Wednesday, November 23 2011 19:26

Declining construction remains weak link of Armenian economy: ForexClub expert


ArmInfo. The problems of the Eurozone and the expected economic slowdown in Europe in the first half of 2012 will have a serious impact on the Armenian economy, expert of the Armenian office of ForexClub Mikael Verdyan said during a press-conference on Wednesday.

According to the National Statistical Service of Armenia, in Oct 2011 the economic growth slowed down due to 25% decline in construction.

While commenting on Moody's changing its outlook for Armenia from stable to negative, Verdyan said that it was a signal for the country to imrpove something, first of all, to diversify its export.

He said that business in Armenia is active, especially in the industry. Due to high raw materials prices in the world in 2010 and early 2011 Armenia enjoyed favorable business conditions. The expert pointed out progress in services, agriculture as well as tax and customs administration.
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