Armenia plans to revive its economy by exports

 Armenia plans to revive its economy by exports

Despite the socio-economic and security-related problems in the past months, Armenia’s economy has secured an essential growth against 2015, the Armenian Prime Minister Hovik Abrahamyan said.

“In the first quarter of 2016, we secured a 4.4% economic growth, the economic activity index being 4.8% higher against the same period of last year,” Tert.am cited him as saying.

As for the the deficit in the foreign trade balance, the premier attributed that to the increasing exports. He noted that despite the lower domestic consumption, the economic growth was largely due to foreign trade.

 “And that implies a qualitatively new economic growth. Instead of domestic consumption, we are now switching over to a manufacturing- and export-related domestic growth,” he added.
 
Admitting that the government has considerable work to do to meet the existing challenges, the premier called for stronger government efforts to improve the economic indexes.

He asked all the responsible government institutions to outline all the problems requiring urgent solutions in their upcoming reports.

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