2011 draft state budget envisages 4.6% GDP growth in Armenia

PanARMENIAN.Net - Armenian Minister of Finance Tigran Davtyan said that the state budget for 2011 was formed based on macroeconomic forecasts, under which the real economic growth will total 4.6% next year in Armenia, while the nominal index will be higher.

According to him, the nominal volume of Armenia’s GDP will total AMD 3763bln in 2011 that is considerably higher compared to the index of 2008. “In 2011 we will exceed the pre-crisis period of economic growth,” Davtyan told journalists on October 6.

The Minister added that the trends of economy’s diversification observed in 2010 will continue in 2011 as well.

Referring to 2010 macroeconomic indices, Tigran Davtyan noted that the country’s economy has started stabilizing and rehabilitating. According to him, 3-4% growth will be recorded by the end of the year, exceeding the planned index of 1.2%.

The Minister added that the final index would have been much higher, if it were not for a sharp decrease in agriculture basically conditioned by natural and climatic conditions.

As for inflation, Tigran Davtyan assured that there are trends of decline, while the government will manage to secure the level envisaged by the 2010 budget (4±1,5%) by the yearend.