YEREVAN. – The year 2011 was a breakthrough in Armenia’s economy, PM Tigran Sargsyan stated Monday at joint session of the National Assembly standing committees, during which the 2011 State Budget report was discussed.   

In Sargsyan’s words, the inflation was contained, the tax-GDP ratio increased, and the economic growth rate accelerated in the country.   

The Premier recalled that the high inflation at the end of 2010 had compelled the Government to give up the expansionary policy being led during the crisis and, at the same time, a transition was made toward industrial policy.  

As per Armenia’s PM, the 2011 macroeconomic indicators show that the Government succeeded in surmounting the primary challenges, as inflation dropped all the way to 4.7 percent, whereas economic growth constituted 4.6 percent by the year’s end.  

The volume of export likewise rose in 2011. And, overall, last year’s double-digit industrial growth bespoke the diversification of Armenia’s economy.