YEREVAN (Novosti-Armenia), February 9—The Armenian Information Technology (IT) sector accounted for 1.1 percent of the gross domestic product (GDP) in 2009, the Enterprise Incubator Foundation (EIF) reported in a study.

According to the EIF, Armenia’s software and services segment grew annually by 27 percent over the last decade. By comparison the IT sector had a 1.4 percent share of India’s GDP and 1.3 percent in Germany’s.

According to the study, Armenia’s IT sector saw an inflow of foreign investments in recent years which emerged on the local market thanks to highly qualified local specialists. About 55 percent of IT products and services, mainly software and semi-conductor design, are sold to over 20 countries, including the US and those throughout Europe as well as the CIS.

The study highlights the government support for the sector by declaring it as a priority. In 2008 the IT sector comprised 1.2 of the GDP.

Translated from Russian by Yerevan Report.