GDP GROWTH IS REGISTERED IN ARMENIA

news.am
April 20 2010
Armenia

According to preliminary data in Jan.-March 2010 positive trends in
Armenian economy are observed.

In Q1 2010 GDP increased by 5.5% compared with same period last year,
RA National Statistical Service reports. Meanwhile, the indicator in
January made 2.4%, whereas 3.1%- in Jan.-Feb.

Drastic turn in GDP dynamics is conditioned by growth in Armenia’s
industrial production. In Q1 2010 volume of industrial production
increased by 10.4% compared with the same period in 2009. Significant
improvement in industrial field entailed increase of energy
consumption, thus 9.8% growth was registered in energy production in
Q1 2010.

At that, slow growth was registered in trade sector – retail turnover
as of Q1 2010 went up by 1% only. Population expenses for charged
services increased by leaps and bounds. The range of market services
raised by 6.2% for the mentioned period against 2,2% downturn in
January.

If this progression continues, economy is likely to reach 2008
pre-crisis level. By 2009 end, GDP reduced by 14.4%, whereas slump
in industry reached 7.8%.

Last year’s GDP decline was conditioned by 36.4% construction slump.

Presently, construction field that used to provide double-digit GDP
growth in last years, balances on 2009 level: insignificant decrease
of 0.6% was registered Q1 2010.