Tuesday, May 13, 2008

Finance minister upgrades GDP growth estimates to 7.5% in Q1.

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Finance minister upgrades GDP growth estimates to 7.5% in Q1. Economy and finance minister Varujan Vosganian unveiled improved GDP estimates to 7.5% y/y in Q1 from previously announced 7%. The data is still preliminary and not officially released by the statistical office. The sector of constructions increased by 32% in terms of value added while the sector of services increased by 6.7% y/y, Vosganian detailed. The gross industrial output increased by 5.4% y/y. The full-year government projection stands at 6% but might be adjusted to 7-7.5%, according to Vosganian. Official GDP data will be released by the statistics office on Jun 2. Minister Vosganian also announced that GDP at purchasing power parity reached EUR 10,000 per capita last year or 41% of the EU average.

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Finance minister upgrades GDP growth estimates to 7.5% in Q1.

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