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Finance Ministry: 6.1% Year-On-Year GDP Decline Recorded In Armenia

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  • Finance Ministry: 6.1% Year-On-Year GDP Decline Recorded In Armenia

    FINANCE MINISTRY: 6.1% YEAR-ON-YEAR GDP DECLINE RECORDED IN ARMENIA IN 1ST Q 2009

    ARKA
    Apr 30, 2009

    YEREVAN, April 30. /ARKA/. On Wednesday, Armenian Finance Minister
    Tigran Davtyan, speaking in National Assembly, said Armenia's GDP
    has fallen 6.1% over the first quarter of this year, compared with
    the same quarter of the previous year.

    He said that the global recession can't bypass Armenia, since the
    country constitutes a part, though small, of the global economy.

    Davtyan pointed out that certain positive results were recorded in
    March, but only in comparison with the previous month.

    "Comparison of quarterly indicators shows considerable GDP reduction -
    by 6.1%, compared with the first quarter of 2008", he said.

    The minister said that extra megabuck funds are expected in the second
    half of this year.

    These funds will be used for extending preferential credits,
    Davtyan said.

    He said the Government remained steadfast in its determination to
    pay special attention to social expenses.

    "These expenses won't be reduced under any scenario. Their share in
    GDP will grow. This will mitigate the crisis impact on the poor."

    According to the National Statistical Service of Armenia, GDP has
    reduced 6.1% over the period between January and March 2009, compared
    with the same period of the previous year, to AMD 465.5 billion
    ($1429.9 million).

    GDP grew 22.1% in March, compared with February.

    Inflation was recorded at 2% in the first quarter of 2009 compared with
    December 2008, and consumer prices rose 0.7%. ($1 = ASMD 372.22).
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