Papoyan: Armenia actively diversifying  export destinations for  finished products

ArmInfo. Armenia is actively diversifying its export destinations for finished products.

During a conversation with journalists on August 21, RA Minister of  Economy Gevork Papoyan noted that the country's state budget for the  current year had projected a GDP growth of 5.1%. International  financial institutions, on the other hand, predicted a growth rate  for the Armenian economy between 4.5-5%. In the first quarter of this  year, the country's economic growth rate was at 5.4%, and by the end  of the second quarter, it reached 5.9%. Additionally, as Papoyan  noted, tax revenues grew at a much faster pace, indicating  growth of  the real sector of the economy. As a result, the RA government decide  to  allocate significant funds for the construction of 150 kilometers  of roads. The construction of 300 schools and 500 kindergartens is  also ongoing. There has been some decline  in industry, which   Papoyan attributed to the cessation of re-export of Russian gold and  diamonds to the UAE. However, significant growth is observed in the  food industry production and its export to the countries of the  European Union. The same trend applies to the production and export  of aluminum and alcoholic beverages to the EU, indicating a  diversification of export directions.