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Last updated - April 01, 2011

Summary of Key Economic Indicators for 2011 (Monthly)

Source: NSS of RA, CBA and EDRC calculations
Note:
* Excluding PIU accounts.

** Weighted average yield on T-bills with maturity period up to 12 months.
Cumulative Jan Feb Mar
Economic Activity Index (%) 106.1 100.9 100.3
State Budget Revenues (bln AMD)* 57.1 114.4 164.1
State Budget Expenditures (bln AMD)* 36.9 109.5 170.1
State Budget Deficit (bln AMD)* 20.1 4.9 6.0
Exports, goods (mln USD) 66.3 156.3 198.5
Imports, goods (mln USD) 255.3 531.7 817.3
Inflation (average, %) 10.6 11.5 11.1
Inflation (end of period, %) 3.4 0.9 0.8
Exchange Rate (AMD/USD, average) 365.0 365.0 366.1
T-bills rate (%)** 8.5 8.8 6.9
Lending rate (%) 18.3 18.7 18.3
Deposit rate (%) 8.7 9.2 9.1
Reserve Money (bln AMD) 463.2 482.0 506.3
Broad Money (bln AMD) 876.4 894.4 925.9
  NFA (bln AMD) 694.6 740.9 794.1
  Credit to Economy (bln AMD) 987.1 1,014.5 1,060.4
  Credit to Government (bln AMD) -88.0 -70.2 -56.4
  Other Assets Net (bln AMD) -204.6 -203.4 -209.9


Summary of Key Economic Indicators for 1997-2009


Source: NSS of RA, CBA and EDRC calculations.
* EDRC estimations.
  1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
GDP (bln AMD) 804.3 955.4 987.4 1,031.3 1,195.2 1,362.5 1,624.6 1,907.9 2,242.9 2,656.2 3,149.3 3,568.2 3,165.5
GDP (mln USD) 1,638.9 1,892.3 1,845.5 1,911.6 2,153.3 2,376.3 2,807.1 3,576.6 4,900.5 6,384.5 9,206.3 11,662.0 8,713.9
GDP Per Capita (USD)* 506.1 585.5 571.9 594.5 670.2 740.2 873.9 1,112.2 1,523.1 1,982.1 2,853.3 3,606.1 2,686.0
GNP Per Capita (USD)* 536.5 604.2 588.9 611.0 690.3 767.7 903.3 1,145.6 1,563.4 2,047.7 2,936.5 3,278.4 3,149.8
GDP Real Growth (%) 3.3 7.3 3.3 5.9 9.6 13.2 14.0 10.5 13.9 13.2 13.7 6.8 -14.2
GDP Deflator (%) 17.7 10.7 0.1 -1.4 5.8 0.7 4.6 6.3 3.2 4.6 4.2 5.9 1.3
Inflation (average, %) 13.9 8.7 0.6 -0.8 3.1 1.1 4.7 7.0 0.6 2.9 4.4 9.0 3.4
Inflation (end of period, %) 21.9 -1.3 2.0 0.4 2.9 2.0 8.6 2.0 -0.2 5.2 6.6 5.2 6.5
Exchange Rate (AMD/USD, average) 490.8 504.9 535.1 539.5 555.1 573.4 578.8 533.5 457.7 416.0 342.1 306.0 363.3
Unemployment (annual average, %) 10.8 9.4 11.2 11.7 10.4 10.8 10.1 9.6 8.2 7.5 7.0 6.3 7.0
Wages (monthly average, USD) 27.7 35.7 37.7 42.1 44.1 47.7 60.1 81.4 113.7 149.7 217.0 285.6 264.3
State Budget Revenues and Grants (bln AMD) 126.2 168.7 190.9 172.1 193.6 228.3 292.0 302.2 374.7 441.5 588.0 785.4 690.0
State Budget Revenues and Grants / GDP (%) 15.7 17.7 19.3 16.7 16.2 16.8 18.0 15.8 16.7 16.6 18.7 22.0 21.8
State Budget Expenditures (bln AMD) 146.9 204.6 242.6 222.9 244.4 263.9 312.7 334.0 417.5 481.2 634.7 810.6 929.1
State Budget Expenditures / GDP (%) 18.3 21.4 24.6 21.6 20.4 19.4 19.2 17.5 18.6 18.1 20.2 22.4 29.4
State Budget Deficit / GDP (%) 2.6 3.8 5.2 4.9 4.3 2.6 1.3 1.7 1.9 1.5 1.5 0.4 7.6
Education & Science / GDP (%) 1.9 2.1 2.2 2.8 2.4 2.1 2.1 2.5 2.7 2.7 3.0 2.7 3.3
Public Health / GDP (%) 1.2 1.4 1.4 1.0 1.3 1.2 1.2 1.3 1.4 1.5 1.5 1.3 1.7
Social Insurance & Social Security / GDP (%) 1.6 2.1 2.6 2.1 2.2 1.7 1.8 1.8 2.0 2.0 2.0 5.8 7.7
External Debt (mln USD) 682.5 775.3 870.3 859.5 905.5 1,025.5 1,097.7 1,182.9 1,099.2 1,205.6 1,448.9 1,577.1 2966.7
External Debt / GDP (%) 42.0 42.4 46.2 46.0 42.6 44.0 38.2 30.1 22.1 16.5 14.0 13.5 34.0
Domestic Debt / GDP (%) 2.9 2.1 2.3 2.9 3.0 3.0 2.7 2.4 2.3 2.7 2.4 2.8 4.7
Current Account Balance / GDP (%) -18.7 -21.3 -16.6 -14.6 -9.3 -6.2 -6.7 -0.5 -1.1 -1.8 -6.4 -11.8 -15.7
Exports, g&s (mln USD) 330.2 359.3 383.1 446.8 539.6 697.6 903.5 1,070.9 1,415.9 1,510.2 1,776.7 1,757.0 1,338.4
Exports, g&s / GDP (%) 20.1 19.0 20.8 23.4 25.1 29.4 32.2 29.9 28.9 23.7 19.3 15.1 15.4
Imports, g&s (mln USD) 952.5 1,000.0 919.1 966.2 977.6 1,107.1 1,405.9 1,627.8 2,123.8 2,536.4 3,589.5 4,747.6 3,687.8
Imports, g&s / GDP (%) 58.1 52.8 49.8 50.5 45.4 46.6 50.1 45.5 43.3 39.7 39.0 40.7 42.3
Broad Money (bln AMD) 70.2 97.1 111.1 151.7 172.2 203.1 233.8 285.9 365.6 485.7 691.9 707.8 815.0
Reserve Money (bln AMD) 50.6 53.8 53.9 72.4 80.4 111.3 118.6 132.1 200.6 283.0 427.1 449.7 511.7

Summary of Key Economic Indicators for 2009-10 (Quarterly)

Source: NSS of RA, CBA and EDRC calculations
Note:
State Budget data, except 2010 QIV, include PIU accounts.
* Weighted average yield on T-bills with maturity period up to 12 months.

