YEREVAN. – Progress in Armenia's economy over last 20 years is obvious, President Serzh Sargsyan said during the congress of the Union of Manufacturers and Businessmen on Friday.

He noted that the priority of Armenia's economic development is the growth of productivity and innovation,  as well as the search for new export markets. Over the years a lot has been done in this area, the president added. 

“Back in 1995 the average salary in Armenia totaled $17.5, while the export made 303.6 million and the deficit kept growing,” he recalled.

Meanwhile, in 2000s the country's budget reached around one billion dollar and the ratio of taxes to GDP is around 17 percent, but the economic structure has vulnerabilities: the share of construction has reached 25.3 percent. Global crisis exposed potentially instability of the economy and pointed to the need of diversification.

“We are pleased that our economy is moving toward exporting sector. In particular, in 2015 the expected share of industry in GDP is about 17 percent. Monetization of the economy, is growing and 38 percent this year. Progress is registered in terms of ther macroeconomic indicators: in 2014 taxes-GDP ratio exceeded 23%, and the budget is close to $3 billion. These positive trends should be strengthened,” President Sargsyan said.