OUTLOOK: ARMENIA’S 2009 ECONOMIC DECLINE TO BE RECORDED AT 15%

ARKA
Sep 28, 2009

YEREVAN, September 28. /ARKA/. Armenia’s 2009 economic decline will
be recorded at 15%, Armenian Finance Minister Tigran Davtyan said at
a governmental meeting on Monday.

The minister expects signs of stabilization that became visible yet
in August will continue, and economic decline will keep slowing down
to 15% by late 2009.

He said Armenia has recorded 18.5% GDP reduction for seven months of
this year.

Davtyan said that the decline is caused by some factors, especially
the global recession.

Armenia’s 2009 GDP is expected to total AMD 3 trillion 116 billion –
15% less than the 2008 GDP.

The minister said that GDP reduction would make tax inflow scanter.

He said that the government will collect AMD 510 to 530 billion taxes
in 2009, while it planned to receive AMD 727 billion.

In the 2010 state budget approved Monday by the government, revenue
is planned at AMD 676.6 billion, expenditure AMD 859.6 billion and
deficit AMD 183 billion.