Armenian companies' IT share declines 38%

At the same time, average revenue per company for locals increased by nearly 25 percent and only by 9 percent for the foreign branches, Enterprise Incubator Foundation (EIF) report reads.

In 2009, the turnover of Armenian software and services sector reached around $130m resulting in 27-percent CAGR in 1998-2009.

This turnover figure constitutes 1.1 percent of Armenia's $11.9 bn nominal GDP in 2008.

It is close to the share of IT sector in GDP for such countries as India (1.4 percent) and Germany (1.3 percent)

In 2006-2009, industry showed compound annual growth of 24 percent.

Industry’s contribution to the total exports rose from 3.6 percent in 2003 to 5.6 percent in 2009 proving the growing importance of the software sector for Armenia's landlocked economy focused on the expansion of export oriented businesses.

/News.am/