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PDF edition - Armenian Reporter

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The <strong>Armenian</strong> <strong>Reporter</strong> | February 6, 2010 15ArmeniaScenes from Surb Sargis celebrations in Yerevan. Photos: Photolure.Surb Sargis: Armenia marks its Valentine’s DayYerevan – Armenia marked theholiday of Surb Sargis (Saint Sergius)on January 30, patron saintof the young and those in love. Accordingto <strong>Armenian</strong> Church traditionSargis is said to have lived between285 and 337 and was a militarycommander for the first ChristianRoman Emperor Constantine,including in Armenia.While in Zoroastrian Persia, Sargiswas beheaded for refusing toabandon his Christian faith andthus became one of early Christianmartyrs.In the fifth century, Saint MesropMashtots delivered relics ofSurb Sargis from Persia to Karbi-Ushi near Ashtarak where a churchwas built in his name.<strong>Armenian</strong> popular tradition hasit that on the night before the holidaythe young eat a salty pancake,without other food or drink, andwould then expect to dream abouttheir destined groom or bride.Traditionally, Surb Sargis is depictedas a Roman-era warrior on awhite horse.f<strong>Armenian</strong> recovery seen acceleratingLoving hearts.Photo: VahramBaghdasaryan /Photolure.by Emil DanielyanArmenia’s economic recessioneased further last month, resultinga full-year Gross Domestic Productionfall of 14.4 percent, accordingto official statistics released onMonday.The rate of economic contractionreported by the NationalStatistical Service (NSS) is significantlydown from the peakdecline of 18.5 percent registeredduring the first seven months of2009. It essentially matches governmentforecasts made in recentmonths.The country’s macroeconomicperformance began slowly improvingin September, with GDPdecreasing by 16 percent year onyear in January-November. Thishas been due, in large measure,to the fact that the <strong>Armenian</strong>economy was already adverselyaffected by the global financialcrisis in the fourth quarter of2008 after nine months of doubledigitexpansion.The <strong>Armenian</strong> governmentsays economic growth will getback into positive territory butwill make up a modest 1.2 percentthis year. The InternationalMonetary Fund and the WorldBank have made similar forecasts.According to IMF projections,<strong>Armenian</strong> growth will accelerateto 3 percent in 2011 and graduallyreach 4.5 percent in 2014. The<strong>Armenian</strong> economy expanded byan average of 12 percent from2002 through 2007.The GDP fall in 2009 was primarilyattributable to a nearly 37percent slump in constructionregistered by the NSS. The oncebooming construction sector,which accounted for about onefifth of GDP, has been hit hardestby the recession and the resultingreduction in external cash inflowsto Armenia.A more than 8 percent fall inindustrial output also significantlycontributed to the decline.By contrast, the NSS recorded a1 percent increase in retail tradeand other services. Armenia’s agriculturaloutput, another majorsource of GDP, was flat in 2009mainly because of the decreasedproduction of meat and dairyproducts.Despite the recession, the <strong>Armenian</strong>authorities have failed tokeep inflation below a maximumtarget rate of 5.5 percent. Consumerprices in the country roseby 2 percent in December alone,pushing up the annual inflationrate to 6.5 percent.The Central Bank of Armenia(CBA) considers the rising inflationarypressures to be a furtherindication of unfolding economicrecovery. The CBA raised itsbenchmark re-financing rate by50 basis points to 5.5 percent onFriday, citing the need to preventfurther price hikes. The banksteadily cut the cost of borrowingin 2009.f© 2010 RFE/RL, Inc. Reprinted withthe permission of Radio Free Europe /Radio Liberty, 1201 Connecticut Ave.,N.W. Washington DC 20036. www.rferl.org

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