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Armenia: Serious Growth Registered in Its IT Sector, It Will Continue in 2012 – PM
Source: news.am
Source Date: Monday, October 10, 2011
Focus: Institution and HR Management
Country: Armenia
Created: Oct 18, 2011

According to statistics, a 3.5-percent economic growth is registered in Armenia in the past eight months, and this is planned to be 4.6 percent on the annual basis, Armenian PM Tigran Sargsyan stated on Sunday during session of the Board of Trustees of the National Competitiveness Foundation of Armenia.

“We find this to be a realistic indicator. The planned 4-percent inflation, on a 1.5-percent scale, is likewise realistic with today’s evaluations,” Sargsyan noted.

He also mentioned that, in comparison with the past year, the country’s agriculture is rejuvenating in a fairly huge rate in the aforesaid time period, and this sector has registered a 21-percent growth. Also, industry registered a 12-14-percent, trade turnover, 7-percent, and services, 4-percent growth. In the first eight months of 2011, Armenia’s foreign trade turnover increased by 25 percent, with a 30-percent and a 15-18-percent growth in export and import, respectively.

Speaking about the state budget, PM noted that its income is fulfilled more than expected while its expenditures were cut down by 50 billion drams ($133,720,051 US).

“Our country’s foreign debt constituted 40 percent of GDP, and it was increased for budget spending and preserving GDP growth,” Sargsyan stated.

Tigran Sargsyan also noted that in 2011 a serious growth was registered in Armenia’s IT sector, which will continue next years, too. Several large-scale projects are envisioned with different international organizations, and these projects would make Armenia become a regional IT center, as the country has a high quality intellectual potential.

Reflecting on reforms in Armenia, PM said the country’s “Doing Business” rating and its economic freedom and international IT indicators are improving.

For 2012 the Government plans a substantial 100-billion-dram ($267,440,102) increase in tax revenues, which is 0.6 percent more than last year’s indicator. “Social benefits and pensions will increase by 10 percent, next year, and a social package will be implemented for civil servants, for the first time in our country, and this will guarantee healthcare services for them and their families, or provide them assistance in paying off mortgage interest loans and paying their children’s tuition fees,” Tigran Sargsyan concluded.
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