15.7% ECONOMIC DECLINE RECORDED IN ARMENIA IN JANUARY-MAY 2009 - STATISTICS

ARKA
June 30, 2009

YEREVAN, June 30. /ARKA/. A 15.7% economic decline was recorded in
Armenia in January-May 2009 against analogue period of previous year.

The RA National Statistical Service reports that the Gross Domestic
Product (GDP) amounted to 839,356,600 drams (in current prices)
in the reporting period.

GDP deflator was 101.4% in January-May 2009 against January-May 2008.

According to the statistics, 14.3% decline of gross added value
(against 6.2% increase in January-May 2008) caused a 12.2 pct decrease
in the actual volume of GDP. 23.8% decline of taxes, the subsidies
exclusive, (against 36.1 increase last January-May) caused 3.5 pct
decrease in the actual decline of GDP (against increase by 4.4 pct).

In the period under review, 56.6% construction decline decreased the
GDP by 10.3 pct (against 2.9 pct increase in January-May 2008). At the
same time 10.4% industrial (including energy sector) decline caused 1.9
pct of economic decline (against zero variation in January-May 2008).

2.8% fall of agriculture, forestry, hunting and fishing caused 0.3
pct decline in GDP actual volume, (0.8 pct in January-May 2008).

The 1.8% increase recorded in the financial sector and real estate
transactions provided 0.2pct increase in the GDP (against 0.8pct).

The share of added value was 86.5% in the GDP structure this
January-May against 85.1% in January-May 2008.

The share of industrial production (including energy) was 16.8%
against 18.2% last January-May. The share of agriculture was 9% and
the share of construction constituted 10.8%. Trade, public catering,
transport and communication provided 24.1%, the services sector on
the whole - 53.6%.

Taxes, the subsidies exclusive, constituted 13.5% of the GDP.

GDP per capita was 259.149 drams or $753 (571EUR).

9.8% economic growth was recorded in January-May 2008.

Under the RA state budget, GDP growth is planned at 9.2% for the
year 2009.

From: Emil Lazarian | Ararat NewsPress