FINANCE MINISTER: ARMENIAN ECONOMY STARTS RECOVERING

/ARKA/
April 8, 2010
YEREVAN

Armenian economy has already started recovering, Armenian Finance
Minister Tigran Davtyan said Wednesday in National Assembly.

"Armenia has already stabilized its economy and is now embarking on
recovery. This process will take certain time from us," he said.

The minister said that a precipitous fall in macroeconomic indicators,
high social tension and economic difficulties are main characteristics
of any crisis.

Davtyan thinks that Armenia has already come out of the crisis and
the national economy started growing this year.

He said that the country reached the peak of the crisis in July 2009,
but in August stabilization began.

The minister said that signs of recovery are already visible, and
year-on-year growth of economic indicators was seen yet in January
2010.

According to National Statistical Service of Armenia, 18.5% economic
decline was recorded in the country in Jan-July 2009, and GDP was
amounted to AMD 1417.1 billion ($3789.6 million).

GDP reduced 18.4% in Jan-Aug 2009 to AMD 1761.9 billion ($4987.1
million).

Davtyan said that recovery of the economy is a time-consuming process,
which needs great efforts.

"I think we need one or one and a half year to reach pre-crisis
indicators," he said. Armenia recorded 3.1% year-on-year economic
growth in Jan-Feb 2010. GDP amounted to AMD 321650 million in
current prices and index deflator was recorded at 110.6%. ($1 =
AMD 401.20).