Armenian GDP decreases

Armenia’s GDP fell by 15.7% in the first five months of 2009, the biggest sectoral falls being in the construction business (56.1%) and industry (10.5%). The only GDP increase was seen in the retail trade (0.2%).

The Armenian Government has declared it will adopt a policy of tightening belts. Its Prime Minister has warned state officials not to leave the country during their summer holidays, if there is a need for holidays.