Armenia’s economic growth totals 10,3% in January-August 2008

Armenia’s economic growth totals 10,3% in January-August 2008

2008-09-19 20:13:00

ArmInfo. In January-August 2008, the economic growth in Armenia made up
10,3% as compared with the same period of the previous year. In
absolute terms the market GDP made up 2165 bln AMD ($7.1 bln) by the
end of August 2008. The Armenian National Statistical Service told
ArmInfo that GDP growth made up 3.6% as compared with July 2008. The
GDP deflator index grew by 9,6% in Jan-Aug. The AMD/USD average
exchange rate fixed by the Central Bank of Armenia in January- August
2008 was 306,23 AMD/1 USD.

The annual GDP growth was conditioned mostly by 15,1% increase in
services, trade exclusive in Jan-Aug 2008 as compared with similar
period of 2007, while in August 2008 the volume of services dropped by
0.3% (to 454 bln AMD, or $1.4 bln) as compared with July 2008. 12,8%
increase in construction in Jan- Aug 2008 was fixed, but in August this
index dropped by 12% to 466 bln AMD ($1.5 bln); gross output of
agriculture in Jan-Aug grew by 7,8%, and in August – by 24,1% to 347.4
bln AMD ($1.1 bln); retail trade grew by 6,3% in Jan-Aug 2008, and in
August – by 8,7% to 594 bln AMD ($1.9 bln). The average monthly nominal
salary in Jan-Aug 2008 increased by 21,2% as compared with Jan-Aug
2007, in August this index dropped by 4,8% to 88983 AMD ($291).

In Jan-Aug 2008 the electricity output grew by 5,1%, and in August – by
10,5% to 4242.4 mln KW/h. The total industrial production output grew
by 2,2% in Jan-Aug 2008, and in August 2008 the index decreased by 3,9%
to 496.2 bln AMD ($1.6 bln).

The foreign trade turnover totalled 1013.2 bln AMD, or $3308.9 mln,
having grown by 24,8% in Jan-Aug 2008 and decreased by 21,6% in August
2008. Import dropped by 17,4% in August and grew by 36% in
Jan-Aug 2008. Export decreased by 36% in August and by 4.8% in Jan-Aug
2008 as compared with Jan- Aug 2007.