YEREVAN, October 8, /ARKA/. A senior Armenian parliament member said today in 2011 the country will overcome the consequences of a severe economic crisis that hit Armenia last year ‘to enter the phase of steady economic progress.’

Speaking at a news conference, chairman of a parliament committee on budget, credit and finance issues, Gagik Minasian from the governing Republican Party he said the government expects the full year GDP growth rate to exceed the projected 1.2%.

He reminded that a 2011 draft budget sent to parliament calls for a 4.6% economic expansion. “This means that we are moving closer to before-the-crisis level,’ he said. He then emphasized the industrial growth of 10% reported for the first eight months of 2010, which he said is expected to drop to 6.6% for the full year.

According to 2010 budget, the government is to spend 935.5 billion Drams and collect 742 billion Drams in revenues. The deficit gap is 193.4 billion Drams.($1 – 360.76 Drams). -0-