Armenia's GDP up 13.8% in 2007

YEREVAN. Jan 23 (Interfax) - Armenia's GDP was up 13.8% in 2007 as
compared with 2006, amounting to 3.1404 trillion dram, Armenian Trade
and Economic Development Minister Nerses Yeritsian told a news
conference on Wednesday.

The highest growth was witnessed in the construction industry, some
19.5%, or 666 billion dram, the minister said. Armenia's foreign trade
turnover grew 41.7% to $4.5 billion: exports were up 23.7%, to $1.2185
billion; while imports increased by 49.7%, to $3.2818 billion.

All Armenian industries, bar the lapidary industry, grew in 2007.
The minister noted that prospects for the development of the industry
are linked to cooperation between Armenian lapidary enterprises with
Russia's Alrosa (RTS: ALRS).

"One should switch from diamond cutting to the development of
jewelry, and Armenia has good competitive advantages in the area,"
Yeritsian said.

The official exchange rate on January 23 was 305.79 dram/$1.

http://www.interfax.com/3/357170/news.aspx

Foreign Investment In Armenia Hits $600 Million In 2007

YEREVAN (Armenpress)--Foreign investments in Armenia's real economy rose last year to over $600 million, Armenian Trade and Economic Development Minister Nerses Yeritsian said during a press conference Wednesday.

According to Yeritsian, the volume of investments in the first nine months of 2007 rose 58 percent from the year before.

The bulk of last year's foreign investments were in mining, telecommunications, Information Technology and aviation.

The largest foreign investors, he reported, were Russia ($176 million), Lebanon ($134 million), Argentina ($25 million, USA ($21 million) and Germany ($20 million).

Investments in Armenia's IT sector last year amounted to $10 million. The sector reported a 30 percent growth, according to the minister.

According to preliminary figures regarding the country's tourist industry, about 480,000 foreigners visited Armenia last year, spending $410 million in the country, a $110 million increase from 2006.

http://www.huliq.com/48290/foreign-investment-armenia-hits-600-million-2007