17.5% ECONOMIC DECLINE IN ARMENIA IN JAN-OCT, 2009

news.am
Nov 20 2009
Armenia

15:17 / 11/20/2009A 17.5% economic decline (2,466,298bn AMD) was
registered in Armenia this January-October, the RA Statistical
Service told NEWS.am. The biggest decline, 18.5%, was registered
this January-July, 18.4% this January-August and 18.3% this
January-September. The present figure is 17.5%.

It is noteworthy that a generally smaller annual decline in GDP was
registered in Armenia. On the other hand, a 5% decline in GDP was
registered on a month-to-month basis.

GDP growth of nearly 5% was registered this September as compared
with this August.

A 51.6% decline was registered in the construction sector this
January-October, an 11.4% decline in the industrial sector, a 1.5%
decline in the services sector and a 0.8% decline in the agricultural
sector.

A 19.1% decline in the construction sector was registered this October
as compared with this September despite an increase of more than 25%
on construction this September. Armenia’s foreign trade turnover
registered a 31% decrease – down to 3,220m USD. Imports exceeded
exports 4.7 times, with an unfavorable trade balance exceeding U.S.

$2bn.

Many economists accounts for the lower economic decline by the fact
that the crisis was palpable as far back as last October (which is the
reason for a relatively favorable picture), rather than by positive
tendencies in the Armenian economy.