Armenia: recession hits hard, -6.1% in first quarter

The Armenian National Statistical service has released the “Current-operative preliminary main macro-economic indicators” characterizing the socio-economic situation of Armenia for January-March 2009. The situation is sad – to say the least – the published data shows that the Armenian economy has shrinked by 6.1% compared with last year. But the bare figure won’t tell you much. Consider this: data released for only January – February indicated a 3.7% slump in the economy. So March has…

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