Gagik Minasyan, chairman of the finance and budget committee, RA Parliament, characterized 2010 as a post-crisis year with all typical consequences.

“This year’s objective was to restore pre-crisis macroeconomic indicators and budget deficit and we succeeded in doing it,” he said, adding that they managed to reduce last year’s 7.5% deficit to 6%. “Next year this index is expected to go down which indicates we are entering the stage of stable economic development,” he noted.

Commenting on budget indexes, Minasyan stressed that 14% economic growth was registered as compared with last year, while as compared with pre-crisis year budget revenue remained unchanged. Armenia registered 2.6% economic growth instead of budgeted 1.2%.The main factor contributing to economic upturn was 10% industrial growth, while construction sector registered 4% decline. Chairman of the finance and budget committee also stressed that 6.6% growth was achieved in services sector.

Resuming year’s results Minasyan pointed out 14.5% dramatic decline in agriculture which was conditioned by unsuccessful year for agricultural sector.