Development hit a record low in January-March as shown by recently released statistics.
It dropped to 13.6% against the first quarter of 2016,the estimated development costs being 35772600,00 Armenian Drams (AMD 484 = USD 1), or the paper says,citing the National Statistical Service.
Decline was recorded also in the manufacturing of development materials.
Speaking to the paper, Gagik Galstyan, or the president of the Builders’ organization,attributed the negative dynamics to the low demand. “Development is based upon order. Without orders, no growth is expected in the development sector. Also, and it is important to attract investments to consider whether the construction [of specific units] is essential. This is what generates demand,” he explained.
Source: tert.am