Thursday, October 20 2011 22:12
In next five years Armenia's banking system to annually increase its share in GDP by 10%
ArmInfo. In the next five years Armenia's banking system will annually increase its share in the GDP by 10%, Ameriabank's Development Director Tigran Jrbashyan said during a press-conference on Thursday.
He said that today the share is too small as compared with the average index in Eastern Europe. In the last years the share grew not due to the banks' activity but because the GDP was reduced by the crisis.
"The Georgian and Azerbi banks also have small shares in the GDPs of their respective countries but they also have capacities for a jump in the next 5-10 years. In Armenia this growth may be twice as big as the economic growth - 10% against 4-5%," Jrbashyan said.
According to the Government of Armenia, in Jan-Sept 2011 the country's GDP grew by 5%, in Sept 2011 alone - by 17%.
According to ArmInfo's Ranking of Commercial Banks of Armenia, July 1 2011 the loan book of Armenia's banks totaled 1.8trl AMD or $3.2bln - 40.6% more than July 1 2010. 64% of the loans were given to the economy - mostly to industry and trade.
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