Armenia economy minister: Industrial growth’s virtually zero figures are due to 2 reasons

The indicators of the industrial sector of Armenia are disturbing, Minister of Economy Vahan Kerobyan told reporters on Wednesday.

He assured, however, that this problem is at the focus of the Armenian government.

The economy minister noted that the restraining policy of the Central Bank of Armenia, in order to effectively fight against inflation in the country, led to the fact that the situation of exporters worsened amid the revaluation of the Armenian national currency, the dram.

"It has led to the fact that the industrial sector [of Armenia] is not growing against the backdrop of the rapid growth of the [country’s] economy, the [industrial] indicators are virtually zero," the official added.

According to him, the other reason for the lack of growth in Armenia’s industry is the process of modernization of the country’s economy.

"Companies need time for them to start feeling the results of re-equipment of their enterprises," Kerobyan stressed.