Armenian economy worsens due to global crisis
The global economic crisis is taking a dire toll on
the Armenian economy, causing a reduction in trade turnover, local
media has reported.
The volume of goods exported from the South Caucasus republic considerably dwindled in January-October. As for imports, although no changes were reported, falling demand in the domestic market is expected to reduce imports as well. Moreover, a decrease in individual money transfers wired to Armenia was registered in October.
Armenia`s foreign trade turnover decreased 3.4% to $4.520 billion in October. Exports went down 15.6% to $941.2 million, while imports increased 0.1% to make up $3.579bn, the country`s statistics body said.
Moreover, the dollar and the euro have recently strengthened compared to the national currency in local exchanges, according to А1+ TV channel`s website. Thus, the dollar has risen from 302 Drams to 310 Drams in the past week alone.
Armenian economic experts predict that although the dollar was estimated at 303 Drams in Armenia`s 2009 budget draft, its real value will be higher.
The volume of goods exported from the South Caucasus republic considerably dwindled in January-October. As for imports, although no changes were reported, falling demand in the domestic market is expected to reduce imports as well. Moreover, a decrease in individual money transfers wired to Armenia was registered in October.
Armenia`s foreign trade turnover decreased 3.4% to $4.520 billion in October. Exports went down 15.6% to $941.2 million, while imports increased 0.1% to make up $3.579bn, the country`s statistics body said.
Moreover, the dollar and the euro have recently strengthened compared to the national currency in local exchanges, according to А1+ TV channel`s website. Thus, the dollar has risen from 302 Drams to 310 Drams in the past week alone.
Armenian economic experts predict that although the dollar was estimated at 303 Drams in Armenia`s 2009 budget draft, its real value will be higher.
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