Armenia’s economy is recovering, MP says

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YEREVAN, April 20. /ARKA/. The Armenian economy is recovering, Gevorg Papoyan, MP from the ruling My Step faction, told a press briefing in parliament on Tuesday.

“Armenian economy dropped in 2020 by 7.6% due to a set of factors, including the coronavirus crisis, but it was not only a challenge, but also an opportunity for certain sectors of the economy to grow,” Papoyan said.

He said production of clothing grew by 4.3%, that of chemicals by 23.6%, production of finished metal structures by 20.6%, production of electrical equipment by 22%, and that of furniture by 13.7%.

Also, export of animal products increased by more than 50%, that of plant products by 27%, mining products – by more than 11%, export of plastics and other chemical products by 16.3% and that of footwear by 15%.

He said also the macroeconomic stability was preserved thanks to more than 200 billion drams of government assistance provided to both individuals and business entities.

He also mentioned the sale of Armenian government’s $750 million USD-denominated Eurobonds with a maturity of 10 years and a coupon yield of 3.6%.

In his words, tax revenues in January-February 2021 increased compared to the same time span of last year and by 8% from 2019.

According to the National Statistical Committee, Armenia’s economic activity in the first two months of 2021 was 6.7% down from the same time span in 2020. However, in February 2021 the economic activity index was 12.4% higher than in the previous month. -0-

 

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