Gross Domestic Product (GDP) in Armenia as of 2009 year end will fall by 15%, not 11-13% as forecasted, RA CBA ex-Chairman Bagrat Asatryan told NEWS.am.

Compared to the same period of 2008, this year GDP rate decreased by over AMD 400bln, of which 200-220bln falls to capital construction share. Industrial downswing made AMD 100bln. “Armenia cracked the record in economic recession among CIS states,” Asatryan said. According to him, even the special governmental programs fail to prevent shadow economy in Armenia.

Forecasting for 2010, Asatryan stated the economic recession margin will range from 1.5% — to 2% under the stabilization in the world market and Russian economy growth. He pointed out that a number of European states, as well as U.S. and Japan, have balanced positive H1 2009. Russian capital construction and industry sectors also registered upsurge.