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IMF outlines measures to boost Armenia's economic resilience and growth
Reforms aimed at diversifying exports, improving the business environment, strengthening governance, and advancing climate policy implementation are crucial for boosting economic resilience and increasing potential growth, said IMF Deputy Managing Director and Acting Chairman Bo Li....
12/18/2024Armenia's trade turnover with EEU countries in January-October exceeded $11bn. - Ministry of Economy
... (EEU) member states exceeded the threshold of $11 billion in the first 10 months of 2024, against $3.4 billion for the whole of 2023, Armenian Deputy Economy Minister Narek Hovakimyan said on Monday. ‘This is quite a good result, the bulk of Armenian exports are wines, brandy, agricultural, as well as industrial and technological products,’ Hovakimyan noted during a discussion on “10 Years in the Eurasian Economic Union: results and prospects” in the Armenian parliament. Besides, according to ...
12/16/2024Agro-sector and investments: Armenia and China discuss strengthening trade and economic ties
... Expo (CIIE) November 5-10, 2024, in Shanghai. According to the National Statistical Committee of Armenia, in January-October 2024, Armenia's trade turnover with China exceeded $2.33 billion, marking a 35.5% increase compared to the same period in 2023. Exports from Armenia to China rose 2.8 times, reaching $988.5 million, while Chinese imports to Armenia decreased by 2.1%, totaling nearly $1.38 billion.-0-
12/12/2024Roots Furniture: from idea to big Armenian furniture business (video)
... faster, of higher quality and with minimal errors. Acba Leasing has been very easy to work with,’ said Levon Stepanyan, Director of Roots Furniture. Roots Furniture products are currently available in several dozen shops in Armenia. Now the company exports its furniture only to Russia, and in the future it intends to expand the geography of exports. The 100% shareholder of Acba Leasing is Acba Bank. Acba Leasing is supervised by the Central Bank of Armenia. -0-
12/11/2024Armenia's foreign trade for 10 months totalled $26.2bn, growth continues to slow down
..., down 2.1%). Trade turnover with the UAE was $4. 9bn, up 5.6 times, with China -$2. 3bn, 35.5% growth, with Iran -$593.1m, 4.7% growth, with USA -$356.7m, 40.1% decrease, with Georgia -$273.8m, 27% growth, with Iraq -$189.4m, 26.2% growth. Armenian exports rose 95.1% to $11.5bn, with exports to Russia totalling over $2.6bn, down 13.6%. The volume of exports to the EU countries in January-October this year decreased by 22.3% compared to January-October 2023, making $500.4 million. The volume of exports ...
12/06/2024Battle for growth or decline: Armenian Ministry of Economy accuses National Statistical Committee
... to the heads of communities, who in turn pass them on to the heads of administrative centers. Papoyan noted that he spoke with the heads of 10 centers, who stated that there was no calculation methodology. According to him, the fact that agricultural exports have increased overall is evidence that National Statistical Committee data is incorrect. At the same time, Papoyan did not respond to the interviewer's comment that in previous years, when high growth rates were recorded, the authorities had ...
11/29/2024Armenia extends grain export ban outside the EAEU for six months
Armenia has extended the ban on grain exports outside the EAEU for six months-from January 4 to July 4, 2024. YEREVAN, November 28. /ARKA/. Armenia has extended the ban on grain exports outside the EAEU for six months - from January 4 to July 4, 2024. The decision was made at a government ...
11/28/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
... in 2022-2023, the trade sector, the influx of labor, and developments in the financial sector contributed to the expansion of Armenia's economy and its high growth. "However, the drivers of growth have changed. In 2022, the main driver was net exports, but the growth structure has shifted towards consumption and investment. In 2024, we observe a gradual shift towards more stable growth," he said. In this regard, Rawat noted that these trends are not negative phenomena. "Over the past ...
11/26/2024Armenia's foreign trade turnover in January-October soars by 67.6% to over $26.2bn.
... Committee reports. In October this year compared to October last year, the foreign trade was up 12.9%, and compared to September of 2024 it was up 9.7%. In AMD equivalent, the foreign trade turnover in January-October 2024 totaled over 10.3 trillion. Exports from Armenia compared to the same period in 2023 grew by 95.1% to over $11.5 billion. In October, exports grew by 23.1% from October 2023 and by 7.5% from September 2024. In AMD terms, exports totaled over 4.5 trillion. Imports for the reporting ...
11/25/2024Russian investments in Armenia total around $4 billion – Kopyrkin
... According to the National Statistical Committee, the foreign trade turnover between the Republic of Armenia and the Russian Federation for the first nine months of 2024 exceeded $9.7 billion, marking a 99.2% increase compared to January-September 2023. Exports during this period totaled $2.3 billion, a decrease of 15.5%, while imports reached $7.6 billion, representing a 3.3-fold increase. -0-
11/25/2024Armenia and Russia plan to reach record $14-16bn trade turnover - Russian Ambassador
... is still Armenia’s largest foreign trade partner. According to the National Statistical Committee, the trade turnover between the countries in the first 9 months of 2024 exceeded $9.7bn, almost doubling compared to January-September 2023. Armenian exports during the reporting period totalled $2.3bn, decreasing by 15.5%, while imports reached $7.6bn with a 3.3-fold growth. -0-
11/25/2024Chinese and Armenian businesspersons to make a series of mutual visits in 2025 to expand co-operation
... cooperation, Mariam Manukyan, President of Armenia's Council for Support of International Business Relations said in an interview with ARKA news agency. She said the Council has been working with China for more than 10 years, promoting, in particular, exports of Armenian alcoholic beverages to China. According to Manukyan, a delegation of the Council visited Beijing, Changchung and Ningbo in June this year, where three different memorandums were signed with authorities of these provinces. ‘The work ...
