Sat, 26 July
22.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Armenian economy to see 5 percent growth in 2011: minister

YEREVAN, December 2, /ARKA/. Armenian economy this year will have grown by 5 percent, economy minister Tigran Davtian said today. Speaking at a news conference he described the outgoing year as ‘economically successful,’ adding that the expansion is due to a robust industrial growth that is expected to be within 12-13 percent.

According to the minister, Armenian exports will also see a substantial full-year growth of 20-25 percent and the tourism has risen as of today by 13 percent.

In comments on a decline in construction sector the minister said he would not consider it as something negative because the drop is smoothing an imbalances that existed in the economy several years ago.

‘Now our economy is more balanced,” he said.

According to official data, in October 2011 the construction industry recorded a 25% decline to 46.2 billion drams, a 6.7% decrease compared to September.

Davtian added it is difficult to assess the degree of external risk today.

“But I am optimistic and believe that the international structures, political and economic leaderships will find a way to reduce these risks in the global economy”, he concluded.

According to the government projection, the GDP is to grow this year by 4.6 percent. ($1 – 381.06 AMD).  -0-

spot_img

POPULAR

In Armenia, bad loans worth over $1 million have been written off under the state support program – Ministry of Social Affairs

14,757 applications for writing off bad loans have been received in Armenia within the framework of the relevant state support program, which started on February 1, 2025.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img