Your trusted source

Armenia will record at least 7.5% economic growth based on the results of 2019, Minister of Economy Tigran Khachatryan told a news conference on Tuesday.

“We started 2020 rather positively since it’s built on the good base of 2019,” he said.

The minister said that according to the results of the 11 months of 2019 the economic activity index was 7.5%, with industry leading the growth with 9.3%.

Tigran Khachatryan said that in January-November of the past year services grew by almost 15%, the domestic trade turnover – by 9.2%, the construction sector – by 4.5%, and exports – by 9%.

"Although the indicators are not finalized yet, we can already say that we will have at least 7.5% economic growth for 2019, which is an important achievement," the minister stressed.

Commenting on the employment rates, Khachatryan said that in the 11 months of 2019 private sector jobs increased significantly, particularly 5,300 new jobs opened in the process industry sector, 12,400 – in the wholesale and retail trade sector, 4,300 – in the residential and public catering sector, 2,300 – in the communications and information sector, 2,100 – in the IT sector and 2,700 jobs related to other services.