Protracted downturn in construction sector one of obstacles to economic development of Armenia- expert

YEREVAN, November 12. / ARKA /. The protracted downturn in Armenia’s construction sector is one of the major obstacles to economic development of the country, according to Yelena Manukyan, an expert from the Economic Development and Research Center (EDRC). According to the National Statistical Service, the construction industry contracted in January-September 2014 by 2.4 percent from the year earlier to 244.1 billion drams. "Armenia’s aspiration to become a more industrialized country is obviously constrained by the ongoing slump in the construction industry. If we compare construction sector’s indicators in 2008 and 2013 we will see that in 2013 it slashed by almost 50%,” said Manukyan. Armenia’s construction sector showed strong signs of growth from 2000 to 2008 reaching the record level of 858.7 billion drams in 2008. However, after the 2008 global financial and economic crisis it has been declining. In 2009 the sector dipped by 37.4%. According to the National Statistical Service, in 2013 the sector contracted by 8.1 percent to 442.3 billion drams, but individuals-financed construction surged by almost 32 percent to 30.9 billion drams or 29.6% of the total volume.-0-