Mon, 16 June
14.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

Deputy Minister Forecasts 4.8 GDP Growth Fro 2010

YEREVAN, July 13, /ARKA/.  A deputy Armenian finance minister predicted today a 4.8% full-year economic growth for the country after the Gross Domestic Product (GDP) rose by 8.8% in the first five months of the year compared to the same period last year.

‘We expect our economy  to grow 4.8% by the end of the year, although when we were planning our budget for 2010 we projected a 1.8% growth,’ Vartan Aramian  said at the first session of the Armenian-Polish intergovernmental  commission in Yerevan today.

He spoke about last year’s problems  when the country’s economy was hit severely by the crisis. He said after the GDP slashed by 18.5% in the first half of 2009 the government moved to take swift action to preclude further fall and as a result the full-year contraction dropped to 14.4%. The largest contraction was sustained by the construction sector-over 40 percent that accounted for 11% in the overall decline.

According to him, the government’s anti-crisis  measures have brought about positive  trends with the economy growing by 8.8% in Jan.-May. He said the government is backing most important sectors, like  the mining industry that was given $44 million of loans. -0-

spot_img

POPULAR

Average annual exchange rate of Armenian dram to US dollar  projected at 402 drams in 2025 – EDB

The value of the Armenian dram will decrease slightly in 2025, and its average annual exchange rate to the US dollar is projected at 402 drams in 2025, according to the Eurasian Development Bank’s (EDB)   macroeconomic forecast for 2025-2027.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Central Bank leaves refinancing rate unchanged taking into account high uncertainty in US economic policy

The Central Bank of Armenia decided today to leave the refinancing rate unchanged at 6.75% taking into account a set of factors such as  the continued high uncertainty surrounding the US economic policy, declining confidence in the global economy, growth slowdown and  a possible  weakening demand in Armenia, the head of the regulator Martin Galstyan said at a press conference on Tuesday.

Technological Gaps and Lack of Open Banking Stalling Armenia’s Investment Market- Director of Sirius Capital

The technological underdevelopment of the stock exchange and the lack of open banking are hindering the development of the investment market in Armenia, says Ararat Mkrtchyan, executive director and managing member of the investment company Sirius Capital.

Acba Bank starts issuing UnionPay International cards

Acba Bank is the first bank in Armenia to start issuing UnionPay Gold and UnionPay Business international cards of China's largest payment system UnionPay International.

LATEST NEWS

spot_imgspot_imgspot_img