Armenian GDP falling

Former Chairman of the Armenian Central Bank Bagrat Asatrian has stated that according to analysis of data from the fourth quarter of 2008 this year will be very difficult for the Armenian economy and GDP will fall more than 10%.

GDP fell in 2008 compared with 2007, mostly in the construction business. This tendency will continue in 2009, and services will also suffer. These two industries account for almost 50% of Armenian GDP.

Asatrian also mentions that the projected decrease in imports could be positive for local entrepreneurs but will harm the trade and service spheres. Unfortunately for the country copper prices have gone down, which is very bad for local businesses as Armenia exports copper.