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17.5% Economic Decline Recorded In Armenia In Jan-Oct 2009

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  • 17.5% Economic Decline Recorded In Armenia In Jan-Oct 2009

    17.5% ECONOMIC DECLINE RECORDED IN ARMENIA IN JAN-OCT 2009

    ARKA
    Dec 1, 2009

    YEREVAN, December 1. /ARKA/. Armenia faced 17.5% economic decline in
    Jan-Oct 2009, compared with the same period a year before, National
    Statistical Service reports.

    GDP amounted to AMD 2466.3 billion and the Jan-Oct deflator index
    compared with the same period of the previous year was recorded
    at 82.5%.

    According to the statistical report, 16.8% gross VAT reduction (against
    7.7% growth in Jan-Oct 2008) curbed GDP growth by 14.9 percentage
    points, and 23% decrease in tax receipts (against 23.1% in Jan-Oct
    2008) slowed down GDP growth by 2.3 points, while in Jan-Oct 2008,
    tax inflow added 2.2 points to it.

    The statistical report says 48.8% decline in the construction sector
    lowered GDP growth indicator of Jan-Oct 2009 by 13.5 points, while
    at the same period a year earlier construction added 3.2 points to it.

    Official figures show that 10.7% decline in industry, including energy
    sector, hobbled GDP growth by 1.5 points against 0.7-percent favorable
    impact a year earlier.

    Agriculture, forestry and fishery with their 0.8% decline had
    0.1-percent adverse impact on real GDP growth against 0.4-percent
    contribution to it a year before.

    The financial sector's 0.3% rally in realty deals had no impact on GDP,
    while in Jan-Oct 2008 it propelled its growth by 1.1 points.

    VAT had 89.3% in GDP in Jan-Oct 2009 against 88.8% a year before.

    Industry, including energy, constituted 13.7% against 13.4%,
    agriculture, forestry and fishery 16.4% and construction 18.1% of
    the Jan-Oct 20009 GDP.

    The share of trade, cars, transport and communications in GDP is 20.3%
    and services as a whole constitute 43.3%.

    Taxes, excluding subsidies, had 10.7 percent in GDP in Jan-Oct 2009.

    Per-capita GDP amounted AMD 760,499 or $2,117 (~@1,535) at the
    mentioned period.

    In Jan-Oct 2008 Armenia recorded 9.2% economic growth. ($1 = AMD
    385.76).
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