Cumulative QI 09 QII 09 QIII 09 QIV 09 QI 10 QII 10 QIII 10 QIV 10
GDP (bln AMD) 465.5 1,119.4 2,123.2 3,165.5 568.1 1,332.0 2,386.7 3,509.6
GDP (mln USD) 1,429.9 3,216.2 5,960.1 8,713.8 1,479.2 3,466.9 6,313.9 9,735.4
GDP Real Growth (%) -6.1 -16.3 -18.3 -14.4 5.5 6.7 2.8 2.6
  Industry (incl Energy) Real Growth (%) -9.7 -11.2 -10.9 -7.6 6.1 9.7 9.7 9.5
  Agriculture Real Growth (%) -5 -2.4 -1.3 -0.1 3.1 -12.8 -17.8 -13.4
  Construction Real Growth (%) -20.5 -51.9 -51.1 -42.3 9.7 11 2.7 3.7
  Trade (incl. Transport & Comm.) Real Growth (%) 1.7 -2.4 -2.7 -2.8 2.3 6 5.1 4.4
State Budget Rev. & Grants (bln AMD) 141.6 304.3 482.3 690.0 168.8 376.4 581.2 755.8
State Budget Rev. & Grants / GDP (%) 30.4 27.2 22.7 21.8 29.7 28.3 24.4 21.5
State Budget Expend. (bln AMD) 164.7 381.5 633.3 929.1 193.9 428.3 660.0 856.8
State Budget Expend. / GDP (%) 35.4 34.1 29.8 29.4 34.1 32.2 27.7 24.4
State Budget Deficit (bln AMD) 23.2 77.2 151.1 239.1 25.1 51.9 78.8 101.0
State Budget Deficit / GDP (%) 5.0 6.9 7.1 7.6 4.4 3.9 3.3 2.9
Exports, goods (mln USD) 123.4 281.4 480.8 697.8 198.5 442.8 705.3 1,011.40
Exports, goods / GDP (%) 8.6 8.7 8.1 8 13.4 12.8 11.2 10.4
Imports, goods (mln USD) 658.5 1,378.60 2,251.60 3,304.20 814.2 1,724.00 2,678.40 3,782.90
Imports, goods / GDP (%) 46.1 42.9 37.8 37.9 55 49.7 42.4 38.9
GDP Deflator (%) 1.9 2.1 -0.2 1.5 10.2 9.1 9.8 10.2
Inflation (average, %) 2 2.7 2.9 3.4 8.4 7.3 7.8 8.2
Inflation (end of period, %) 0.8 5.2 2.7 6.5 2.9 4.5 4.7 9.4
Exchange Rate (AMD/USD, average) 325.6 348 356.2 363.3 384.1 384.2 378 360.5
T-bills rate (%)* 10.7 10.7 6.2 8.9 9.2 9.6 11.5 8.3
Lending rate (%) 19.2 18.6 18.4 18.8 19.1 18.7 18.8 18.9
Deposit rate (%) 9.6 9.5 8.3 8.1 8.5 9.2 8.9 8.8
Reserve Money (bln AMD) 391.7 407.9 461.7 511.7 465 434.5 438.4 507.5
Broad Money (bln AMD) 637.9 662.7 743.7 815 812.3 786.6 810.2 911.4
  NFA (bln AMD) 103.9 354.6 358.1 356.5 322.4 288.1 245.3 195
  Credit to Economy (bln AMD) 717.5 685.4 728.2 774.2 819.9 836.8 891.2 980.8
  Credit to Government (bln AMD) -12.1 -168.8 -161.9 -126.3 -146.7 -145.5 -136.2 -55.6
  Other Assets Net (bln AMD) -171.3 -208.5 -180.7 -189.4 -183.3 -192.7 -190.1 -208.8


Summary of Key Economic Indicators for 2007-08 (Quarterly)


Source: NSS of RA, CBA and EDRC calculations
Note:
State Budget data include PIU accounts.
* Weighted average yield on T-bills with maturity period up to 12 months.

Cumulative QI 07 QII 07 QIII 07 QIV 07 QI 08 QII 08 QIII 08 QIV 08
GDP (bln AMD) 422.2 1,104.7 2,133.6 3,149.3 509.6 1,294.2 2,543.6 3,568.2
GDP (mln USD) 1,174.6 3,097.1 6,088.9 9,206.3 1,654.2 4,209.0 8,342.1 11,662.0
GDP Real Growth (%) 12.1 10.9 13.2 13.7 9.2 10.2 10.6 6.8
  Industry (incl Energy) Real Growth (%) 4.1 1.9 2.3 2.8 0.6 0.3 4.0 2.4
  Agriculture Real Growth (%) 2.6 -1.1 9.0 10.4 0.2 7.9 4.2 1.4
  Construction Real Growth (%) 18.0 20.0 18.7 18.2 19.6 17.0 17.2 7.2
  Trade (incl. Transport & Comm.) Real Growth (%) 13.1 12.2 14.8 14.2 3.5 5.3 8.2 8.6
State Budget Rev. & Grants (bln AMD) 114.4 252.2 398.8 588.0 158.2 351.8 560.7 785.4
State Budget Rev. & Grants / GDP (%) 27.1 22.8 18.7 18.7 31.0 27.2 22.0 22.0
State Budget Expend. (bln AMD) 100.7 245.7 407.8 634.7 144.3 341.5 570.7 810.6
State Budget Expend. / GDP (%) 23.9 22.2 19.1 20.2 28.3 26.4 22.4 22.7
State Budget Deficit (bln AMD) -13.7 -6.5 9.0 46.7 -13.8 -10.2 10.0 25.2
State Budget Deficit / GDP (%) -3.2 -0.6 0.4 1.5 -2.7 -0.8 0.4 0.7
Exports, goods (mln USD) 231.2 525.1 828.9 1,152.3 234.0 520.0 832.5 1,069.1
Exports, goods / GDP (%) 19.7 17.0 13.6 12.5 14.1 12.4 10.0 9.2
Imports, goods (mln USD) 645.2 1,359.7 2,186.5 3,267.8 846.8 1,903.4 3,126.7 4,411.6
Imports, goods / GDP (%) 54.9 43.9 35.9 35.5 51.2 45.2 37.5 37.8
GDP Deflator (%) 5.4 5.2 4.4 4.2 5.6 7.6 10.4 8.4
Inflation (average, %) 4.9 4.6 3.8 4.4 8.0 9.1 9.8 9.1
Inflation (end of period, %) 2.0 3.9 -0.2 6.6 5.0 7.0 4.4 5.3
Exchange Rate (AMD/USD, average) 359.4 356.7 350.4 342.1 308.1 307.6 305.8 306.0
T-bills rate (%)* - - 6.4 - - 7.2 8.3 9.1
Lending rate (%) 18.4 17.7 17.4 16.5 17.2 17.4 17.2 16.5
Deposit rate (%) 6.0 7.6 6.3 6.1 7.4 5.8 6.7 7.7
Reserve Money (bln AMD) 264.8 287.3 333.0 427.1 380.8 412.7 438.3 449.7
Broad Money (bln AMD) 482.9 523.0 581.9 691.9 680.3 711.1 753.6 707.8
  NFA (bln AMD) 323.5 374.4 378.9 348.2 315.8 312.5 265.7 200.8
  Credit to Economy (bln AMD) 271.6 306.3 371.2 465.9 526.2 596.3 668.6 692.8
  Credit to Government (bln AMD) -42.3 -70.1 -64.0 -54.6 -80.9 -78.7 -62.5 -38.2
  Other Assets Net (bln AMD) -69.9 -87.5 -104.3 -67.6 -80.9 -118.9 -118.2 -147.6


Summary of Key Economic Indicators for 2005-06 (Quarterly)


Source: NSS of RA, CBA and EDRC calculations
Note:
State Budget data include PIU accounts.
* Weighted average yield on T-bills with maturity period up to 12 months.

