ArmInfo. Reduced consumer demand in Armenia is conditioned by a sharp reduction in transfers from the Russian Federation. This opinion was stated by the RA Deputy Prime Minister Vache Gabrielyan in an interview to Armenia TV. As indicated by Deputy Prime Minister, the level of household consumption fell by 1.2%, but this has happened against the background of economic growth.
Further on, Gabrielyan explained that the level of consumption in the Armenian society has never depended on the volume of production and exports. <Transfers to our country were made in large numbers, and the level of consumption has always exceeded production volumes. Transfer agents were distributed uniformly in the commercial sector, and growth rates of foreign trade turnover concentrated in certain sectors of the economy ", - he said. Therefore, having today the ratio of export to import of 1 to 2.2 against 1 to 3 to the data of last year due to falling of the imports, the country recorded growth rates of the economy, and at the same time - a slight decline in the level of consumption, hence reduced internal turnover. Gabrielyan expressed his personal opinion that by the end of the year economic growth in the country will be about 3%, maybe slightly below. Nevertheless, economic growth, according to preliminary statistics from the last 7 months was 4.2%.
Recall that the volume of remittances received in the country in January-June 2015 amounted to approximately $ 399.4 million, with a decline of 36.3% compared to the same period of 2014.