6.1 PER CENT OF ECONOMIC DOWNTURN WAS OBSERVED IN OVER THE FIRST QUARTER IN ARMENIA

Noyan Tapan
April 22, 2009
Yerevan

Within the first quarter of this year the economic growth of Armenia
reached 93.9 per cent, which means 6.1 per cent of downturn of
economy. According to the statistical data of the National Statistical
Service, decline was observed in all basic spheres of economy, except
retail trade. The retail trade turnover reached 192.9 billion AMD
ensuring 3.9 per cent growth over the year.

The sharpest drop was observed in the construction business,
which reduced by 21.9 per cent shrinking to 40.1 billion
AMD. Industrial production decreased by 9.5 per cent to 133.1 billion
AMD. Particularly, electricity production reduced by 16.2 per cent
declining to 1.4 billion AMD. The agriculture sphere dropped by 5.1
per cent declining to 39.6 billion AMD, and services (except retail
trade) declined by 0.7 per cent to 157.5 billion AMD.

Annual price growth reached 2 per cent, meanwhile price growth compared
to December is 0.7 per cent.

Foreign trade turnover reduced by 27.7 per cent to 782 million USD.

Particularly, exports decreased by 47.3 per cent and totaled 123.4
million USD, while the decrease of imports was only 22.2 per cent and
imports reduced to 658.5 million USD. This means that over the three
month of this year the imports surpassed exports more than 5.3 times.

The number of officially registered unemployed totaled 78.7 thousand
at the end of March, which indicates a 5.3 per cent increase in the
annual unemployment level.

The average nominal salary (without taking into account the price
growth factor) reached 97 899 AMD, growing by 16.4 per cent per
annum. A consumer price index grew 0.7 per cent in the first quarter,
compared with the previous year.