** Weighted average yield on medium-term coupon securities with partial repayment.
Cumulative QI 05 QII 05 QIII 05 QIV 05 QI 06 QII 06 QIII 06 QIV 06
GDP (bln AMD) 319.1 797.1 1,502.8 2,242.9 357.2 947.4 1,806.6 2,656.2
GDP (mln USD) 669.0 1,722.1 3,270.8 4,900.5 792.1 2,134.5 4,201.0 6,384.5
GDP Real Growth (%) 8.4 10.2 11.4 13.9 13.1 16.7 14.6 13.2
  Industry (incl Energy) Real Growth (%) 4.3 3.7 5.0 5.6 0.1 -2.7 -2.1 -2.5
  Agriculture Real Growth (%) 1.2 11.0 9.2 11.2 2.4 7.5 -0.7 0.5
  Construction Real Growth (%) 9.9 21.1 25.8 27.9 25.9 36.0 42.2 37.7
  Trade (incl. Transport & Comm.) Real Growth (%) 8.2 9.1 12.2 15.2 21.7 25.1 15.1 13.5
State Budget Rev. & Grants (bln AMD) 77.9 161.2 259.4 374.7 82.5 194.0 305.9 441.5
State Budget Rev. & Grants / GDP (%) 24.4 20.2 17.3 16.7 23.1 20.5 16.9 16.6
State Budget Expend. (bln AMD) 66.9 164.3 276.8 417.5 83.9 202.4 331.8 481.2
State Budget Expend. / GDP (%) 21.0 20.6 18.4 18.6 23.5 21.4 18.4 18.1
State Budget Deficit (bln AMD) -11.0 3.1 17.4 42.8 1.4 8.4 25.9 39.7
State Budget Deficit / GDP (%) 3.4 0.4 1.2 1.9 0.4 0.9 1.4 1.5
Exports, goods (mln USD) 195.3 440.2 705.5 973.9 184.8 437.5 680.3 985.1
Exports, goods / GDP (%) 29.2 25.6 21.6 19.9 23.3 20.5 16.2 15.4
Imports, goods (mln USD) 371.5 793.1 1,264.0 1,801.7 422.0 948.6 1,506.3 2,191.6
Imports, goods / GDP (%) 55.5 46.1 38.6 36.8 53.3 44.4 35.9 34.3
GDP Deflator (%) 35.4 19.0 7.6 3.2 -1.0 1.9 4.9 4.6
Inflation (average, %) 4.4 2.3 0.9 0.6 -2.1 -0.2 2.0 2.9
Inflation (end of period, %) 3.7 1.4 -3.6 -0.2 2.8 4.3 2.3 5.2
Exchange Rate (AMD/USD, average) 477.0 462.9 459.5 457.7 451.0 443.9 430.0 416.0
T-bills rate (%)* 4.6** 5.7** - - 4.3 4.9 5.0 6.0
Lending rate (%) 19.1 18.0 17.7 17.3 16.5 15.6 16.5 17.2
Deposit rate (%) 5.9 6.1 6.5 6.5 5.2 5.6 5.9 5.6
Reserve Money (bln AMD) 123.6 150.8 173.8 200.6 189.1 199.1 231.1 283.0
Broad Money (bln AMD) 278.8 303.3 332.4 365.6 358.5 370.8 405.4 485.7
  NFA (bln AMD) 222.3 236.7 260.8 233.3 224.9 259.4 284.2 332.6
  Credit to Economy (bln AMD) 141.1 154.8 167.3 188.5 201.6 219.1 225.5 241.5
  Credit to Government (bln AMD) -35.7 -25.1 -19.2 5.0 -1.3 -13.4 -3.8 -31.8
  Other Assets Net (bln AMD) -49.0 -63.1 -76.5 -61.2 -66.7 -94.3 -100.4 -56.4


Summary of Key Economic Indicators for 2004 (Quarterly)


Source: NSS of RA, CBA and EDRC calculations
Note:
State Budget data include PIU accounts.
* Weighted average yield on T-bills with 9 -12 months maturity period.

** Weighted average yield on medium-term coupon securities with partial repayment.
Cumulative QI 04 QII 04 QIII 04 QIV 04
GDP (bln AMD) 217.4 608.0 1,253.9 1,907.9
GDP (mln USD) 384.6 1,089.2 2,300.2 3,576.6
GDP Real Growth (%) 7.8 9.5 10.7 10.5
  Industry Real Growth (%) 3.2 5.2 2.0 2.2
  Agriculture Real Growth (%) 5.9 8.2 16.9 14.2
  Construction Real Growth (%) 16.9 11.3 14.6 15.3
  Transport & Comm. Real Growth (%) 14.2 15.9 19.1 19.5
  Trade Real Growth (%) 9.6 10.2 9.5 10.6
State Budget Rev. & Grants (bln AMD) 57.5 128.2 213.5 297.9
State Budget Rev. & Grants / GDP (%) 26.4 21.1 17.0 15.6
State Budget Expend. (bln AMD) 61.0 135.1 230.5 312.6
State Budget Expend. / GDP (%) 28.1 22.2 18.4 16.4
State Budget Deficit (bln AMD) 3.5 6.9 17.0 14.7
State Budget Deficit / GDP (%) 1.6 1.1 1.4 0.8
Exports, goods (mln USD) 151.9 334.2 501.9 722.9
Exports, goods / GDP (%) 39.5 30.7 21.8 20.2
Imports, goods (mln USD) 290.3 624.6 961.6 1,350.7
Imports, goods / GDP (%) 75.5 57.3 41.8 37.8
GDP Deflator (%) 6.2 6.7 7.6 6.3
Inflation (average, %) 7.9 7.6 7.9 7.0
Inflation (end of period, %) 2.2 4.5 -1.3 2.0
Exchange Rate (AMD/USD, average) 565.2 558.2 545.1 533.5
T-bills rate (%)* 5.9 5.3 5.0 5.6**
Lending rate (%) 18.3 19.4 18.9 18.2
Deposit rate (%) 4.9 4.6 4.3 4.4
Reserve Money (bln AMD) 103.4 106.3 114.1 132.1
Broad Money (bln AMD) 226.6 232.7 253.4 285.9
  NFA (bln AMD) 189.1 179.9 192.8 205.1
  Credit to Economy (bln AMD) 109.9 121.1 131.9 142.5
  Credit to Government (bln AMD) -17.9 -14.3 -14.3 -17.2

Summary of Key Economic Indicators for 2010 (Monthly)

Source: NSS of RA, CBA and EDRC calculations
Note:
* Excluding PIU accounts.

