CBA’S VICE-CHAIRMAN: 7-8% ANNUAL ECONOMIC DECLINE EXPECTED IN ARMENIA
/ARKA/
May 26, 2009
YEREVAN
A 7-8% economic compression is expected to be recorded in Armenia
in annual terms, Vice-Chairman of the Central Bank of Armenia (CBA)
Vache Gabrielyan said.
Estimates suggest that the country will most probably manage to
maintain the current level of the economy in the next two-three
years and no deeper decline is expected, he said at the international
economic conference on Armenia and its countermeasures against total
catastrophe
Gabrielyan pointed out that the large-scale measures implemented by
the Armenian Government envisage greater growth rates in the second
half of the year as compared with the first six months.
In this respect, the Central Bank is periodically reviewing its
monetary and credit policy as required by economic developments.
"We state that the second half of this year will be much more
essential, as considerable funds are to be directed to the economy,"
he said.
Armenian Gross Domestic Product reduced by 9.7% down to 638.9bln Drams
($1,894.4mln) in January-April 2009 as compared with the same period
of last year. The GDP produced in April is by 5.4% lower than the
level of the previous month.
A 9.3% economic growth was recorded in Armenia in January-April 2008.
According to the country’s state budget, GDP growth is expected at 9.2%
in 2009.