ARMENIAN FINANCE MINISTRY: ARMENIAN ECONOMY IS BEING STABILIZED

ArmInfo
2009-10-28 13:55:00

ArmInfo. The Armenian economy has entered the stage of stabilization,
and the critical point of GDP fall is already overcome, Armenian
Finance Minister Tigran Davtyan said at a press- conference, Wednesday.

According to him, in September GDP grew by 4.8% as compared with
August. Stable reduction rates of GDP by 0.1% have been observed
for three months , since July, which gives a ground for optimism,
the minister said. He pointed out that in 2008 the GDP base was very
high till September, and taking into account this fact, one can say
with confidence that the trends of economy stabilization will be
consolidated by the end of 2009, and the economy will enter the phase
of recovery. "The growth in September is considerably conditioned by
season factors in the economy, however, taking into account the general
tendencies of recovery and expectations in October and December, one
may confirm the forecast for reduction of the GDP fall from the peak
18.5% of to 15%",- the minister stressed. T.Davtyan said that the
a trend of growth is being observed in many base fields of economy,
particularly, in industry and construction. He added that in September
export from Armenia grew by 26% as compared with August. The Export
growth is conditioned by the global economy revival and partly by
anti-crisis measures taken by the government to stimulate the economy,
he said. Alongside with the economy activation, tax collection is
also growing. The tax collection will be more in October than in the
previous month, he added.

"The economic situation in the country is becoming predictable",- he
said. To note, according to operative statistical data, in Jan-Sept
2009 Armenian GDP declined by 18.3% and in absolute terms totalled
2123 bln AMD, or $5.9 bln.

From: Emil Lazarian | Ararat NewsPress