ANKARA: Armenian economy drops by almost 16 percent

Hurriyet Daily News, Turkey
Aug 6 2009

Armenian economy drops by almost 16 percent

Thursday, August 6, 2009
YEREVAN ` Daily News with wires

Despite tens of millions of dollars in foreign aid received earlier
this year, the Armenian economy dropped 15.7 percent from January
through May compared to 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 to 15 percent annual rate, the Tert news service reported
Aug. 4. The National Bank adjusted its forecasts several times
throughout the year as the country’s recession deepened.

Slow sales in construction and services are driving the downward
trend, reported on its Web site. Armenia’s GDP now
stands at 839 billion drams ($2.27 billion), a 15.7 percent drop from
the same period in 2008.