Wednesday, 23 June 2010
Growth curve set to go up
Today RA Minister of Finance Tigran Davtyan delivered a statement at the Press Center of RA Government, referred to as “The first-stage results of economic recovery efforts and future action.”
The speaker stated that growth has affected all the braches of economy according to data published by the National Statistics Service. Based on these promising trends, Tigran Davtyan said that the rate of growth will be maintained in the Republic of Armenia. Economy was said to have grown by 8.8% over the last five months. This may trigger out further growth leading to increased GDP, fiscal revenue and budget spending. 8.8% is the real-term increase, with the nominal growth having already reached the mark of 2008. In other words, we have an AMD 1,018bn GDP. According to Tigran Davtyan, the GDP keeps on growing in Armenia and is expected to do so further ahead. The Minister of Finance confirmed Armenia’s shift to the stage of development.
The speaker highlighted the growth in industry and construction. Exports went up 64.5% to outrun the growth in imports. “This is a trade balance gap-countering dynamics,” said the minister and added that the treasury had some AMD 11.5bn in extra revenue which will reach the mark of 35-40 billion by the end of this semester. This means that the base of taxation has increased considerably and that the annual deficit will be kept under control.
