Despite tens of millions of dollars in foreign aid received earlier this year, the Armenian economy dropped 15.7 percent from January through May compared to the same period last year, according to the National Statistics Service of Armenia.
Armenia's National Bank had predicted that the economy would dip at a 12 to 15 percent annual rate, the Tert news service reported Aug. 4. The National Bank adjusted its forecasts several times throughout the year as the country's recession deepened.
Slow sales in construction and services are driving the downward trend, reported eurasianet.org on its Web site. Armenia's GDP now stands at 839 billion drams ($2.27 billion), a 15.7 percent drop from the same period in 2008.
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