Armenia’s economy grows 2.6% in 2010

YEREVAN, January 31. / ARKA /. Armenia’s economy grew by 2.6% last year if compared to 2009, up from government- projected 1.2% growth , according to the latest data released by the country’s National Statistical Service, which said the GDP, if measured in current prices, amounted to 3.5 trillion Drams. The GDP’s deflator index was 110.2% if compared to 2009. The per capita GDP was 1,077,961 Drams or $2,885 or 2,173 Euro.

According to the data, the 1.8% growth in the gross added value (as opposed to 13.3% decline in 2009) , accounted for a 1.6 p.p. GDP growth in 2010. The 9.4% rise in tax revenues (as opposed to 20.7% drop in 2009) helped the GDP go up by 1 p.p. The 3.7% construction sector growth pushed the GDP up by 0.6% (for comparison it pushed GDP down 10.7% in 2009). The 9.5% growth in electricity production pushed the GDP up by 1.3 p.p, but a 13.4% decline in agriculture, forestry and fishing took it down by 2.2 p.p. The 6.3% growth in financial sector and real estate transactions had a 0.6 p.p. positive effect on GDP.

The share of gross added value in the GDP last year amounted to 88.9%, down from 89.3% in 2009. The share of industrial output, electricity production included, made 31.8%, up from 31.4% in 2009. The agriculture, forestry and fishing accounted for 16.9% of the GDP, construction for 16.9%, trade, transport and communications accounted for 21% and services for 41.9%. Taxes, less subsidies, made 11.1% of the overall GDP. ($1-362,84 Drams). -0-

2010 macroeconomic indicators