YEREVAN, January 13. /ARKA/. Armenia’s current account deficit of the balance of payments in January-September 2016 dropped by $75.29 million from the year before to $110.03 million, the National Statistical Service (NSS) said.
In Armenia imports exceeded exports 2-3 times for many years, resulting in a current account deficit of the balance of payments worth more than $1 billion.
For example, at the end of 2011 the deficit was about $1.2 billion, however, in 2013 current account deficit of the balance of payments fell to $839.24 million. In 2015 alone this figure slashed by $569.78 million to $279.30 million. As a result, over the past 5 years, the current account deficit of balance of payments decreased by 10 times.
It should be noted that the reduction was due to a huge decline in imports in 2015, as well as to unprecedented growth of exports in 2016.
According to NSS, imports in 2015 decreased by 26.5% to $3.254 billion, while exports fell by 3.9% to $1.487 billion. In the first 11 months of 2016 exports rose by 21.2% to $1.621 6 billion, while imports grew by only 2% to $2.954 6 billion. -0-
