$10.5bln GDP expected in Armenia in 2008

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Economy

22.01.2008, 01:47

The Armenian Development Agency (ADA) forecasts $10.5bln GDP in Armenia in 2008 against $8.8bln in 2007.

YEREVAN, January 21. /ARKA/. The Armenian Development Agency (ADA) forecasts $10.5bln GDP in Armenia in 2008 against $8.8bln in 2007. Speaking at an Armenian-Russian business forum, ADA Executive Director Tigran Davtyan said that Armenia’s GDP has shown two-digit increase over the past seven years.
He also pointed out that this index has been recorded against a rather stable currency and inflation background, within 5-6 per cent.

Davtyan said that direct investments in Armenia’s economy can be considered the principal stimulus of economic growth. Over the last few years, a 15%-25% annual increase in investments has been recorded.

In January-September 2007, foreign investments in Armenia’s economy totaled $469.9mln, with direct investments totaling $312mln. The investment structure is rather diversified for a country with a narrow market.
Russia is the largest investor in Armenia’s economy - a 32.6% increase compared with 2006.

Davtyan reported that investments were mainly directed to the telecommunication, minerals industry, air transport, food industry, tourism and information technologies.

Referring to the economic freedom index, Davtyan also pointed out that Armenia ranks 28th among 162 countries thus leaving its neighbors behind. As regards the business rating 2008, Armenia ranks 39th.

All this is due to favorable investment environment, liberal economic policy and free repatriation of profits, Davtyan said.
In 2007, 13.8% economic growth and 3,140.4bln AMD ($9,180.3mln) GDP were recorded in Armenia.
11% GDP growth and 4% (±1.5%) inflation was budgeted in Armenia in 2007. 10% GDP growth has been budgeted in Armenia this year. –0--

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