Armenia’s external debt makes 40% of gdp

05.12.2011 14:27
Armenia’s external debt makes 40% of gdp

YEREVAN, December 5. /ARKA/. Armenia’s external debt makes now 40% of its GDP, Prime Minister Tigran Sargsyan said Sunday.

"Given that that our external debt is made up mostly of low-interest rate loans provided by international lending organizations we asses the burden as moderate and controlled," he said during a speech at the economic seminar of the ruling Republican Party of Armenia (RPA), dedicated to the development of a strategy of export-oriented industries.

Sargsyan said industrial sector accounts for 15% of the overall GDP, the agriculture for 14-17%, the share of the construction sector declined from 28% to 14%, and the services sector now accounts for 41% of GDP.

According to the National Statistical Service of Armenia, Armenia’s overall public debt as of September 30 this year amounted to about 1.508 trillion drams. According to the Ministry of Finance, domestic debt amounted to about 199.9 billion drams, having increased in comparison with the beginning of the year by 10.9% and the external debt stood at more than 1.308 trillion drams or $3.515.8 billion, an increase of 6.6 %. ($1 - 381.22 AMD).  -0-


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