ARMENIA: ARMENIAN ECONOMY DROPS BY ALMOST 16 PERCENT
Despite tens of millions of dollars in foreign aid received earlier
this year, the Armenian economy from January through May of 2009
experienced a 15.7 percent decline compared with the same period last
year, according to the National Statistics Service of Armenia.
Armenia’s National Bank had predicted that the economy would dip at a
12-15 percent annual rate, the Tert news service reported on August
4. The National Bank adjusted its forecasts several times throughout
the year as Armenia’s recession deepened. Slow sales in construction
and services are driving the downward trend.
GDP now stands at 839 billion drams, or roughly $2.27 billion, a 15.7
percent drop from the same period in 2008.
Posted August 5, 2009 © Eurasianet