Gagik Minasyan, Chairman of the Standing Committee on Financial-Credit and Budgetary Affairs, RA Parliament, is contented with the economic growth in Armenia this January-July. He is optimistic about the industrial sector’s figures. “The industrial sector registered 11.4% growth, which means industry is the locomotive of our economy,” Minasyan told reporters on August 31. The growth rates in the industrial sector suggest changes in the Armenian economy, Minasyan said.

He also spoke of exports and imports this January-July. The MP pointed out exports exceeded imports two-fold. “This is hope-inspiring figure as well,” he said. Speaking of budget revenues, Minasyan pointed out a 22% increase. Specifically, budget revenues increased by 10bn AMD as compared with 2008, which was considered a pre-crisis year.

Minasyan is concerned over high inflation rates – 7.4% this January-July. On the other hand, he believes a solution can be found. “Our authorities have rather serious instruments at their disposal to maintain natural inflation. Both the Commission for Protection of economic competition and the Central Bank of Armenia will do their best for inflation to remain within the targets,” Minasyan said. He also forecasts a much higher economic growth for this year than the budgeted 1.2% growth.