YEREVAN. – In 2017, the number of companies in the private sector of Armenia has increased by 7,000. 

Chairman of the Republican Union of Employers of Armenia, economist Gagik Makaryan, stated the abovementioned at a press conference on Wednesday. In his words, these are primarily small and medium-sized business companies. 

Makaryan added that owing to the increase in these companies, the number of employed in Armenia’s private sector has reached close to 330 thousand. 

As per the economist, however, the poverty level in the country did not drop last year, and this is due to inflation.

Nonetheless, Gagik Makaryan stressed that industry has grown in Armenia. 

In addition, according to the expert, the country’s exports could have reached 25 percent, whereas imports amounted to 28 percent.  

But as per Makaryan, the number of livestock in Armenia dropped considerably in 2017, and this became one of the reasons for the rise in meat prices in the country. 

“The inflation regulation mechanisms are not properly used in Armenia,” he added. 

At the same time, however, the economist admitted that the fight against corruption continues in the country. Also, he noted that remittances have increased by $250 million in the year past. 

But Gagik Makaryan added that investments in Armenia will not exceed $700 million in the current year.