Mining may provide about 2.6% of Armenia’s GDP in 2013 – projection

Mining may provide about 2.6% of Armenia’s GDP in 2013 – projection

YEREVAN, March 25. /ARKA/. The share of mining industry in Armenia’s GDP, according to preliminary estimates, will be about 2.6% in 2013, Armenia’s minister of economy Vahram Avanesyan said. This is a reduction from 2.9% of GDP in 2012, he said.

The estimates show this share will not be growing in future, the minister said at the conference on opportunities and challenges in Armenia’s mining sector in Yerevan Tuesday.

Tax receipts from mining sector amounted to about 43 billion drams in 2012 or 5% of the overall tax collection

Mining industry is probably the only sector where the taxes paid are 70% higher than the share in GDP. Taxes in mining in the world average 12%, the minister said.

Avanesyan also said about 10,000 people are employed in mining sector today and their wages are the double of the average salary across Armenia.

According to the minister, the mining industry is of key importance to Armenia and the existing risk and idle potential should be assessed thoroughly.

“The field is providing a benefit today, but today’s benefit is given more priority than the well-being of future generations”, the minister said.
 
Armenia’s mining output totaled 196.6 billion drams in 2013, an increase of 8.1% over the year.
($1=414.28drams). –0--

14:24 25.03.2014

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