Armenia’s industrial output hits record high above 1 trln drams in 2012

YEREVAN, January 14. /ARKA/. Armenia’s industrial output, for the first time since Armenia gained independence, exceeded 1 trillion drams, the country’s minister of economy Tigran Davtyan told journalists Monday.

“I believe it is a serious and quite a symbolic figure,” the minister said.

A 10% industrial growth is expected as of the end of 2012. “It is one of the highest indicators not only in the region, but in the territory of the CIS as well”, Davtyan said.

For 2013, a 9.2% industrial growth is planned. This means that priority growth rates are maintained, according to the minister.

Davtyan also said that the share of industry in GDP increased over the last years.

“We have set a target to improve this ratio and bring it up to at least 20-21% of GDP”, the minister said. Before it was 12-13% and it is getting closer to 20% now, making Armenian economy more balanced and logical, Davtyan said. Armenia should be a producing and exporting country, according to the minister.

The government will continue its industry-stimulating measures, including tax concessions, direct government financing, subsidizing and technical assistance. In 2012, these measures helped create about 50 enterprises, develop them and introduce modern technologies there, the minister said.

The ministry of economy reports that VAT payments were deferred for three years for goods worth a total of over 300 million drams for eight investments programs in 2012. Total projected investments under those programs are about 17.5bln drams (deferred VAT amount is 3.5bln drams). These investments will help create about 340 new jobs.

Another seven programs of some six companies took the advantage of temporary import customs regime. Deferred customs-duty and VAT payments totaled 1.4bln drams. ($1=408.59drams). –0--