YEREVAN. – We have a 4.7% decline in economic activity index, economist Hrant Margaryan said Tuesday at a pres conference—and regarding Armenia.
According to the economist, at the same time, the country had a decline in the construction sector and an 11.9% decline in the trade. "[But] we have growth in the industrial sector—1.5%, which is largely due to the growth of the mining sector—about 24.3%. We also have growth in the agricultural sector—1.7%, which is due to the expansion of the activities of greenhouses, as well as the growth of the amount of egg and poultry production," Margaryan added.
Armenia’s sector most affected by the coronavirus—tourism—has a reduction of 59.6%. According to the expert, this reduction is due to the lack of inbound tourism during the second quarter. "Because of the tourists who did not come, the services they did not buy and use, an amount of 315 million dollars—which was there last year—did not enter Armenia [this year]," he emphasized.
Referring to the government's measures to neutralize COVID-19’s effects in Armenia, Hrant Margaryan said that their biggest problem was that they were not targeted.
According to the economist, tax breaks could have been given, for example, to tourism and construction, which suffered a lot, but the government did not take that step. "But, of course, it should not apply to big business, or those who have not suffered during this period," Hrant Margaryan emphasized.