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3-5 sectors of the Armenian economy will be identified, capable of providing production volumes of $ 1 billion or more in the medium term

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30.08.2019
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The trends in the manufacturing industry of Armenia are encouraging. Armenian Minister of Economy Tigran Khachatryan expressed this opinion on August 29 in  an interview with reporters after a government meeting.

Thus, according to the Minister, in January-July 2019, economic  activity in Armenia increased by 6.8% per annum and the services,  trade and industrial sectors acted as growth drivers. In July this  year By July 2018, economic activity increased by 8.1%, and only in  July 2019 - by 12.8%. "In July, a 16.1% growth in industry was  recorded and, very importantly, Armenian exports grew by 19.5%. If  you remember, we had a decline in export volumes until June,  inclusively, but today we have total 3% growth in export volumes  January-July 2018, "Khachatryan said.

In particular, as the head of the Ministry of Economy pointed out,  according to the latest data from the State Revenue Committee of  Armenia, there is a positive trend in the manufacturing industry. So,  the production of brandy, chocolate, cigarettes has increased, there  are positive trends in engineering and jewelry.

To the question of how reasonable are the forecasts for double-digit  economic growth in the medium term, Tigran Khachatryan replied: "Over  the past 3 years, Armenia has recorded growth in economic activity in  the range of 6-8% over the past 3 years. On average, the growth over  these three years has doubled 2014- 2016, but everything will depend  on the introduction of modern technologies in specific sectors of the  economy. " According to him, the government is focused on software  industry-wide labor productivity growth.

According to the head of the Ministry of Economy, the Armenian  government, together with the relevant UN agency, is assessing the  investment environment of the republic. As a result, 3-5 sectors of  the economy will be identified that have the greatest growth  potential and are capable of providing production volumes of $ 1  billion or more in the medium term.

It should be noted that the Prime Minister of Armenia Nikol Pashinyan  today called realistic to ensure double-digit economic growth before  the government meeting. "An analysis of this year's data shows us  that fixing double-digit economic growth is not fantastic. Today, the  biggest problem for us is that there are questions on the volume,  pace and schedule of capital investments. If this problem could be  effectively resolved, then today our economic performance would be  much higher, "said the prime minister.

Pashinyan recalled that the main task of the government is to plan  capital investments for 2020, properly organize tenders, conduct them  and conclude contracts for all capital investments by January 1. "We  need to take into account not only budgetary funds, but also those  additional resources that may arise in the process, like this year.  When these additional funds appear, we should not discuss for weeks  what to spend them on," the head of government said.

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