Industry Experiences Zero Growth, Kerobyan Highlights Reasons

Vahan Kerobyan, the Minister of Economy of Armenia, links the recent negative trends in the industry sector to the worsening conditions for exporters due to the appreciation of the dram. Kerobyan made this statement during a briefing with journalists.

"The restrictive policy implemented by the Central Bank to combat inflation effectively has led to deteriorating conditions for our exporters due to the appreciation of the dram. This has resulted in the stagnation of various industrial sectors. The economy is developing quite rapidly, but the industry can be said to have zero growth," said Kerobyan.

According to the minister, another factor is the time required for companies to see results from their new equipment and production lines during the technological transformation and modernization process. He noted that in the past 2-3 years, approximately 250 billion drams’ worth of equipment has been acquired through existing leasing programs aimed at industrial equipment procurement. Kerobyan believes that this volume will yield results.

Kerobyan indicates that significant changes in the industry sector will be visible next year.