Service Economies and Armenia – Win Some, Lose Some

Kovács, O. (2011): Service Economies and Armenia – Win some, lose some. News of the Month, ICEG European Center, December 2011 pp. 4-7.

By now, most developed economies can be portrayed as service sector dominated ones. Although myriad of studies have been analysing the various aspects of a service sector driven economy, there is still a research-niche for asking whether developing countries performing substantially in terms of real GDP growth can be also seen as service-based economies. In this article, we briefly turn to the case of Armenia, which seems to confirm our argument that there are more and more developing countries where services sector either has or will certainly have a potential in fostering economic development.