Government’s economic policy is justified, minister says
18.10.2017,
17:06
Armenian economic development and investments minister Suren Karayan praised today the economic policy of the government saying it has justified itself.
YEREVAN, October 18. /ARKA/. Armenian economic development and investments minister Suren Karayan praised today the economic policy of the government saying it has justified itself. Speaking to a news conference he cited the 5.9% GDP growth in the first six months of the year, saying it was driven by industry that grew by 7.7% and trade and services, which grew by 8.1%.
"We can say with certainty that the economic policy of the government is fully justified, and we see further development prospect through increasing exports," Karayan said.
The minister cited also 5.5% growth in the economic activity in the first 8 months, driven by double-digit growth in industry, trade and services. More precisely, the industry grew by 12.4%, including 16.4% growth reported by the processing sector.
According to Karayan, production of beverages (including brandy and wine) surged by 35.3%, textile industry saw a steep rise of 47.4%, clothing production rose by 24.4%, and pharmaceutical industry grew by 17.6%.
"Exports in the first 8 months grew by 21.7%, while the total trade turnover increased by 12.3%, including wholesale trade that increased by 20.8%, and retail trade that grew by 5.8%, prompted by the growing number of tourists visiting the country," said Karayan.
Karayan added also that services grew by 12.4%, also thanks to tourists. He said the figures for the first 9 months will be released soon and the monitoring of companies shows that the growth trend keeps on.
"Not only I but also the World Bank is optimistic about our economic growth. The latter, for instance has improved its forecasts for GDP growth by 0.6% for this year. The first half figures also make us talk with optimism,' said Karajan.
The government’s GDP growth projection for 2017 is 3.2%. ($ 1 - 481.50 drams). -0-
"We can say with certainty that the economic policy of the government is fully justified, and we see further development prospect through increasing exports," Karayan said.
The minister cited also 5.5% growth in the economic activity in the first 8 months, driven by double-digit growth in industry, trade and services. More precisely, the industry grew by 12.4%, including 16.4% growth reported by the processing sector.
According to Karayan, production of beverages (including brandy and wine) surged by 35.3%, textile industry saw a steep rise of 47.4%, clothing production rose by 24.4%, and pharmaceutical industry grew by 17.6%.
"Exports in the first 8 months grew by 21.7%, while the total trade turnover increased by 12.3%, including wholesale trade that increased by 20.8%, and retail trade that grew by 5.8%, prompted by the growing number of tourists visiting the country," said Karayan.
Karayan added also that services grew by 12.4%, also thanks to tourists. He said the figures for the first 9 months will be released soon and the monitoring of companies shows that the growth trend keeps on.
"Not only I but also the World Bank is optimistic about our economic growth. The latter, for instance has improved its forecasts for GDP growth by 0.6% for this year. The first half figures also make us talk with optimism,' said Karajan.
The government’s GDP growth projection for 2017 is 3.2%. ($ 1 - 481.50 drams). -0-
