A decline in the construction sector accounts for 11.4% of the 14.4% economic decline in Armenia’s economy last year, Gagik Minasyan, the Chairman of the Financial and Budgetary Commission, RPA faction member, told reporters. He pointed out the need for economic diversification to prevent a similar problem – when one sector accounts for the lion’s share in the economic decline.

As to whether the RA Government did not realize the need for economic diversification before the crisis, Minasyan said that the construction sector is the one that accounted for the 14.4% economic decline. “On the other hand, the construction sector was the one that, for years of blockade, when Armenia received goods at higher prices, ensured the lion’s share of economic growth,” he said.

The situation accounted for such a large share of the construction sector in Armenia’s economy.  “Money goes to the sectors with a high reimbursement level. The construction’s high share in the economy was not someone’s evel will. If the sector rendered its good services to us, we must diversify the economy so that it should not render ‘evel’ services to us in future,” Minasyan said.