ARMENIA’S ECONOMIC GROWTH REACHING 7.2%

Tert.am
20.05.10

Armenia’s economy saw a 7.2% growth during the first four months
2010 compared to the same period in 2009, while the economic growth
in the first quarter in 2010 was 5.5%. The GDP from January to April
was 777.6 billion AMD, according to a survey published by Armenia’s
National Statistical Service.

All the sectors, except agriculture, had growth during the period
under discussion. Even the construction sector, which was hardly hit
during the economic crisis and was having a negative annual growth
prior to the first quarter in 2010, has now registered an 8.8% growth.

Significantly, the industrial output during this period has made up
a total of 242.6 billion AMD which means that there has been a 12.9%
growth compared to the last four months of the previous year.

Energy output has increased by 14.1% while the services sector saw
a 6.4% growth.

Regrettably, agriculture has registered a 1% downfall during this
period. The retail has increased by 2.3% which makes a total of 189
billion AMD.

Armenia’s foreign trade during January-April 2010 was $1.4 billion
USD which is 30.9% more than it was in the same period in 2009.

A landmark 64.3% increase was registered in exports which makes a total
of $289.8 billion USD, while imports have seen a slow increase of 24.4%
($1.2b USD). However, the imports exceed the exports five times.

On May 19 the International Monetary Fund changed the pronounced
economic growth forecast for Armenia lifting from the previous 2%
up to 4%.

European Bank for Reconstruction and Development pronounced a 10%
growth instead of the earlier 2% forecast.