According to report released by the National Statistical Service of Armenia, in the first quarter of this year construction works dropped by 8 percent over the same period last year. The main reason for this decline was a sharp cutback of international credits, by 84.5 percent. Compared to the same period of last year, government and local community spending also dropped - respectively by 14.5 and 81.6 percent. Instead of it, there is a jump in construction works financed by charitable foundations, companies and population. According to the report, company construction costs rose by 41 percent and population spending by 21.8 percent.

As reported by Statistical Service overall construction spending in Armenia in first quarter of this year was 44 592.1 million AMD ($120 million), particularly government spending was 5 609.3 million AMD ($15 million), local community - 35.5 million AMD ($96 thousand), and construction against international credits- 2 944.8 million AMD ($8 million). Companies have invested unto construction about 22 722.4 million AMD ($61 million), which was almost half of total construction works. During the period of Humanitarian Aid construction amount 6 523.5 million AMD ($17.6 million), and population spending was 6 756.6 million AMD ($18 million).

According to report, during the first quarter of this year more than half of construction works- about 23 087.2 million AMD ($62 million) were done in Yerevan. The second and the third places took Kotayk and Ararat regions(marzs), with 3 961.1 million ($10.6 million) and 3 371.2 million AMD ($9 million) respectively. The lowest index was in Vayots Dzor region - 238.8 million AMD ($643.7 thousand).