GLOBAL ECONOMIC CRISIS LEADS TO FALLING OF INDUSTRIAL PRODUCTION IN ARMENIA, REPRESENTATIVE OF ARMENIAN ECONOMY MINISTRY SAYS

ArmInfo
2008-11-26 16:30:00

ArmInfo. Global economic crisis has led to falling of industrial
production in Armenia, representative of Armenian Economy Ministry
Hayk Mirzoyan said at today’s press-conference in Yerevan.

He also added the crisis affected reduction of demand for Armenian
industrial production, which is chiefly exported. According to the data
of monitoring of Economy Ministry, over 10 months 2008 if compared
with the same period of 2007 the volume of industrial production in
Armenia reduced by 0,9% – to 244 bln drams, sale reduced by 3,5% –
to 238 bln drams and the export volumes ‘fell’ by 6,5% – to 148 bln
drams. The monitoring did not involve all the industrial companies
of Armenia. He also said that production volumes in the mining and
construction industry reduced by 2% – to 194,1 bln drams. Light
industry production reduced by 13,8% – to 2,9 bln drams; chemical
industry by 7,2% – to 11 bln drams and export fell by 16,7% – to 1,2
bln drams.

At the same time, he said, after durable decline in jewelry and cutting
sectors, 12.2% growth to 29 billion drams has been registered since
some local enterprises, particularly, Daimoteck and Lori, received
big orders. It is noteworthy that by data of the National Statistical
Service of Armenia industrial produce for Jan-Sept 2008 in Armenia
totaled 570.232 billion drams ($1.8 billion) on current prices,
which is by 3.4% more than for the same period of 2007. Mining
industry output and processing industry for 9 months were up 3.2%
and 1.5% respectively. For some reason, global crisis affected the
industry sector of Armenia just in the tenth month of the year,
which is unlikely and means that Economy Ministry monitoring does
not reflect the full picture of the real sector and misleads consumers.

From: Emil Lazarian | Ararat NewsPress