.3 billion dram.

The biggest slump in the period was seen in the chemicals industry,
while the biggest increase was seen in the metallurgical industry. The
production of electricity, gas and water rose 6.7% to 42 billion dram
in the quarter.

Average monthly salaries grew 21.3% to 84,374 dram ($275).

Foreign trade turnover increased 23.6% to 333.6 billion dram in
January-March 2008. Exports rose 1.5% to 72.3 billion dram, while
imports grew 31.5% to 261.3 billion dram.

The Armenian Central Bank’s average exchange rate for the dram against
the U.S. dollar was 308.06 dram/$1 in the quarter.

The official exchange rate on April 30 was 306.82 dram/$1.

From: Emil Lazarian | Ararat NewsPress