GDP GROWS BY 9.8% IN ARMENIA IN JANUARY-MAY 2008 ON SAME MONTHS OF 2007

Noyan Tapan

Ju ne 20, 2008

YEREVAN, JUNE 20, NOYAN TAPAN. GDO grew by 9.8% in Armenia in
January-May 2008 on the same months of last year and made 982 bln
149.4 mln drams (about 2 bln 871.1 mln USD). The GDP index-deflator
made 107.7%.

According to the RA National Statistical Service, industrial production
declined by 0.4% in the country in January-May 2008 on the same period
of 2007 and made 287 bln 712.1 mln drams.

The gross agricultural output increased by 1.9% to 94 bln 515.5 mln
drams, construction – by 14.9% to 135 bln 318.7 mln drams, retail
trade – by 4.3% to 331 bln 918.7 mln drams, and services grew by 10.6%
to 221 bln 843 mln drams.

Armenia’s foreign trade grew by 29.6% in the period under review as
compared with January-May 2007 and made 1 bln 982.1 mln USD, with
exports growing by 0.2% to 421.9 mln USD, while imports – by 40.8%
to 1 bln 560.2 mln USD.

Consumer prices rose by 8.9%, industrial production prices – by 4.7%
in January-May 2008 as compared with January-May 2007.

The number of the unemployed fell by 22.1% in late May 2008 as compared
with late May 2007 and made 76.4 thousand.

The average monthly nominal salary made 86.85 thousand drams in the
first five months of 2008 (22.9% growth on the same period of last
year), including the salary of employees of budgetary institutions –
60.775 thousand drams (16.6% growth), that of employees of nonbudgetary
institutions – 109.621 thousand drams (24.5% growth). The average
exchange rate of one US dollar made 308.11 drams in January-May 2008
(in 2007, this index made 342.08 drams).