Economy Shrinks By 18.5 %

14:45 / 08/20/2009

Within seven months of 2009, the economy of Armenia shrank by 18.5%,
RA Armenian Statistical Service reports.

Armenian economy GDP made AMD 1.417 billion in the mentioned
period. The slump was recorded in construction sector-55.5%, industrial
sector-12%, agricultural sector-2.1% and services-0.5%.

During the reporting period foreign trade turnover reduced by 32.7% (US
$2.013m), at that the export reduced by 44.5% (US $352m), import-29.5%
(US $1.661m).

Annual inflation reached 2.7%, average nominal wage increased,
making AMD 98.583 (12.1%). The unemployment rated increased by 11.1%
(84.700 unemployed).

USD currency rate currently is AMD 350.51.

Nonetheless, economic upsurge was recorded in Armenia in July, due
to the seasonality of agricultural works.