Growth in global oil prices was positive for Armenia’s economy in 2010

 April 26, 2011 - 16:36 AMT

PanARMENIAN.Net - Head of the Financial Stability and Development Department at the Central Bank of Armenia (CBA) Vahe Vardanyan said that the growth in global prices for mining products and raw materials had a positive impact on Armenia’s economy in 2010.

“As a country exporting copper and molybdenum, Armenia managed to improve the deficit in trade turnover in 2010, since around 42% growth was recorded in export, while import increased only by 13.9%,” Vardanyan told a press conference in Yerevan.

Besides, according to him, Armenia considerably depends on fluctuations in global prices for oil, though the country is not among oil exporters.

“The basic part of remittances comes to Armenia from Russia, which considerably depends on prices for oil. Thus, the growth in prices for oil has also had a positive impact on private transfers to Armenia,” said Vardanyan.

18.4% growth was recorded in remittances in 2010, he said. Though the index has not reached the pre-crisis level, it displays rather active trends.

“We do not see any negative trends for forecasting a decline in 2011; even if prices for oil do not increase, we expect a growth in incomes in Russia,” concluded Vardanyan.