Armenia’s economic activity index up 4.8% in first half
YEREVAN, August 4. /ARKA/. A regular Cabinet meeting was held today, chaired by Prime Minister Hovik Abrahamyan. Before proceeding to the agenda, the Head of Government summarized the economic results achieved in the first half-year of 2016.
“I have already had the opportunity to refer to overall economic growth in the first half of 2016. However, I believe it necessary to revisit the results and challenges. We have faced socio-economic and national security challenges this year. Coupled with the global slowdown in economic growth and a protracted deflationary environment, the regional shocks that appeared in 2015 and the cross-border freight transportation-related unforeseen problems compromised the prospect of accelerated economic growth,” Abrahamyan was quoted by government press office a
‘However, we can state some progress in the first half-year of 2016: the index of economic activity grew 4.8% in January-June against the same period last year. As have already mentioned, we can see the first results of the Government’s export-oriented policy. Revitalized foreign trade led to 8.9% growth in industrial production over the first 6 months of 2016. The deficit of trade balance is tending down, but unlike 2015 when decreased imports were behind it, export growth proved to be the main factor in the reduction of foreign trade deficit in 2016. Despite the decline in domestic consumption, economic growth has been fostered by foreign trade for a year and a half now, which ushers in a qualitatively new, export-driven economic growth.
These changes may lead to fundamental transformations in the economy, and we must do everything to materialize that possibility. At the same time, I feel it worth mentioning again that positive changes do not mean that no further action is needed. Unfortunately, economic growth has not yet resulted in increased well-being. We must do everything to ensure that economic growth is inclusive so that every member of society could feel changes in living standards.
To make these changes a reality, we should focus on the challenges facing our economy and neutralize them consistently and systematically. I suggest that while summarizing the first semester of 2016, the ministers should report back not only the achievements, but also those specific initiatives and ways of involving the public in their annual and long-term agenda. We cannot provide an efficient and competitive business environment without transparent and participatory processes, increased competitiveness and economic vitality.”. -0-
“I have already had the opportunity to refer to overall economic growth in the first half of 2016. However, I believe it necessary to revisit the results and challenges. We have faced socio-economic and national security challenges this year. Coupled with the global slowdown in economic growth and a protracted deflationary environment, the regional shocks that appeared in 2015 and the cross-border freight transportation-related unforeseen problems compromised the prospect of accelerated economic growth,” Abrahamyan was quoted by government press office a
‘However, we can state some progress in the first half-year of 2016: the index of economic activity grew 4.8% in January-June against the same period last year. As have already mentioned, we can see the first results of the Government’s export-oriented policy. Revitalized foreign trade led to 8.9% growth in industrial production over the first 6 months of 2016. The deficit of trade balance is tending down, but unlike 2015 when decreased imports were behind it, export growth proved to be the main factor in the reduction of foreign trade deficit in 2016. Despite the decline in domestic consumption, economic growth has been fostered by foreign trade for a year and a half now, which ushers in a qualitatively new, export-driven economic growth.
These changes may lead to fundamental transformations in the economy, and we must do everything to materialize that possibility. At the same time, I feel it worth mentioning again that positive changes do not mean that no further action is needed. Unfortunately, economic growth has not yet resulted in increased well-being. We must do everything to ensure that economic growth is inclusive so that every member of society could feel changes in living standards.
To make these changes a reality, we should focus on the challenges facing our economy and neutralize them consistently and systematically. I suggest that while summarizing the first semester of 2016, the ministers should report back not only the achievements, but also those specific initiatives and ways of involving the public in their annual and long-term agenda. We cannot provide an efficient and competitive business environment without transparent and participatory processes, increased competitiveness and economic vitality.”. -0-