Armenia`s foreign trade down 30%
Armenia`s foreign trade turnover dwindled by 30%
from January-April to $1 billion, official sources said, sparking
concerns among economists.
Amid decreasing exports, the South Caucasus republic`s imports topped the volume of sold goods by five times, according to the country`s National Statistics Service. Experts say this trend is a disaster for the Armenian economy, warning that the country has become heavily dependent upon commodities delivered from abroad.
Overall, the troubling economic recession in Armenia is picking up speed. The country`s Gross Domestic Product (GDP) fell by 9.7% in the first four months of 2009 to reach only $1.7 billion.
The slowdown has been seen in all fields of the Armenian economy. For instance, agricultural production was reduced by 4.1% over the past year. In the services sector, the reduction was reported at 0.6%. Also, output indicators of local businesses decreased 11.1% in comparison with April 2008. The greatest reduction was reported in the construction sector - at 42.4%.
Amid the economic downturn, inflation is rising in Armenia. The figure reached 3.9% in January-April and 21.9% for the past year, the statistics service estimates.
Amid decreasing exports, the South Caucasus republic`s imports topped the volume of sold goods by five times, according to the country`s National Statistics Service. Experts say this trend is a disaster for the Armenian economy, warning that the country has become heavily dependent upon commodities delivered from abroad.
Overall, the troubling economic recession in Armenia is picking up speed. The country`s Gross Domestic Product (GDP) fell by 9.7% in the first four months of 2009 to reach only $1.7 billion.
The slowdown has been seen in all fields of the Armenian economy. For instance, agricultural production was reduced by 4.1% over the past year. In the services sector, the reduction was reported at 0.6%. Also, output indicators of local businesses decreased 11.1% in comparison with April 2008. The greatest reduction was reported in the construction sector - at 42.4%.
Amid the economic downturn, inflation is rising in Armenia. The figure reached 3.9% in January-April and 21.9% for the past year, the statistics service estimates.
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