** Weighted average yield on T-bills with maturity period up to 12 months.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GDP (bln AMD) 149.5 321.7 568.1 777.6 1,016.8 1,332.0 1,586.5 2,042.8 2,386.7 2,755.6 3,104.5 3,509.6
GDP (mln USD) 396.0 848.7 1,479.2 2,010.8 2,631.9 3,466.9 4,156.2 5,378.6 6,313.9 7,322.9 8,281.8 9,735.4
GDP Real Growth (%) 2.4 3.1 5.5 7.2 8.8 6.7 4.0 3.1 2.8 2.4 2.6 2.6
Industry (incl Energy) Real Growth (%) 1.9 4.6 6.1 9.0 9.2 9.7 9.3 9.8 9.7 10.0 9.6 9.5
Agriculture Real Growth (%) 3.1 2.7 3.1 -0.9 1.0 -12.8 -22.6 -17.9 -17.8 -16.7 -14.4 -13.4
Construction Real Growth (%) 5.0 5.5 9.7 19.1 22.5 11.0 7.5 5.5 2.7 3.1 3.5 3.7
Trade (incl. Transport&Comm.) Real Growth (%) 2.3 0.6 2.3 4.9 6.1 6.0 4.9 5.2 5.1 4.5 4.3 4.4
State Budget Rev. & Grants (bln AMD)* 51.1 103.1 164.1 233.8 299.1 366.3 438.8 503.3 566.6 628.3 690.2 755.8
State Budget Rev. & Grants / GDP (%)* 34.2 32.1 28.9 30.1 29.4 27.5 27.7 24.6 23.7 22.8 22.2 21.5
State Budget Expend. (bln AMD)* 38.6 106.2 170.1 243.0 309.9 383.2 463.5 529.8 595.0 669.4 742.6 856.8
State Budget Expend. / GDP (%)* 25.9 33.0 29.9 31.3 30.5 28.8 29.2 25.9 24.9 24.3 23.9 24.4
State Budget Deficit (bln AMD)* -12.5 3.0 6.0 9.3 10.8 16.9 24.7 26.5 28.4 41.1 52.4 101.0
State Budget Deficit / GDP (%)* 8.4 0.9 1.1 1.2 1.1 1.3 1.6 1.3 1.2 1.5 1.7 2.9
Exports, goods (mln USD) 53.9 121.4 198.5 175.6 364.1 442.8 512.7 598.1 705.3 793.9 896.0 1,011.4
Exports, goods / GDP (%) 13.6 14.3 13.4 8.7 13.8 12.8 12.3 11.1 11.2 10.8 10.8 10.4
Imports, goods (mln USD) 242.5 503.8 814.2 893.5 1,411.8 1,724.0 2,036.1 2,360.6 2,678.4 3,001.5 3,370.4 3,782.9
Imports, goods / GDP (%) 61.2 59.4 55.0 44.4 53.6 49.7 49.0 43.9 42.4 41.0 40.7 38.9
GDP Deflator (%) 10.5 10.6 10.2 10.2 9.9 9.1 9.6 10.9 9.8 10.2 10.4 10.2
Inflation (average, %) 7.0 8.2 8.4 8.0 7.6 7.3 7.4 7.7 7.8 7.9 8.1 8.2
Inflation (end of period, %) 1.7 2.0 2.9 4.2 5.3 4.5 3.7 5.0 4.7 5.8 7.5 9.4
Exchange Rate (AMD/USD, average) 377.5 379.0 384.1 386.7 386.4 384.2 381.7 379.8 378.0 376.3 374.9 360.5
T-bills rate (%)** 8.8 8.9 9.2 10.7 14.0 9.6 8.4 10.4 11.5 9.9 9.0 8.3
Lending rate (%) 19.1 19.9 19.1 19.9 20.0 18.7 18.3 19.2 18.8 19.0 19.5 18.9
Deposit rate (%) 7.8 8.6 8.5 9.1 9.7 9.2 9.5 9.5 8.9 8.8 9.0 8.8
Reserve Money (bln AMD) 458.1 446.8 465.0 472.0 444.2 434.5 435.3 439.0 438.4 444.4 455.2 507.5
Broad Money (bln AMD) 779.8 799.1 812.3 796.3 780.1 786.6 807.4 811.1 810.2 824.7 839.3 911.4
  NFA (bln AMD) 356.7 345.9 322.4 328.0 307.7 288.1 287.0 296.7 245.3 231.9 210.2 195.0
  Credit to Economy (bln AMD) 762.5 779.7 819.9 810.5 821.6 836.8 849.0 812.0 891.2 909.5 936.1 980.8
  Credit to Government (bln AMD) -154.7 -149.6 -146.7 -159.6 -155.2 -145.5 -143.4 296.7 -136.2 -120.9 -107.7 -55.6
  Other Assets Net (bln AMD) -184.7 -176.9 -183.3 -182.7 -194.0 -192.7 -185.2 -161.1 -190.1 -195.7 -199.3 -208.8

Summary of Key Economic Indicators for 2009 (Monthly)

Source: NSS of RA, CBA and EDRC calculations
Note:
* Excluding PIU accounts.

