Friday, February 3, 2023
No Result
View All Result
Asbarez.com
NEWSLETTER
ՀԱՅ
  • Home
  • Top Stories
  • Community
  • Arts & Culture
    • Art
    • Books
    • Music
    • Theatre
    • Critics’ Forum
  • Op-Ed
    • Editorial
    • Opinon
    • Letters
  • Columns
    • By Any Means
    • My Turn
    • Three Apples
    • Community Links
    • Critics’ Forum
    • My Name is Armen
    • Living in Armenia
  • Videos
  • Sports
  • Home
  • Top Stories
  • Community
  • Arts & Culture
    • Art
    • Books
    • Music
    • Theatre
    • Critics’ Forum
  • Op-Ed
    • Editorial
    • Opinon
    • Letters
  • Columns
    • By Any Means
    • My Turn
    • Three Apples
    • Community Links
    • Critics’ Forum
    • My Name is Armen
    • Living in Armenia
  • Videos
  • Sports
No Result
View All Result
Asbarez.com
ՀԱՅ
No Result
View All Result

Armenia GDP to Shrink 5.8 Percent in 2009, Says Central Bank

by Asbarez Staff
May 19, 2009
in News, Top Stories
2
Share on FacebookShare on Twitter

YEREVAN (Reuters) — Armenia’s economy will shrink by 5.8 percent in 2009, more than originally feared, the Central Bank of Armenia (CBA) predicted on Tuesday.

The CBA said it had revised its original forecast of a 3.0 percent contraction based on first quarter results, which saw GDP shrink 6.1 percent. GDP in the first quarter of last year grew 10.1 percent.

The bank cited falling chemical and metal prices in world markets, two industries Armenia’s economy depends heavily upon.

The South Caucasus country has been hit hard by the global economic crisis and the impact of its much larger economic ally Russia sliding into recession.

The International Monetary Fund predicted last week that GDP in Armenia would shrink by 5.0 percent this year.

Armenia is now drawing on a $540 million standby loan from the IMF, which it secured in March after opting to float its Dram currency.

The government is also expected to receive a $500 million “stabilization credit” from Russia by June.

The government has also obtained pledges for an $800 million loan from the World Bank alone. More than a quarter of the sum would be channeled into small and medium-sized businesses in the form of low-interest loans.

Tags: ArmeniaArmenia economycentral bank of armeniadrameconomic downturngdpglobal economic crisisimfinternational monetary fundrecessionRussiasouth caucasusworld bankyerevan
Asbarez Staff

Asbarez Staff

Next Post

Turkish Court Says President Gul Should Go on Trial

Comments 2

  1. Toros Babikian says:
    14 years ago

    The above article does not specify what is the GDP of Armenia. As such I am really interested to know that number. Any ideas?

    Reply
    • admin says:
      14 years ago

      The figures bellow are from the CIA World Factbook (https://www.cia.gov/library/publications/the-world-factbook/print/am.html):

      GDP (purchasing power parity):
      $18.92 billion (2008 est.)
      $17.58 billion (2007)
      $15.45 billion (2006)

      GDP (official exchange rate):
      $12.07 billion (2008 est.)

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

U.S. Again Calls for Lachin Corridor Opening

Teachable Moments: Artsakh in Crisis: What to Do and How to Do It

19 hours ago
Yerevan Insists on CSTO Military Aid to Armenia

Lavrov Says CSTO Mission to Armenia ‘Ready’ to Deploy in ‘One or Two Days’

19 hours ago

Connect with us

  • About
  • Advertising
  • Subscribe
  • Contact

© 2021 Asbarez | All Rights Reserved | Powered By MSDN Solutions Inc.

No Result
View All Result
  • Home
  • Top Stories
  • Community
  • Arts & Culture
    • Art
    • Books
    • Music
    • Theatre
    • Critics’ Forum
  • Op-Ed
    • Editorial
    • Opinon
    • Letters
  • Columns
    • By Any Means
    • My Turn
    • Three Apples
    • Community Links
    • Critics’ Forum
    • My Name is Armen
    • Living in Armenia
  • Videos
  • Sports

© 2021 Asbarez | All Rights Reserved | Powered By MSDN Solutions Inc.