During the 5 years preceding crisis, Armenia's economy fixed two-digit growth which was quite a rapid rate on regional scale, IMF permanent representative to Armenia Ninke Omes said. Such growth, in her view, was mostly observed in construction sphere. "Investments in construction were mostly made by foreign states, especially Russia, and partially directed at immovable property acquisition," she added.

"Besides, Armenian national currency fixed 20% growth annually, attracting foreign investors," IMF permanent representative stressed, noting in the meantime that crisis reduced investments, causing a sharp drop in immovable property prices. "Now that construction was reduced by 50%, the sphere makes up 30% of gross domestic product. This actually causes 15% GDP fall," Omes stated.