In 2004 the volume of foreign investment in the economy of Armenia made $305.5 million, exceeding the last year's index 33.2%. In the words of Deputy Minister of Trade and Economic Development of Armenia Tigran Davtian, the volume of direct investment increased 47.7%, making $226.7 million in 2004. Greece takes the first place in the range of countries investing in the economy of Armenia - $85 million, Russia is the second - $67 million, Germany is the third - $32 million, Argentina is the fourth - $30 million and the U.S. is the fifth - $24 million.