Armenia’s GDP Grows By 6.8% In 2008 As Compared With Previous Year

ARMENIA’S GDP GROWS BY 6.8% IN 2008 AS COMPARED WITH PREVIOUS YEAR

Noyan Tapan

Jan 20, 2009

YEREVAN, JANUARY 20, NOYAN TAPAN. Armenia’s GDP grew by 6.8% in 2008
on the previous year and made 3 trillion 650 billion 49.8 million
drams (more than 11 bln 930.9 mln USD). The index-deflator of GDP
made 108.5%.

According to the RA National Statistical Service, industrial production
increased by 2% in Armenia in 2008 on 2007 and made 751 bln 251.3
mln drams.

Gross agricultural output grew by 1.3% to 637 bln 272.5 mln drams,
construction grew by 1.7% to 842 bln 351 mln drams, retail trade
increased by 4.4% to 1 trillion 59 bln 571.2 mln drams, and services
grew by 13.8% to 731 bln 657 mln drams.

The foreign trade of Armenia grew by 24% as compared with
January-November of the previous year and amounted to 5 bln 480.4 mln
USD, with exports declining by 7.8% to 1 bln 69 mln USD, and imports
growing by 35% to 4 bln 411.7 mln USD.

Consumer prises rose by 9%, industrial production prices – by 2.2%
in 2008 on 2007.

The number of the officially registered unemployed fell by 0.5% in
the country in late December 2008 as compared with the same month of
2007 and made 74.7 thousand.

The average monthly nominal salary made 91,331 drams in 2008 (17.4%
growth as compared with 2007), including the salary of employees
of budgetary institutions – 64,836 drams (18.6% growth) and that
of employees of nonbudgetary institutions – 113,882 drams (16.3%
growth). The average exchange rate of a US dollar made 305.97 drams
in 2008, while in 2007 the same index made 342.08 drams.