2018 was a difficult year for Armenia as number of political developments significantly affected the country’s economic performance, Aram Safaryan, the head of Integration and Development NGO, Coordinator of Eurasian Expert Club, said at a meeting with reporters on Saturday. “Considering these factors, the economic performance of Armenia can be assessed as satisfactory even good,” Safaryan stressed.
The expert reminded the country recorded a record 9,2% GDP growth in the first trimester of 2018. The number then gradually decreased in the second and third trimesters.

“The GDP for the past year is not published yet but to our prediction, it will stand at 5.6 – 6%,” said Safaryan, adding throughout 2018 a sustainable 4-8% growth was observed in industrial production, trade and services.

“Against the backdrop of this, Armenia’s result within EUEA are quite impressive, as we
recorded 20% increase in exports and 10% in import with Russia, while trade-economic volumes increased by 68% with Belarus and doubled with Kazakhstan.

“In the history of our independency our export volumes amounted for r 2 million 400 thousand US dollars for the first time,” the speaker said.

Safaryan reminded that Armenia has assumed the EAEU presidency in 2019 and should make efforts to present its interests both within and outside of the economic bloc.

Doctor of Economic Sciences, Professor Ashot Tavadyan, present at the press conference, noted in turn that for countries with relevantly small economic market exports as a share of GDP is more relevant index than the GDP itself.

“If we want a real developed economy our export per GDP should reach 50% that is to say to surpass 6 billion,” the economist said.