CRITICAL POINT OF ECONOMIC DOWNTURN HAS ALREADY FINISHED IN ARMENIA, FINANCE MINISTER SAYS

Noyan Tapan
Oct 28, 2009

YEREVAN, OCTOBER 28, NOYAN TAPAN. The critical point of the economic
downturn has already finished in Armenia: the lowest level of
recession was recorded in July, and slight tendencies to growth became
noticeable in August. RA Minister of Finance Tigran Davtian said this
during the October 28 meeting with reporters, explaining the economic
stabilization by the anticrisis measures undertaken by the government.

In his words, the fact that the fall in GDP declines by 0.1% each
month bears evidence of economic stabilization and recovery. "Since
August and September, there has been a tendency to economic
stabilization, and it is safe to say that the economy has entered a
phase of recovery," T. Davtian underlined.

He said that more intense activity has been recorded in construction
and industry, tax collection has become stable, while exports have
increased by 26%.

It was mentioned that the 2010 state budget envisages a cautious index
of economic growth. According to the minister’s forecast, GPD growth
may amount to over 1.2% in 2010.