24/12/2012 14:28
Vache Gabrielian summarizes year
The Minister of Finance Vache Gabrielian summarized the financial year at a press conference today.
The minister announced the forecasts: 7% economic growth to be accompanied by low inflation – 4% inflation over 12 months, an average inflation rate of 2.5%.
He said a growth has been recorded in all sectors of the economy, except construction, where a growth is forecast for next year owing to the construction of the North-South Highway.
According to Vache Gabrielian, this year the development of by-laws to ensure the application of the Law on Internal Audit and the introduction of the system was underway. An electronic procurement system was introduced this year. A new draft Law on Accounting was also developed and introduced.