ECONOMIC GROWTH IN 2007 EXCEEDS PROGRAMMED INDEX BY ABOUT 5%

Noyan Tapan

Ma y 12, 2008

YEREVAN, MAY 12, NOYAN TAPAN. The 13.7% economic growth registered in
Armenia in 2007 exceeds the programmed index by 4.7%, while the 2006
index – by 0.4%. GDP made 3 trillion 139.4 billion drams (about 917.7
bln USD) in 2007, while per capita GDP made 973.2 thousand drams,
growing by 18% on the previous year, the deputy minister of finance,
chief treasurer Atom Janjughazian stated at the May 12 joint sitting
of the RA National Assembly standing committees.

In his words, about 8.5% of economic growth in 2007 was conditioned
by the growth of capital construction and services. GPD produced in
the construction sector increased by 18.4% in 2007.

The level of unemployment declined by 0.4% in 2007, making up 7.1%
of the economically active population, or 82.8 thousand. In 2007,
monetary incomes and expenses of the population grew by 25.7% and 23.6%
respectively. The average salary grew by 21.2% to 77.4 thousand drams.

The negative balance of the current account made about 571.4 million
USD in 2007, increasing by 454.2 million USD as compared with the
previous year. The foreign trade amounted to 4 bln 439.2 mln USD,
growing by 39.7% as compared with 2006, with exports growing by 17.5%,
imports – by 49.7%.