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 gone that much wrong to affect the whole quarter so radically. As the economic activity starts to pick up, the difference in what economic (de)growth we have now and what we had only a year ago will likely become more obvious. Continue reading “Armenia: recession hits hard, -6.1% in first quarter”

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