GDP Down 15,7% For Jan-May Of 2009

GDP DOWN 15,7% FOR JAN-MAY OF 2009

ArmInfo
2009-06-30 14:19:00

ArmInfo. GDP in Armenia was down 15.7% over Jan-May 2009. In May versus
April, GDP was up 15.6% to 839.4 bln AMD ($2.4 bln) in market prices,
the National Statistical Service of Armenia reported. In basic prices,
GDP was down 14.3% for Jan-May 2009 versus the same period of 2008
and totaled 726.4 billion drams ($2.1 billion). GDP index deflator
grew 1.4% per year.

The country experienced economic decline in Jan-May 2009 as
construction scales fell 56.1% to 73 billion dram or $212 million (in
May versus April construction grew 88%) and industrial produce fell
10.5% to 227 billion dram or $659 million (7.3% growth for May). The
share of the industry in GDP for Jan-May 2009 as compared to the same
period of 2008 was up 27% (ArmInfo).

Retail trade turnover for Jan-May 2009 versus the same period of 2008
was up 0.2% (35% growth in May versus April) to 335.5 billion drams
($974.4 million). Services provided to the population (exclusive of
trade) were down 1.7% for Jan-May 2009 and 2.3% in May versus April to
274.7 billion drams ($798 million). Electricity generation was down
12.2% for Jan-May 2009 and up 1.1% for May versus April and totaled
2,319.4 mln kWh.

Average nominal salary was up 13.4% for Jan-May 2009 and down 2.2% for
May versus April and totaled 97.527 drams ($283). Foreign turnover was
down 33.7% over Jan-May 2009 as compared to Jan-May 2008 and up 15.9%
in May as against April, making up $1,312.1 mln or 451.2 bln drams. In
the structure of foreign turnover, export fell 15% for May and 47.83%
per year to 76.4 billion drams ($220.1 million). Import was down
16.2% for May and down 29.9% in Jan-May 2009 to 374.8 billion drams
($1,092 million).

The official exchange rate of the Armenian dram and US dollar averaged
344.31AMD/$1USD for Jan-May 2009.