Armenia: Armenian Economy Drops by almost 16 Percent

Despite tens of millions of dollars in foreign aid received earlier this year, the Armenian economy from January through May of 2009 experienced a 15.7 percent decline compared with the same period last year, according to the National Statistics Service of Armenia.

Armenia's National Bank had predicted that the economy would dip at a 12-15 percent annual rate, the Tert news service reported on August 4. The National Bank adjusted its forecasts several times throughout the year as Armenia's recession deepened. Slow sales in construction and services are driving the downward trend.

GDP now stands at 839 billion drams, or roughly $2.27 billion, a 15.7 percent drop from the same period in 2008.