Tuesday, September 1 2015 10:30

 The economic situation in Armenia depends on development of the Eurasian Economic Union (EEU) member countries' economies, Armenian Prime Minister Hovik Abrahamyan told journalists on September 1.

He said that on September 8 the Heads of Governments of the EEU Member States will discuss in Belarus further cooperation. Abrahamyan thinks that as compared to some countries of the EEU, the economy of Armenia is in a better condition. For instance, in the first half of 2015 Armenia's GDP made up 4%, while Belarus, Russia and Kazakhstan suffered economic downturn. Nevertheless, Abrahamyan pointed out that the GDP growth in Armenia couldn't have an immediate positive effect on the social condition of the people. 

The Prime Minister also pointed out that the economic situation in the country is also affected by the ongoing processes in the region, and not everything depends on the Armenian Government in this context.  "We are trying to implement serious projects with our neighbor Iran. We also effectively cooperate with Georgia," he said.       

According to the National Statistical Service of Armenia, in July 2015 Armenia's economic activity increased by 9.2% (against 15.7% growth in June) and by 4% compared with July 2014. Compared with Jan-Jul 2015 the economic activity increased by 4.2%. The July increase in economic activity was mainly conditioned by rapid dynamics of the agricultural sector - 87.8% growth. Then came the trade sector - 3.4% and service sector - 1.2%.  in July 2015 energy generation decreased by 3.3%, while the industrial sector decreased by 2.6%. By the statistical data, the trade sector maintains the first position in absolute terms - 1.2 trn AMD (2.5 bln USD) in Jan-Jul 2015. Industrial output comes 2nd - 722.4 bln AMD ($1.5 bln), while service sector comes 3rd - 641.8 bln AMD ($1.3 bln). The agricultural sector comes 4th - 328.4 bln AMD ($688.5 mln), while the construction sector comes 5th with 170.8 bln AMD ($358.2 mln). By the statistical data, in Jan-Jul 2015 energy generation increased by 1.9% yoy up to 4406.7 mln kWh and totaled 614.4 mln kWh in July 2015 alone with a 4.2% yoy growth. At the same time in Jan-Jul 2015 external turnover in Armenia totaled 1.2 trn AMD ($2.5 bln) with 24% yoy fall and 20.8% monthly fall. The export underwent 4.4% yoy fall down to 385.9 bln AMD, while the import fell by 30.7% down to 816.1 bln AMD. In July 2015 alone the external turnover totaled 159.5 bln AMD, the export - 54.7 bln AMD and the import - 104.8 bln AMD. In July 2015 average AMD exchange rate totaled 477,33 AMD/$1, in Jan-Jul - 476,93 AMD/$1.