YEREVAN. - The industry of Armenia is still by five to six times lower than the industry of Soviet Armenia, said the Domestic Producers’ Union President Vazgen Safaryan, Armenian News - NEWS.am reports.

He noted that among Armenia’s ten largest taxpayers in January - September 2014, there were only three manufacturers: Zangezur Copper and Molybdenum Plant, Grand Tobacco, and Yerevan Brandy Factory. According to Safaryan, this is a vivid example of the decline of the industry.

The expert stressed that according to the state budget projected by the government for 2015, the share of industry in Armenia’s GDP is projected at 17%, the share of agriculture is 19%, while the share of services is 41%. In other words, the economy of Armenia is not focused on the production of goods but on the consumption only.

“Compare this with Soviet period of the late 1980s, when the industry was 68% of the gross national product of Armenia. In absolute terms, it is 9.2 billion rubles. The current volume of industrial production in Armenia is $2 billion. Thus, we have a decline by five to six times,” Safarian added.