Armenia sees 10.3% economic growth in Jan-August 2008
Armenia sees 10.3% economic growth in Jan-August 200801.10.2008, ARKA
Armenia recorded 10.3% year-on-year economic growth between January and August, the RA National Statistical Service (NSS) reports. The country’s GDP totaled 2,164,567.8mln drams (in market prices). GDP deflator was 109.6% as of end-August.
According to NSS, 8.8% rise in added cost ensured 7.9pct GDP growth in January-August against 10.6pct year-on-year. GDP increased by 2.4pct thanks to 23.6% tax rise (against 3pct in January-August 2007). During the period under review, 17.2% rise in construction ensured 3.9pct GDP growth (against 4.4pct in January-August 2007). According to NSS, 2.8% industrial growth (including the energy sector) boosted the country’s GDP by 0.5%. A 7.9% year-on-year growth in agriculture, forestry, hunting and fishing industry added 1.3pct to GDP. Financial growth and a 21.9% increase in mortgage deals ensured 1.5pct GDP rise (against 1.3pct in January-August 2007). The share of added cost was 88.4% in January-August 2008 (against 89.8% in the same period last year). Industrial output’s share in GDP was 14.4% (against 16.5% in January-August 2007). Agriculture and construction had a 14.5% and 26.8% contribution to GDP respectively. The share of catering, transport and communications in GDP was 16.9%. Total services had a 34.6% contribution to the country’s economy. The share of taxes (without subsidies) in GDP was 11.6%. GDP per capita was 669,730 drams ($2,187 or €1,427) as of end-August. Armenia recorded a 13.6% economic growth last year. Armenian government expects a 10% GDP growth by end-2008. ($1 – 302.35 drams) Z. Sh. –0--
