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Quadro macroeconomico

 

Quadro macroeconomico

 

Just a little bigger than Lombardy in terms of area, Armenia has been depicted in a research carried out by the World Bank as the ‘Caucasian tiger’, despite of the closure of two borders out of four and the ongoing conflict with Azerbaijan for Nagorno Karabakh. According to data provided by the National Statistical Service the GDP grew by 13.7% in 2007 and by 10.4% in January-September 2008. It is hence predictable that in the year of 2008, for the seventh consecutive year, Armenia will register a two-digit growth rate even though the growth was somewhat slowed down as compared with previous years (in 2006 too the GDP growth rate was above 13%: precisely 13.4 %). As of October 31, 2008 the yearly inflation rate was 8.6%, which is more than the one registered at the end of 2007, equal to 6.6% (the highest registered since 2003). The national currency (dram) was significantly appreciated against dollar since 2003 (almost 70% in nominal values in 2007). The average salary in Armenia remains rather low (about 88.600 drams, equivalent to approximately 227 Euros), although it grew by 20.2% in the first 9 months of the current year. Salaries of employees of the financial sector are about three times higher than the average salary. According to data provided by the National Statistical Service, as of September 2008, the unemployment rate was equal to 6.3 % of the workforce.


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