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CONSTRUCTION IN ARMENIA FALLS 4.3% TO AMD 433.2 BILLION IN 2014
YEREVAN, February 6. /ARKA/. Construction in Armenia faced 4.3%
decline in 2014 - AMD 433.2 billion was spent on construction that
year, the National Statistical Service of Armenia reports.
The population-paid construction cost AMD 108.8 billion in 2014 (18.9%
decline) - this amount made up 25.1% of the total amount spent on
construction in the country.
Construction carried out at the account of organizations amounted to
AMD 199.9 billion and made up 46.1% of total amount (a 3.7% growth),
construction paid from humanitarian aid cost AMD 7.2 billion or 1.7%
(23.6% decline), that paid from the government budget AMD 59.7 billion
and 13.8% respectively (13.8% decline) and from communities' financial
resources AMD 19.8 billion and 4.6% respectively (61.9% growth).
Besides, construction paid from international loans amounted to
more than AMD 37.5 billion and made up 8.7% of total amount spent on
construction (7.5% growth).
The World Bank had AMD 6091.5 million here, the European Bank for
Reconstruction and Development AMD 6255.5 million, Asian Development
Bank AMD 20867.6 million, German Development Bank (KfW) - 2651.5
million and other organizations AMD 1677 million.
It should be mentioned that the 0.4% growth recorded at the first
half of 2014 gave grounds for thinking that this segment of the
country's economy will rally after flagging, but in the second half,
particularly in September, construction faced a sharp diving - 13%.
It continued its downward motion also in October and November, when it
sank 14.4% and 10.1% respectively. In December a slight 0.2% growth was
recorded. This sector was one of the key catalysts of economic growth
in Armenia. Its share in GDP rose from 9.8% in 2000 to 24% in 2008.
More than that - ahead of the crisis, in 2008, the share of
construction in GDP was larger than that of any other segments of
the national economy.
However, in 2009, amid the recession raging across the world,
"construction bubble' in Armenia burst and the sector sank 37.4%
and its share in GDP shrank to 18.4%. The fall continued also in the
next years. In 2013 this indicator dropped to 10.3%.
Although Armenia's economy was gradually recovering its growth in
post-crisis years, construction sector remained stagnant.
In particular, it fell 2.2% in 2010 and 8.9% in 2011, showing 0.2%
growth only in 2012, which was however followed by 8.1% decline
in 2013.
According to the Armenian urban planning ministry's forecast,
construction sector will be recorded at 4 to 5 percent in 2014
instead of the 5.2% projected in the government budget. ($1 - AMD
476.51).--0-----
http://arka.am/en/news/economy/construction_in_armenia_falls_4_3_to_amd_433_2_bil lion_in_2014/#sthash.RSaFmK3e.dpuf
YEREVAN, February 6. /ARKA/. Construction in Armenia faced 4.3%
decline in 2014 - AMD 433.2 billion was spent on construction that
year, the National Statistical Service of Armenia reports.
The population-paid construction cost AMD 108.8 billion in 2014 (18.9%
decline) - this amount made up 25.1% of the total amount spent on
construction in the country.
Construction carried out at the account of organizations amounted to
AMD 199.9 billion and made up 46.1% of total amount (a 3.7% growth),
construction paid from humanitarian aid cost AMD 7.2 billion or 1.7%
(23.6% decline), that paid from the government budget AMD 59.7 billion
and 13.8% respectively (13.8% decline) and from communities' financial
resources AMD 19.8 billion and 4.6% respectively (61.9% growth).
Besides, construction paid from international loans amounted to
more than AMD 37.5 billion and made up 8.7% of total amount spent on
construction (7.5% growth).
The World Bank had AMD 6091.5 million here, the European Bank for
Reconstruction and Development AMD 6255.5 million, Asian Development
Bank AMD 20867.6 million, German Development Bank (KfW) - 2651.5
million and other organizations AMD 1677 million.
It should be mentioned that the 0.4% growth recorded at the first
half of 2014 gave grounds for thinking that this segment of the
country's economy will rally after flagging, but in the second half,
particularly in September, construction faced a sharp diving - 13%.
It continued its downward motion also in October and November, when it
sank 14.4% and 10.1% respectively. In December a slight 0.2% growth was
recorded. This sector was one of the key catalysts of economic growth
in Armenia. Its share in GDP rose from 9.8% in 2000 to 24% in 2008.
More than that - ahead of the crisis, in 2008, the share of
construction in GDP was larger than that of any other segments of
the national economy.
However, in 2009, amid the recession raging across the world,
"construction bubble' in Armenia burst and the sector sank 37.4%
and its share in GDP shrank to 18.4%. The fall continued also in the
next years. In 2013 this indicator dropped to 10.3%.
Although Armenia's economy was gradually recovering its growth in
post-crisis years, construction sector remained stagnant.
In particular, it fell 2.2% in 2010 and 8.9% in 2011, showing 0.2%
growth only in 2012, which was however followed by 8.1% decline
in 2013.
According to the Armenian urban planning ministry's forecast,
construction sector will be recorded at 4 to 5 percent in 2014
instead of the 5.2% projected in the government budget. ($1 - AMD
476.51).--0-----
http://arka.am/en/news/economy/construction_in_armenia_falls_4_3_to_amd_433_2_bil lion_in_2014/#sthash.RSaFmK3e.dpuf