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Despite High Economic Growth Rates, Inflation Relatively Low In Arme

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  • Despite High Economic Growth Rates, Inflation Relatively Low In Arme

    DESPITE HIGH ECONOMIC GROWTH RATES, INFLATION RELATIVELY LOW IN ARMENIA

    Noyan Tapan
    Jan 23, 2008

    YEREVAN, JANUARY 23, NOYAN TAPAN. The high economic growth in Armenia
    in 2007 was accompanied by macroeconomic stability. Particularly,
    inflation was lower than in regional countries and Armenia's main
    trade partner states, the RA minister of trade and economic development
    Nerses Yeritsian stated at the January 23 press conference. In 2007,
    Armenian GDP grew by 13.8% compared with the previous year, while
    inflation made 6.6%.

    According to N. Yeritsian, industry started developing at high rates:
    there was a 2.6% growth in 2007, whereas a 0.9% decline was registered
    in 2006 on 2005. Industrial production without diamond production
    grew by 8.8% in 2007.

    The ministry's monitoring of industrial enterprises showed that in
    2007 high growth rates were registered in mining industry - 106.6%,
    machine-building and instrument making - 128.4%, chemical industry -
    120.4%, and in woodworking industry - 103.1%.
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