Yerevan /Mediamax/. Economy of Armenia has passed the bottom of the crisis and starts exhibiting growth trends.

Mediamax reports that Minister of Finances of Armenia Tigran Davtyan announced at the news conference in Yerevan today.

He said that peak level of recession in economy from the beginning of the year was registered in July (18,4%), after which recession in economy began to slow down by 0,1 percentage point monthly. Minister expressed confidence that by the end of the year the stabilization will be replaced by economic growth.

Tigran Davtyan stated that in addition to seasonal economic activity, distinct trends of stabilization are also displayed. "According to our forecasts, recession in economy will make 15% in annual section", said Tigran Davtyan, stating that the government`s forecasts about economic growth by 1,2% in 2010, may turn to be over the expected level.

Minister said that clearly expressed activity is displayed in agricultural, construction and export spheres. "Stabilization of Armenian Economy is conditioned by both positive shifts in the global economy and the government`s efficient crisis preventive program, in particular, by broadening money-and-credit policy", said Tigran Davtyan, expressing confidence that crisis management factors will become more obvious by the end of the year.

Minister of Finance assured that the level of reduction in budget expenditures will not exceed 10% (94bln AMD), which cannot be considered as sequester. "Concerning State Budget for 2010, it is absolutely realistic and will be fully implemented", said Tigran Sargsyan.

He also announced that the government negotiates on mitigation, according to which Armenia was issued loans by World Bank and International Monetary Fund. "Within this case we meet International Financial Structures` comprehension, as they are convinced of efficiency of the loan funds placement.

According to him debt to GDP of Armenia ratio makes 28,5% at present, and in 2010 it will not exceed 30%, while 50% is considered to be the critical point of this index.