16:01,

YEREVAN, APRIL 29, ARMENPRESS. Minister of Economy of Armenia Tigran Khachatryan is forecasting low economic indicators from the beginning of the second quarter of 2020.

“We need to take into account that only two weeks of March 2020 faced a major negative economic affect due to the novel coronavirus. The fact that we had a positive economic activity in the first quarter was more due to the high economic activity in the first two months and the high economic activity in 2019. Unfortunately, starting from the beginning of the second quarter we will have low economic indicators, but we hope that the restoration will start in the third quarter”, the minister said at a press conference today.

Armenia’s economic activity index grew by 4% in January-March 2020 compared to January-March 2019, according to the data released by the National Statistical Committee.

In particular, the industrial production volume rose by 8.7%, that of the gross agricultural output – by 4.5%. Construction volume declined by 9.4% compared to January-March 2019. The trade turnover also registered a growth, 0.2%, and the volume of services increased by 5.5%. Consumer price index and the industrial production price index decreased by 0.1%. Electricity production grew by 14.8%.

Average nominal monthly salary increased by 9.2%, comprising 190,136 drams.

Foreign trade turnover declined by nearly 4%. But the export grew by 0.2%, the import decreased by 6.2%.

Due to the spread of the novel coronavirus (COVID-19) Armenia’s government on March 16 declared a state of emergency which was effective until April 14. But the state of emergency was extended until May 14 to further tackle the disease.

Reporting by Norayr Shoghikyan; Editing and Translating by Aneta Harutyunyan