ECONOMIC DECLINE REACHES 16% IN ARMENIA
Tert.am
15:07 ~U 21.12.09
In accordance with a statement by the National Statistical Service,
Armenia’s economy dropped 16% in the period January-November this year.
At first glance, this indicator, compared to previous months, seems
positive, but a closer look suggests that these indicators have
already dropped from the rise in the economy in the last months of
the previous year. In the first 9th and 10th months, the economy fell
18.3% and 17.5%, respectively.
In particular, compared with October, a 6.6% decline was registered in
November. This indicator is unsettling, if we take into consideration
that there is usually more economic growth in November than in
October, due to increased spending in preparation of the holidays
and the coming new year.
A large decline has been recorded in the service sector, at 3.7%;
while other sectors have registered a decline of around 1%. Looking at
annual cut-backs, the largest decline, as in previous months, has been
registered in the construction industry, at 38.4%; while a decline of
9.9% was evident in the industrial sector; 0.2% decline in agriculture;
2.5% in service sector; and an economic rise of 0.5% in retail trade.
A decline of 28.5% has been registered in annual cuts in foreign trade,
comprising $3.57 billion USD, within which imports have registered
a decline of 26.3%, comprising $2.94 billion USD; exports, 37.4%,
comprising $0.62 billion USD.