SERVICES SECTOR CATALYST OF GDP GROWTH IN ARMENIA
news.am
May 3 2010
Armenia
Armenia’s GDP showed a 5.5% increase this January-March as compared
with the corresponding period last year. The radical change gave rise
to claims that the Armenian economy has overcome the crisis. Last
year, the global crisis caused a decrease in industrial production
and construction, in gross agricultural output as well as in foreign
trade turnover. As a result, the GDP showed a 14.4% decrease.
Speaking at a recent sitting of the Board of Trustees of the
RA National Competitiveness Fund, the RA Premier stressed some
progress in the industrial sector, which caused GDP growth. Indeed,
the industrial production index totaled 110.4% this January-March as
compared with the corresponding period last year.
The RA Statistical Service is known to calculate the GDP applying the
European methods as well. According to the calculations, the share
of the industrial sector (with energy and construction included)
in the GDP was 2%, with that of the services sector 2.4%.
Despite a 0.6% decrease in construction this January-March, the
construction sector ensured a 0.9% share in the GDP growth. So the
industrial sector’s actual share in the GDP growth was only 1.1%.
The services sector is comprises trade, repair of cars and household
appliances, hotel and restaurant business, transport and communication,
operations with immovable property, financial activities, etc… That
is, kinds of businesses Armenian businessmen are not interested in
as they are in production.