** Weighted average yield on T-bills with maturity period up to 12 months.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GDP (bln AMD) 132.0 282.2 465.5 638.9 839.4 1,119.4 1,417.1 1,761.9 2,123.2 2,466.3 2,786.7 3,165.5
GDP (mln USD) 432.1 923.6 1,429.9 1,894.4 2,437.8 3,216.2 4,043.1 4,987.1 5,960.1 6,866.4 7,704.0 8,713.8
GDP Real Growth (%) -0.7 -3.7 -6.1 -9.7 -15.7 -16.3 -18.5 -18.4 -18.3 -17.5 -16.0 -14.4
Industry (incl Energy) Real Growth (%) -5.9 -9.6 -9.7 -11.2 -10.4 -11.2 -11.6 -11.5 -10.9 -10.7 -9.5 -7.6
Agriculture Real Growth (%) 0.4 0.1 -5.0 -4.0 -2.8 -2.4 -2.1 -1.5 -1.3 -0.8 -0.2 -0.1
Construction Real Growth (%) 6.5 1.6 -20.5 -42.0 -56.6 -51.9 -54.4 -53.2 -51.1 -48.8 -45.0 -42.3
Trade (incl. Transport&Comm.) Real Growth (%) 4.3 0.4 1.7 -0.2 -3.1 -2.4 -3.2 -2.8 -2.7 -3.8 -3.1 -2.8
State Budget Rev. & Grants (bln AMD)* 41.8 84.6 139.8 195.4 244.7 300.4 359.0 415.5 475.3 539.3 603.9 676.4
State Budget Rev. & Grants / GDP (%)* 31.7 30.0 30.0 30.6 29.2 26.8 25.3 23.6 22.4 21.9 21.7 21.4
State Budget Expend. (bln AMD)* 34.5 98.9 153.4 217.2 279.2 347.5 426.5 494.5 568.8 648.1 718.8 824.7
State Budget Expend. / GDP (%)* 26.1 35.1 33.0 34.0 33.3 31.0 30.1 28.1 26.8 26.3 25.8 26.1
State Budget Deficit (bln AMD)* -7.3 14.3 13.6 21.7 34.5 47.0 67.5 79.0 93.5 108.7 114.9 148.3
State Budget Deficit / GDP (%)* 5.5 5.1 2.9 3.4 4.1 4.2 4.8 4.5 4.4 4.4 4.1 4.7
Exports, goods (mln USD) 34.2 79.0 123.4 175.6 220.1 281.4 352.2 409.0 480.8 551.6 624.0 697.8
Exports, goods / GDP (%) 7.9 8.6 8.6 9.3 9.0 8.7 8.7 8.2 8.1 8.0 8.1 8.0
Imports, goods (mln USD) 220.1 427.5 658.5 893.5 1,092.0 1,378.6 1,661.2 1,951.5 2,251.6 2,570.0 2,946.8 3,304.2
Imports, goods / GDP (%) 50.9 46.3 46.1 47.2 44.8 42.9 41.1 39.1 37.8 37.4 38.3 37.9
GDP Deflator (%) -0.3 0.4 1.9 1.8 1.4 2.1 0.8 0.2 -0.2 -0.5 0.6 1.5
Inflation (average, %) 1.2 2.5 2.0 2.3 2.5 2.7 2.7 2.8 2.9 3.0 3.1 3.4
Inflation (end of period, %) 4.0 -0.6 0.8 3.9 5.5 5.2 2.4 2.0 2.7 3.2 4.5 6.5
Exchange Rate (AMD/USD, average) 305.5 305.5 325.6 337.3 344.3 348.0 350.5 353.3 356.2 359.2 361.7 363.3
T-bills rate (%)** 9.4 9.8 10.7 11.1 11.3 10.7 8.1 7.1 6.2 7.2 8.9 8.9
Lending rate (%) 19.5 18.8 19.2 18.8 18.6 18.6 18.5 18.6 18.4 18.7 18.7 18.8
Deposit rate (%) 8.3 8.3 9.6 8.2 8.9 9.5 9.1 8.7 8.3 8.2 8.6 8.1
Reserve Money (bln AMD) 400.2 395.4 391.7 384.3 399.0 407.9 434.4 441.7 461.7 465.4 464.5 511.7
Broad Money (bln AMD) 661.0 628.7 637.9 642.6 654.9 662.7 722.7 740.4 743.7 763.1 775.6 815.0
  NFA (bln AMD) 172.5 124.3 103.9 127.7 141.8 354.6 411.7 409.4 358.1 414.1 398.5 356.5
  Credit to Economy (bln AMD) 676.8 669.9 717.5 706.9 695.2 685.4 705.2 707.6 728.2 741.1 747.1 774.2
  Credit to Government (bln AMD) -50.0 -23.5 -12.1 -2.5 9.1 -168.8 -182.9 -177.8 -161.9 -202.1 -179.7 -126.3
  Other Assets Net (bln AMD) -138.3 -141.9 -171.3 -189.5 -191.2 -208.5 -211.3 -198.8 -180.7 -190.0 -190.2 -189.4


Summary of Key Economic Indicators for 2008 (Monthly)


Source: NSS of RA, CBA and EDRC calculations
Note:
Export and Import monthly data for 2008 were revised by RA State Revenue Committee by the Government on October 22, 2008.
* Excluding PIU accounts.

** Weighted average yield on T-bills with maturity period up to 12 months.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GDP (bln AMD) 101.2 221.6 482.3 696.1 982.1 1,322.7 1,736.1 2,164.6 2,606.1 3,010.5 3,290.9 3,650.0
GDP (mln USD) 329.8 719.8 1,565.6 2,257.9 3,187.6 4,300.4 5,658.1 7,068.4 8,521.7 9,842.7 10,761.5 11,929.4
GDP Real Growth (%) 9.9 10.1 8.8 9.3 9.8 10.3 10.6 10.3 10.4 9.2 7.2 6.8
Industry (incl Energy) Real Growth (%) -0.1 3.3 0.7 0.4 0.0 0.4 2.2 2.8 4.1 4.6 3.5 2.4
Agriculture Real Growth (%) 0.0 0.2 0.3 1.5 2.1 8.3 7.0 7.9 4.3 1.9 0.2 1.3
Construction Real Growth (%) 75.9 15.3 19.4 17.6 18.1 16.8 17.9 17.2 17.1 13.5 9.3 7.2
Trade (incl. Transport&Comm.) Real Growth (%) 4.8 8.8 4.1 5.2 4.8 5.9 6.7 6.5 8.5 9.2 8.6 8.5
State Budget Rev. & Grants (bln AMD)* 47.4 99.1 154.7 216.9 282.2 344.8 414.0 483.3 549.1 625.0 695.3 759.2
State Budget Rev. & Grants / GDP (%)* 46.9 44.7 32.1 31.2 28.7 26.1 23.8 22.3 21.1 20.8 21.1 20.8
State Budget Expend. (bln AMD)* 32.2 93.9 139.0 205.6 265.3 327.8 405.8 469.3 538.8 614.2 673.1 760.6
State Budget Expend. / GDP (%)* 31.8 42.4 28.8 29.5 27.0 24.8 23.4 21.7 20.7 20.4 20.5 20.8
State Budget Deficit (bln AMD)* -15.2 -5.2 -15.8 -11.3 -17.0 -17.0 -8.2 -14.0 -10.3 -10.8 -22.2 1.4
State Budget Deficit / GDP (%)* 15.0 2.3 3.3 1.6 1.7 1.3 0.5 0.6 0.4 0.4 0.7 0.0
Exports, goods (mln USD) 61.0 143.3 234.0 336.6 421.3 520.0 635.1 703.8 832.5 941.2 1,007.6 1,069.1
Exports, goods / GDP (%) 18.5 20.0 15.0 14.9 13.2 12.1 11.1 9.9 9.8 9.6 9.4 9.0
Imports, goods (mln USD) 275.9 542.8 846.8 1,192.5 1,557.9 1,903.4 2,357.8 2,674.5 3,126.7 3,579.2 3,985.0 4,411.6
Imports, goods / GDP (%) 83.7 75.5 54.2 52.9 48.9 44.4 40.5 37.0 36.7 36.4 37.0 37.0
GDP Deflator (%) 6.5 5.1 5.6 6.8 7.7 8.0 8.9 9.6 10.5 10.8 10.8 8.5
Inflation (average, %) 6.6 7.1 8.0 8.7 8.9 9.1 9.3 9.6 9.8 9.7 9.5 9.0
Inflation (end of period, %) 2.4 3.5 5.0 6.1 7.5 7.0 4.6 3.9 4.4 5.1 5.2 5.2
Exchange Rate (AMD/USD, average) 306.8 307.8 308.1 308.3 308.1 307.6 306.8 306.2 305.8 305.9 305.8 306.0
T-bills rate (%)** 6.9 - - 7.0 7.0 7.2 7.5 8.2 8.3 8.4 8.9 9.1
Lending rate (%) 17.2 16.5 17.2 17.3 17.4 17.4 16.8 17.5 17.2 17.1 17.1 16.5
Deposit rate (%) 6.5 6.2 7.4 6.1 5.7 5.8 6.2 5.8 6.7 7.1 7.6 7.7
Reserve Money (bln AMD) 392.0 389.3 380.8 404.6 394.6 412.7 426.2 435.8 438.3 437.4 422.0 449.7
Broad Money (bln AMD) 663.4 673.8 678.7 692.4 697.2 711.1 740.3 753.4 753.6 754.8 721.3 707.8
  NFA (bln AMD) 363.0 342.2 339.9 329.4 311.1 312.4 286.8 283.0 265.7 255.3 246.0 200.8
  Credit to Economy (bln AMD) 432.6 461.6 485.7 507.9 528.8 596.3 621.2 650.5 668.6 664.0 691.0 692.8
  Credit to Government (bln AMD) -73.5 -72.0 -80.4 -74.9 -77.2 -78.7 -73.3 -71.8 -62.5 -62.0 -85.7 -38.2
  Other Assets Net (bln AMD) -58.7 -58.1 -66.6 -69.9 -65.6 -118.9 -94.5 -108.2 -118.2 -102.5 -130.0 -147.6

