YEREVAN, April 26, /ARKA/. Armenia’s economic growth last year was 2.1%, according to the specified data of the Central Bank, down from 2.6% growth announced earlier by the government.
Speaking at a news conference Vahe Vardanian, head of a Central Bank department in charge of financial development and stability, said the GDP growth would have been much higher had not the agriculture suffered a dramatic decline of 15%.
He said the 9.5% growth in industrial sector was the indicator of a post-crisis recovery, backed by stepped up lending, which grew last year by 28%. The growth was supported also by government’s channeling of funds into export-oriented sectors.
Vahe Vardanian said last year was marked by a substantial, 30% cut of budget deficit to 2.9% by yearend. This, he said, had a positive effect on financial stability. In comments on a 9.4% inflation rise he said its bulk was brought from outside the country due to higher international prices of foods. However, Armenia also benefited from rise of prices of raw commodities, like copper and molybdenum. -0-
