ArmenPress
Dec 14 2004
KARABAGH POSTS 15 PERCENT GDP GROWTH
STEPANAKERT, DECEMBER 14, ARMENPRESS: Nagorno Karabagh statistical
service posted a 15 percent GDP growth in 2004. Local experts say
this rate will be maintained for next year as well. The 2004 budget
sets revenues at 6 billion drams and expenditures at 20 billion
drams, the deficit is covered by an Armenian loan.
Authorities in Karabagh says the benefits of vigorous economic
growth will be felt by all citizens, thus average wages are set to
rise 15 percent and old age pensions 25 percent.
A bulky sum of the budget, around 800 million drams, four time
more than in 2004, will be directed for small and medium-sized
business development.
The budget also earmarks, for the first time, money for
reconstruction of schools. In agriculture the focus will be on
restoring the irrigation system.