Summary of Key Economic Indicators for 2007 (Monthly)

Source: NSS of RA, CBA and EDRC calculations
Note:
* Excluding PIU accounts.

** Weighted average yield on T-bills with maturity period up to 12 months.
Cumulative Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GDP (bln AMD) 84.5 186.5 311.8 478.1 684.3 944.8 1,287.6 1,651.4 2,016.6 2,396.2 2,711.4 3,139.4
GDP (mln USD) 232.2 518.3 867.4 1,326.7 1,905.8 2,648.8 3,636.6 4,692.2 5,754.9 6,877.7 7,847.1 9,177.3
GDP Real Growth (%) 12.0 9.2 11.1 11.1 10.2 11.2 12.1 13.6 13.2 13.3 13.6 13.7
Industry (incl Energy) Real Growth (%) 5.8 -0.3 5.5 3.0 2.3 2.3 2.1 2.3 2.6 2.3 3.4 3.2
Agriculture Real Growth (%) 3.7 2.8 3.2 1.2 1.6 -1.8 2.3 7.7 8.3 8.9 9.6 9.6
Construction Real Growth (%) 9.9 15.1 18.2 18.5 18.7 20.1 21.7 21.8 18.7 18.9 17.3 18.4
Trade (incl. Transport&Comm.) Real Growth (%) 10.2 10.2 10.9 18.3 16.5 13.7 12.2 14.1 13.1 11.3 11.9 11.8
State Budget Rev. & Grants (bln AMD)* 40.4 75.2 110.7 150.2 198.3 244.7 289.2 335.7 386.6 442.9 509.4 570.1
State Budget Rev. & Grants / GDP (%)* 47.8 40.3 35.5 31.4 29.0 25.9 22.5 20.3 19.2 18.5 18.8 18.2
State Budget Expend. (bln AMD)* 18.6 54.3 93.1 140.8 183.0 228.2 282.8 333.6 379.9 437.8 486.1 565.9
State Budget Expend. / GDP (%)* 22.0 29.1 29.9 29.5 26.7 24.2 22.0 20.2 18.8 18.3 17.9 18.0
State Budget Deficit (bln AMD)* -21.8 -20.9 -17.6 -9.4 -15.3 -16.5 -6.4 -2.0 -6.7 -5.1 -23.3 -4.2
State Budget Deficit / GDP (%)* 25.8 11.2 5.7 2.0 2.2 1.7 0.5 0.1 0.3 0.2 0.9 0.1
Exports, goods (mln USD) 59.5 135.2 231.2 323.1 423.6 527.0 631.1 733.5 835.4 939.4 1,061.4 1,157.4
Exports, goods / GDP (%) 25.6 26.1 26.7 24.4 22.2 19.9 17.4 15.6 14.5 13.7 13.5 12.6
Imports, goods (mln USD) 200.8 417.4 645.2 870.6 1,112.8 1,365.0 1,631.8 1,925.7 2,194.6 2,518.7 2,871.0 3,281.8
Imports, goods / GDP (%) 86.5 80.5 74.4 65.6 58.4 51.5 44.9 41.0 38.1 36.6 36.6 35.8
GDP Deflator (%) 3.8 3.5 3.9 3.8 3.5 4.9 4.3 4.1 3.9 4.4 4.4 3.9
Inflation (average, %) 5.1 5.1 4.9 4.7 4.5 4.6 4.3 3.9 3.8 4.0 4.2 4.4
Inflation (end of period, %) 2.4 2.6 2.0 2.1 4.2 3.9 0.6 -0.9 -0.2 2.9 5.0 6.6
Exchange Rate (AMD/USD, average) 363.7 359.8 359.4 360.4 359.1 356.7 354.1 351.9 350.4 348.4 345.5 342.1
T-bills rate (%)** 5.9 5.8 - - 6.0 - 5.8 5.7 6.4 - 6.5 -
Lending rate (%) 17.0 17.7 18.4 17.3 18.1 17.7 17.9 18.1 17.4 17.3 17.1 16.5
Deposit rate (%) 5.8 5.9 6.0 5.8 6.1 7.6 6.8 6.2 6.3 6.2 6.2 6.1
Reserve Money (bln AMD) 254.9 258.4 264.8 270.5 275.5 287.3 302.8 322.3 333.0 346.9 374.1 427.1
Broad Money (bln AMD) 460.0 469.6 482.9 494.8 493.9 523.0 554.3 570.5 581.9 600.2 651.6 691.3
NFA (bln AMD) 325.7 329.9 323.4 343.3 346.0 370.4 381.1 379.5 377.6 381.2 441.8 448.4
Credit to Economy (bln AMD) 244.2 253.9 271.6 288.5 295.5 306.3 325.6 349.7 371.2 390.7 406.2 429.8
Credit to Government (bln AMD) -51.8 -51.4 -42.3 -62.7 -68.7 -70.1 -59.2 -57.5 -64.0 -64.7 -81.2 -54.0
Other Assets Net (bln AMD) -58.2 -62.9 -69.8 -74.2 -78.9 -83.6 -93.2 -101.2 -102.9 -107.0 -115.1 -132.8



Summary of Key Economic Indicators for 2006 (Monthly)


Source: NSS of RA, CBA and EDRC calculations
Note:
* Excluding PIU accounts.

