Armenian economy expands 11.7% in Q1
YEREVAN. April 22 (Interfax) - Armenian GDP grew 11.7% year-on-year in the first quarter of 2013, the government press service reported, citing Prime Minister Tigran Sarkisyan.
Industrial production climbed 15.8%, agricultural production was up 2.3% and services were up 7%.
"With a balance of trade deficit the rate of export growth is three times that of import growth, which is largely due to the new export oriented industrial policy being carried out by the authorities. We see that this policy is bearing fruit. The government will continue to support the private sector with loans, government guarantees and tax breaks, which will be aimed at creating jobs and boosting exports," the PM said.
The 2013 budget forecasts 6.2% GDP growth. The economy expanded 7.2% in 2012.