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November 21
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YEREVAN. – The economic activity index in Armenia was 7% in the first eight months of this year. And if we make a comparison with the last five years, that indicator is lower solely than the 2018 indicator which was 7.7%. Minister of Economy noted this at a press conference on Monday.

“The amount of industrial production has grown by 9.5% [in Armenia],” Khachatryan said. “In eight months, processing industry increased by 10.4%, services increased by 15.5%, construction—by 4.4%. Exports of goods increased by 4.6%. This indicator is lower than in the previous two years, but the good news is that we had a decline in the first year, [whereas] we have a recovery in recent months. We predict that we will conclude the year with a 7% growth in exports.”

In the minister’s words, however, there has been a decline in the export of Armenia’s non-refined copper.

“But at the end of the year we will have a considerably improved situation in this group, as the sanctions have been lifted,” he stressed. “Export of diamond stones is problematic. [But] a growth has been recorded in the domain of exports; in the domains of brandy, tobacco, crude gold, and iron smelting. It’s pleasing that we have a growth in the domain of chocolate (38 %) and fruit wines (52%) [exports]. We have a 12.3% growth in the tourism sector in six months; about 770 thousand tourists have visited Armenia [during that time]. We will be close to 15% at the end of the year.”

Tigran Khachatryan added that the Organization for Economic Cooperation and Development (OECD) has included Armenia in its Foreign Direct Investment Regulatory Restrictiveness Index (FDI Index) for the first time this year.

“Among the 70 countries, Armenia’s legal regulations are among the ten most favorable countries,” the economy minister said; “that is, we [Armenia], as a climate, apply the least restrictions for foreign investors.”

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