We Can Say That in 2019 We Will Have at Least 7.5 Percent Economic Growth. Khachatryan

We have started 2020 very well, as it is built on a very good foundation from 2019. This was stated today by the Minister of Economy of Armenia, Tigran Khachatryan, during a press conference.

“There have already been publications that show we have a 7.5 percent economic activity based on the results for the first 11 months. It is significant that industry, in particular, has a leading growth with 9.3 percent. Services have grown by almost 15 percent, domestic trade by 9.2 percent, construction by 4.5 percent, and exports have risen by 9 percent. This means that we can already say that in 2019 we will have at least 7.5 percent economic growth, which is a very important achievement,” said Khachatryan.

He also addressed the employment issue, noting, “Employment has increased by 40,000 according to official figures. By sectors, this can be broken down as follows: 5,300 are related to the manufacturing industry, 12,400 to wholesale and retail trade, 4,300 jobs have been added in accommodation and public catering, 2,300 in communications and information, 2,100 in the IT sector, and 2,700 in other services.”

The minister reminded that ratings published by reputable international organizations “Moody’s” and “Fitch” regarding Armenia have increased by one degree compared to previous assessments. “This means that Armenia is rated more favorably and less risky by investors, that Armenia has become more favorable from the perspective of international investors and promises more reliable conditions,” he said.

Khachatryan noted that a report on the investment environment in Armenia has been prepared by one of the UN organizations. “The report states that the investment environment in Armenia is overall favorable. The legislation regarding foreign investments is in line with international practices, and there are several sectors in Armenia that promise a very favorable investment environment. These are the IT sector, tourism, and light industry. This is indicative for international investors,” he added.