WB: Recession of Armenian economy suspends
Decline of Armenia's economy within June-July was suspended, Aristomene Varoudakis , the head of World Bank Yerevan Office, said. "Despite the significant slowdown of the economy, certain positive trends in July compared with June, are encouraging," he said.
"Many of the changes are temporary in nature, but in general it appears that the decline of the economy stalled," Mr. Varoudakis said. According to him, in July compared to June 2009, construction industry turnover (the worst affected sphere) increased by 4,5 per cent, industrial production grew by 6 per cent, electricity output grew by 2 per cent.
As for inflation, as the World Bank projects, at the end of the year it will amount to about 6 per cent.
"Many of the changes are temporary in nature, but in general it appears that the decline of the economy stalled," Mr. Varoudakis said. According to him, in July compared to June 2009, construction industry turnover (the worst affected sphere) increased by 4,5 per cent, industrial production grew by 6 per cent, electricity output grew by 2 per cent.
As for inflation, as the World Bank projects, at the end of the year it will amount to about 6 per cent.