** Weighted average yield on T-bills with 9 -12 months maturity period.
Cumulative Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
GDP (bln AMD) 72.4 164.4 266.1 395.1 567.1 809.5 1,094.8 1,371.1 1,720.1 2,033.0 2,293.9 2,665.0
GDP (mln USD) 160.3 364.6 590.1 876.6 1,264.5 1,823.8 2,487.7 3,149.7 3,999.8 4,781.6 5,452.5 6,405.7
GDP Real Growth (%) 7.7 7.0 8.0 9.8 10.6 11.9 11.6 11.3 12.5 13.1 13.2 13.4
Industry Real Growth (%) -1.9 -1.1 -5.1 -3.1 -1.9 -1.1 -1.1 -1.0 -1.6 -0.9 -1.2 -1.1
Agriculture Real Growth (%) 4.1 2.7 3.5 3.6 2.0 7.2 -6.1 -6.9 0.0 0.1 0.2 0.4
Construction Real Growth (%) 4.7 13.3 25.0 30.8 35.1 35.3 36.6 36.9 37.0 36.0 36.3 37.2
Transport & Comm. Real Growth (%) 15.0 12.9 15.8 14.4 14.6 18.5 16.6 14.3 14.8 21.1 14.8 16.0
Trade Real Growth (%) 9.3 7.8 15.5 16.3 15.4 13.8 12.7 12.9 12.0 11.6 11.7 11.7
State Budget Rev. & Grants (bln AMD)* 27.9 55.1 82.1 117.2 161.8 193.1 232.0 269.0 304.6 345.6 385.6 439.6
State Budget Rev. & Grants / GDP (%)* 38.6 33.5 30.9 29.7 28.5 23.9 21.2 19.6 17.7 17.0 16.8 16.5
State Budget Expend. (bln AMD)* 17.2 48.1 80.0 116.4 155.2 194.1 237.8 277.2 315.6 354.4 391.8 455.0
State Budget Expend. / GDP (%)* 23.7 29.3 30.0 29.5 27.4 24.0 21.7 20.2 18.3 17.4 17.1 17.1
State Budget Deficit (bln AMD)* -10.8 -7.0 -2.2 -0.7 -6.6 1.0 5.7 8.2 11.0 8.8 6.2 15.4
State Budget Deficit / GDP (%)* 14.9 4.3 0.8 0.2 1.2 0.1 0.5 0.6 0.6 0.4 0.3 0.6
Exports, goods (mln USD) 47.8 113.4 184.4 253.7 339.1 437.7 522.5 595.6 699.4 810.9 895.0 1,004.0
Exports, goods / GDP (%) 29.9 31.1 31.3 28.9 26.8 24.0 21.0 18.9 17.5 17.0 16.4 15.7
Imports, goods (mln USD) 117.4 251.1 422.0 584.9 654.3 951.2 1,132.1 1,315.6 1,508.7 1,725.2 1,952.9 2,194.4
Imports, goods / GDP (%) 73.3 68.9 71.5 66.7 51.7 52.2 45.5 41.8 37.7 36.1 35.8 34.3
GDP Deflator (%) -3.1 -1.3 -1.0 -0.4 1.8 1.8 4.0 4.5 5.1 4.9 4.8 4.8
Inflation (average, %) -3.0 -2.5 -2.1 -1.5 -0.7 -0.2 0.7 1.5 2.0 2.4 2.7 2.9
Inflation (end of period, %) 2.5 2.7 2.8 3.1 5.6 4.3 3.6 2.7 2.3 2.5 3.6 5.2
Exchange Rate (AMD/USD, average) 451.7 450.9 451.0 450.7 448.5 443.9 440.1 435.3 430.0 425.2 420.7 416.0
T-bills rate (%)** - 4.1 4.3 4.7 4.9 4.9 4.9 5.0 5.0 5.0 5.8 6.0
Lending rate (%) 16.9 17.1 16.5 16.3 16.5 15.6 16.5 16.2 16.5 16.6 16.3 17.2
Deposit rate (%) 6.4 5.9 5.2 5.6 6.2 5.6 5.4 5.9 5.9 6.5 5.9 5.6
Reserve Money (bln AMD) 187.4 187.1 189.1 184.1 184.9 199.1 205.1 217.0 231.1 237.4 240.8 283.0
Broad Money (bln AMD) 354.6 352.7 358.5 357.8 358.6 370.9 380.7 396.9 405.4 410.0 457.0 485.7
  NFA (bln AMD) 238.1 231.1 223.1 226.5 251.0 257.1 244.9 265.2 283.4 307.9 349.1 398.2
  Credit to Economy (bln AMD) 188.3 192.1 201.6 211.5 215.8 219.1 219.3 220.4 225.5 229.3 237.7 241.5
  Credit to Government (bln AMD) -11.4 -8.9 -1.4 -13.6 -17.8 -13.4 -7.8 -4.6 -3.8 -22.8 -24.0 -31.8

Summary of Key Economic Indicators for 2005 (Monthly)

Source: NSS of RA, CBA and EDRC calculations
Note:
* Only quarterly data include PIU accounts.

** Weighted average yield on medium-term coupon securities with partial repayment.
        Cumulative Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
GDP (bln AMD) 69.4 155.3 248.1 358.4 499.1 704.7 915.1 1,160.3 1,441.4 1,701.3 1,920.7 2,228.0
GDP (mln USD) 141.1 321.9 520.1 762.9 1,071.8 1,522.4 1,989.5 2,521.8 3,137.1 3,710.9 4,189.5 4,868.0
GDP Real Growth (%) 3.6 7.0 7.8 8.0 8.5 10.2 11.6 11.7 11.6 12.2 13.5 13.9
Industry Real Growth (%) -0.9 4.3 3.9 1.6 3.7 4.6 5.8 5.9 6.1 5.9 6.6 7.4
Agriculture Real Growth (%) 0.6 0.9 1.1 1.7 2.8 10.2 14.1 11.8 9.0 10.4 10.9 11.2
Construction Real Growth (%) 0.2 14.7 16.0 23.9 26.1 27.8 29.7 31.2 32.8 31.5 34.1 35.1
Transport & Comm. Real Growth (%) 12.3 9.5 10.6 11.8 10.4 9.5 11.0 10.1 11.2 12.0 12.9 13.2
Trade Real Growth (%) 6.3 5.4 3.5 4.1 4.5 4.9 5.4 6.9 7.3 9.0 9.4 9.6
State Budget Rev&Grants (bln AMD)* 28.0 51.8 77.9 107.4 134.4 161.2 191.3 227.0 259.4 289.2 325.3 372.9
State Budget Rev&Grants / GDP (%)* 40.4 33.3 31.4 30.0 26.9 22.9 20.9 19.6 18.0 17.0 16.9 16.7
State Budget Expend. (bln AMD)* 11.5 38.1 66.9 92.1 122.8 164.3 192.7 226.4 276.8 300.4 338.8 395.2
State Budget Expend. / GDP (%)* 16.6 24.5 27.0 25.7 24.6 23.3 21.1 19.5 19.2 17.7 17.6 17.7
State Budget Deficit (bln AMD)* -16.5 -13.7 -11.0 -15.2 -11.7 3.1 1.4 -0.6 17.4 11.2 13.4 22.2
State Budget Deficit / GDP (%)* 23.8 8.8 4.4 4.3 2.3 0.4 0.2 0.1 1.2 0.7 0.7 1.0
Exports, goods (mln USD) 45.2 108.8 194.9 275.2 344.4 429.1 523.0 603.8 687.0 766.4 867.4 950.4
Exports, goods / GDP (%) 32.0 33.8 37.5 36.1 32.1 28.2 26.3 23.9 21.9 20.7 20.7 19.5
Imports, goods (mln USD) 115.4 237.8 371.5 514.2 650.4 788.0 933.2 1,085.4 1,248.3 1,393.2 1,581.6 1,767.9
Imports, goods / GDP (%) 81.8 73.9 71.4 67.4 60.7 51.8 46.9 43.0 39.8 37.5 37.8 36.3
GDP Deflator (%) 3.6 6.8 6.2 6.1 6.2 6.0 3.7 5.7 3.8 3.9 3.9 3.1
Inflation (average, %) 4.9 4.8 4.4 3.6 2.9 2.3 1.5 1.1 0.9 0.8 0.7 0.6
Inflation (end of period, %) 5.4 4.7 3.7 2.8 2.9 1.4 -3.1 -4.5 -3.6 -3.5 -2.4 -0.2
Exchange Rate (AMD/USD, average) 491.7 482.5 477.0 469.7 465.6 462.9 460.0 460.1 459.5 458.5 458.4 457.7
T-bills rate (%)** 6.0 4.6 4.6 5.3 4.9 5.7 5.3 5.1 - - 5.1 -
Lending rate (%) 17.0 18.8 19.1 16.6 18.9 18.0 18.4 18.4 17.7 18.3 17.4 17.3
Deposit rate (%) 4.1 6.1 5.9 5.8 5.6 6.1 6.0 6.2 6.5 5.8 5.4 6.5
Reserve Money (bln AMD) 117.4 116.9 123.6 130.4 137.8 150.8 169.6 181.8 173.8 180.4 181.3 200.6
Broad Money (bln AMD) 269.8 268.4 278.8 283.3 290.4 303.3 326.7 346.0 332.4 338.0 337.1 365.6
  NFA (bln AMD) 217.0 218.5 222.3 225.4 225.7 236.7 252.5 267.5 258.3 255.4 240.9 256.2
  Credit to Economy (bln AMD) 137.0 136.6 141.1 143.4 150.3 154.8 157.6 167.2 167.3 172.2 183.2 188.3
  Credit to Government (bln AMD) -38.0 -40.3 -35.7 -37.1 -32.4 -25.1 -19.2 -22.0 -19.1 -9.6 -6.5 5.2


