Armenia’s GDP showed a 5.5% increase this January-March as compared with the corresponding period last year. The radical change gave rise to claims that the Armenian economy has overcome the crisis. Last year, the global crisis caused a decrease in industrial production and construction, in gross agricultural output as well as in foreign trade turnover. As a result, the GDP showed a 14.4% decrease.

Speaking at a recent sitting of the Board of Trustees of the RA National Competitiveness Fund, the RA Premier stressed some progress in the industrial sector, which caused GDP growth. Indeed, the industrial production index totaled 110.4% this January-March as compared with the corresponding period last year.

The RA Statistical Service is known to calculate the GDP applying the European methods as well. According to the calculations, the share of the industrial sector (with energy and construction included) in the GDP was 2%, with that of the services sector 2.4%.

Despite a 0.6% decrease in construction this January-March, the construction sector ensured a 0.9% share in the GDP growth. So the industrial sector’s actual share in the GDP growth was only 1.1%.

The services sector is comprises trade, repair of cars and household appliances, hotel and restaurant business, transport and communication, operations with immovable property, financial activities, etc… That is, kinds of businesses Armenian businessmen are not interested in as they are in production.

T.P.