FINANCE MINISTER: ECONOMIC DECLINE IN ARMENIA TO SLOW DOWN TO ANNUAL 15%

ARKA
Sep 29, 2009

YEREVAN, September 29. /ARKA/. Economic decline in Armenia is expected
to slow down gradually from 18.5% recorded for eight months of this
year to annual 15%, Finance Minister Tigran Davtyan said at a press
conference on Tuesday.

"This is a likely scenario, but experience shows that the reality
differs from any prediction. However, I think our outlooks are close
to reality", he said.

The minister said referring to interim statistical reports for Jan-Aug
2009 that the recent signs of recovery are seen in figures.

"Taking into account August’s results, we can say that we have
already reached the deepest decline, since we recorded 0.1% slowdown
in Jan-Aug 2009."

According to the National Statistical Service of Armenia, GDP shrank
18.4% in Jan-Aug 2009 to AMD 1761.9 billion ($4987.1 million).

The economic decline of Jan-July was recorded at 18.5% and GDP amounted
to AMD 1417.1 billion ($3789.6 million).

The finance minister said that the recovery will be "hard and painful".

"But we’ll handle it", Davtyan said.