Industry, service branch behind 7,5% GDP growth result

Armenia’s minister of economic development and investments Suren Karayan presented the main contributor branches behind the GDP 7,5% growth in 2017.

Speaking to reporters in the parliament, the minister emphasized that it was possible to have such GDP growth due to the industry and service branches.

“Industry has grown. It is especially noteworthy that the processed industry growth has greater share in the industry growth. If the industry output grew 12,6% in 2017, processed industry growth was 15,7% and 9,6% of the 12,6% industry growth was provided by processed industry itself. Mining provided another 2,6%,” the minister said, adding that growth has been recorded in trade and services also.

The minister also addresses investments, stressing that nearly 865 million dollar in investments were made in Armenia in 2017. The minister also said that all detailed information about the investments is available on the official website of the government.

Asked then why is the social situation bad in the country, the minister answered that there are rather good economic results, but in order for the society to feel its impact, these results must be long term.

“That’s why we won’t limit ourselves with the 2017 results and we will try to reach better results in 2018,” he said.

The minister dismissed claims that the indicator and such statements on high investments are made intentionally because of the upcoming elections.