YEREVAN, July 13, \/ARKA\/.\u00a0 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.<\/p>\n
\u2018We expect our economy\u00a0 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,\u2019 Vartan Aramian\u00a0 said at the first session of the Armenian-Polish intergovernmental\u00a0 commission in Yerevan today.<\/p>\n
He spoke about last year\u2019s problems\u00a0 when the country\u2019s 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.<\/p>\n
According to him, the government\u2019s anti-crisis\u00a0 measures have brought about positive\u00a0 trends with the economy growing by 8.8% in Jan.-May. He said the government is backing most important sectors, like\u00a0 the mining industry that was given $44 million of loans. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"
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