Announcement

Collapse
No announcement yet.

Armenia GDP To Contract 15 Pct In '09-IMF

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Armenia GDP To Contract 15 Pct In '09-IMF

    ARMENIA GDP TO CONTRACT 15 PCT IN '09-IMF
    Hasmik Lazarian

    Forbes
    Sept 16 2009

    YEREVAN, Sept 16 (Reuters) - Armenia's gross domestic product will
    likely shrink 15 percent in 2009, the International Monetary Fund said
    on Wednesday, citing a dramatic decline in the construction sector.

    IMF mission chief to Armenia Mark Lewis said a large drop in tax
    revenues meant the public deficit could reach up to around 7.5 percent
    of GDP. He forecast annual inflation of 3 percent.

    Wednesday's GDP forecast was sharply down on a June estimate by the
    IMF of a 9.5 percent contraction in the landlocked country of 3.2
    million people.

    The former Soviet republic has seen a sharp fall in remittances and
    exports and a steep contraction in the construction sector as it
    struggles with the fallout of recession in close economic ally Russia.

    '2009 has been a very challenging year for Armenia with real GDP now
    expected to decline by about 15 percent,' Lewis told a news conference.
Working...
X