Summary of Key Economic Indicators for 2004 (Monthly)


Source: NSS of RA, CBA, MFE of RA and EDRC calculations
Note:
* Only data for January-March include PIU accounts.

** Weighted average yield on T-bills with 9 -12 months maturity period.
*** Weighted average yield on medium-term coupon securities with partial repayment.
        Cumulative Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
GDP (bln AMD) 61.1 134.2 215.5 311.8 430.8 600.7 788.3 980.7 1,243.2 1,484.4 1,672.2 1,893.4
GDP (mln USD) 107.5 237.0 381.2 553.6 767.9 1,076.2 1,423.9 1,786.1 2,280.6 2,742.5 3,109.7 3,549.4
GDP Real Growth (%) 4.4 7.4 7.5 9.3 8.9 9.2 9.3 9.7 10.3 9.7 10.0 10.1
Industry Real Growth (%) -8.9 -5.5 3.1 7.5 3.7 5.1 3.9 3.2 1.9 1.7 1.5 2.1
Agriculture Real Growth (%) 4.3 5.8 6.2 6.8 6.5 8.5 10.8 14.4 17.2 13.8 14.3 14.5
Construction Real Growth (%) -25.8 8.3 15.0 15.9 16.0 9.5 12.1 12.5 12.7 13.0 13.2 13.4
State Budget Rev. & Grants (bln AMD)* 17.7 36.3 57.5 81.2 103.4 126.8 153.6 178.0 211.1 238.2 264.3 297.9
State Budget Rev. & Grants / GDP (%)* 29.0 27.0 26.7 26.0 24.0 21.1 19.5 18.2 17.0 16.0 15.8 15.7
State Budget Expend. (bln AMD)* 11.2 31.9 61.0 81.4 100.2 120.8 146.4 173.6 206.2 232.2 257.0 295.9
State Budget Expend. / GDP (%)* 18.3 23.8 28.3 26.1 23.3 20.1 18.6 17.7 16.6 15.6 15.4 15.6
State Budget Deficit (bln AMD)* -6.5 -4.4 3.5 0.2 -3.2 -6.0 -7.2 -4.5 -5.0 -6.0 -7.3 -2.0
State Budget Deficit / GDP (%)* 10.6 3.3 1.6 0.1 0.7 1.0 0.9 0.5 0.4 0.4 0.4 0.1
Exports, goods (mln USD) 37.7 84.8 151.9 215.9 274.4 340.0 405.5 454.8 511.1 581.8 645.9 715.0
Exports, goods / GDP (%) 35.1 35.8 39.8 39.0 35.7 31.6 28.5 25.5 22.4 21.2 20.8 20.1
Imports, goods (mln USD) 74.9 164.6 281.3 394.7 511.5 625.1 729.4 850.6 974.5 1,087.8 1,219.3 1,351.0
Imports, goods / GDP (%) 69.7 69.5 73.8 71.3 66.6 58.1 51.2 47.6 42.7 39.7 39.2 38.1
GDP Deflator (%) 12.3 11.9 6.2 7.4 6.6 6.2 7.1 7.3 7.1 6.8 6.0 6.0
Inflation (average, %) 6.3 7.0 7.5 7.5 7.7 7.6 7.9 8.1 7.9 7.7 7.4 7.0
Inflation (end of period, %) 2.5 1.9 2.2 3.5 4.7 4.5 1.9 -0.5 -1.3 -1.1 -0.3 2.0
Exchange Rate (AMD/USD, average) 568.4 566.4 565.2 563.1 561.0 558.2 553.6 549.1 545.1 541.3 537.7 533.5
T-bills rate (%)** 7.5 6.4 5.9 5.8 5.8 5.3 4.8 5.1 5.0 7.2*** 7.1*** 5.6***
Lending rate (%) 21.1 18.7 18.3 18.3 15.8 19.4 18.6 18.6 18.9 19.0 18.7 18.2
Deposit rate (%) 6.4 5.0 4.9 5.2 5.0 4.6 4.5 4.8 4.3 4.6 5.1 4.4
Reserve Money (bln AMD) 103.1 100.0 103.4 104.1 103.8 106.3 113.0 111.8 114.1 115.8 117.4 132.1
Broad Money (bln AMD) 221.0 221.9 226.6 226.1 228.2 232.7 243.1 247.0 253.4 257.6 264.9 285.9
  NFA (bln AMD) 194.5 190.3 189.1 180.6 176.7 179.9 185.6 190.2 192.8 193.8 196.0 204.7
  Credit to Economy (bln AMD) 101.6 106.8 109.9 115.3 117.3 121.1 123.6 127.8 131.9 132.1 138.6 142.5
  Credit to Government (bln AMD) -24.5 -25.0 -17.9 -18.6 -12.1 -14.3 -14.9 -14.8 -14.3 -14.6 -14.4 -17.2

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