MINISTER: RECESSION IN INDUSTRY TO END IN SECOND HALF OF YEAR

/ARKA/
August 6, 2009
Yerevan

Recession in industry will end in the second half of 2009, Armenian
Minister of Economy Nerses Yeritsyan said.

Rehabilitation always taken longer time than recession in a field
due to need for retraining and return of qualified human resources
and recovery of the production capacity, Yeritsyan said.

Industrial sales amounted to 279.5 billion drams in the country in
the first half of this year, a reduction of 20.7% as compared with
the level of the same period of last year. Industrial produce for
a total of 19.1 billion drams was sold in CIS countries; industrial
sales in other countries were 48.4 billion drams.

Industrial output totaled 281.5 billion drams (in current prices)
in January-June, an 11.5% reduction.

According to Yeritsyan, industrial production growth will help promote
exports and foreign trade balance.

According to Armenia’s National Statistical Service, Armenian foreign
trade turnover fell by 31.5% down to $1,659.9 million (in current
prices) in the first half of this year as compared with the same
period of last year.

Exports were $281.4 million (45.9% reduction), imports were $1,378.6
million (27.5% reduction).

Negative foreign trade balance was $1,097.2 million or $1,080.2
million humanitarian cargos exclusive. N.V.