11/25/2024Armenia names 5 goods groups accounting for over 67% of exports in 9 months
The Ministry of Economy of Armenia has identified the five main groups of goods that made up the bulk of the country's exports in January-September 2024, compared to the same period last year. YEREVAN, 22 November. /ARKA/. The Armenian Ministry of Economy named five main groups of goods that made up the bulk of Armenia's exports for January-September 2024, compared ...
11/22/2024Without re-export of precious metals, Armenia's exports would have hardly grown in September - WB
Armenian exports increased 39 percent (yoy) in September, driven by re-exports of precious and semi-precious stones and metals, according to World Bank's Armenia Monthly Economic Update – November 2024. YEREVAN, 21 November. /ARKA/. Armenian exports increased ...
11/21/2024Papoyan discusses food security and export issues with Russian agriculture minister
... the importance of bilateral cooperation, particularly in the area of food security, according to the Ministry of Economy's press service. The discussions covered increasing trade turnover with Russia, ensuring food security, organizing food product exports, developing livestock breeding, procuring vaccines for farm animals, exporting alcoholic beverages, and the use of pesticides in agricultural crop cultivation. The parties emphasized the importance of expanding existing cooperation in agriculture ...
11/15/2024Armenian Central Bank head names measures to boost 5.6 per cent economic growth in 2025
... implementation of the necessary structural reforms will be required to achieve the target level of economic growth. ‘Ensuring economic growth will significantly depend on the opportunities and results of improving the investment climate, promoting exports, as well as the implementation of infrastructure investment programmes in a timely and full manner,’ he said. In this context, the head of the Central Bank attached importance to the consistent increase in the role of capex, especially on infrastructure ...
11/12/2024$9bn investment can help Armenia decarbonise economy and improve energy security - WB report
... upstream countries. Water plays a key role in Armenia’s economy with a quarter of all jobs in the agriculture sector. It is also essential for electricity production (hydropower) and metals and mineral production, which make up more than a third of all exports. Targeted investments of about $9 billion up to 2060, complemented by policy reforms, can help Armenia enhance energy security through clean, domestic energy; boost agriculture productivity, improve food security, and strengthen resilience against ...
11/08/2024Armenia extends ban on exports of non-ferrous scrap metal for 6 months
Armenia has extended the ban on the export of ferrous and non-ferrous scrap metal for an additional 6 months. YEREVAN, November 7. /ARKA/. Armenia has extended the ban on the export of ferrous and non-ferrous scrap metal for an additional 6 months. The decision was made at a government meeting on Thursday. The ban applies to the transportation of these goods to EAEU member states and third countries. The government notes that this decision was made in response to the need to regulate the export...
11/07/2024Armenia's foreign trade turnover slows to $23.7 billion in 9 months; major trade partners are Russia, UAE, and China
... 3.5%). Among other countries, the largest trade turnover were the UAE ($4.6 billion, a 6.3-fold increase), China (over $2 billion, a 34.7% increase), Iran ($520.6 million, a 2.7% increase), and the United States ($323.2 million, a 41% decrease). Exports According to statistical data, Armenia's exports for the first nine months of 2024 increased 2.1-fold compared to January-September 2023, totaling about $10.6 billion. Export to Russia (about $2.3 billion, a decline of 15.5%), the volume of exports ...
11/06/2024Armenia and Iran aim at bringing trade turnover to $3bn.
... later to $3bn. According to Armenia’s National Statistical Committee, the foreign trade turnover between Armenia and Iran in the first 9 months of the current year exceeded $520 million, increasing by 2.2% compared to January-September last year. Exports reached $81.2 million with a 7.7% growth, while imports totalled about $450 million with a 2.4% increase. -0-
11/06/2024Armenia does not need particularly powerful new nuclear power plant - Sanosyan
... understand Armenia's energy needs in the coming years, namely until 2040-2050. A total of 21 scenarios were considered to determine how our economy will develop, how much energy consumption will increase, and what impact electric vehicles and electricity exports will have. Most of these scenarios suggest that we don't need a particularly powerful new power plant, also considering the existing other generating plants and the development of solar energy," Sanosyan told reporters. According to him,...
11/04/2024Armenia subsidizes 50% of companies' expenses for certifying goods for export to foreign markets
... quality of their products for export to foreign markets, the state will subsidize 50% of the costs. These certificates can cost tens of thousands of dollars, and sometimes several are required for each product. This program aims to promote and diversify exports," Papoyan noted during budget discussions in parliament. The Minister stated that the state is also ready, with certain restrictions, to assist all companies that export products to new markets and to subsidize part of their logistics costs....
11/01/2024Mining at Amulsar gold deposit expected to be launched in late 2025 - Papoyan
... at the Amulsar gold deposit may be launched in late 2025, Armenian Economy Minister Gevorg Papoyan said on Thursday. "Our efforts are aimed at kicking off the work in early 2025, and by the end of the 4th quarter of that year to start mining and exports," said the minister. He noted that Armenia’s industrial growth is expected to be 3.1% this year and 5.7% in 2025, including due to the start of the deposit development. Amulsar gold mine is Armenia's second–largest gold mine in terms ...
11/01/2024Armenia's trade turnover with the EAEU countries doubled in January-August, exceeding $9 billion
... Minister Gevorg Papoyan reported in parliament that Armenia's trade turnover with the EAEU countries in January-August increased by 2 times compared to the same period in 2023 and amounted to $9 billion 173 million. According to him, during this period, exports to the EAEU countries amounted to $2 billion 52 million, and imports - $7 billion 121 million, while exports for the entire 2023 exceeded $3.7 billion, and imports were around $4.5 billion. -0-
10/31/2024Russia may extend petrol export ban
The Russian government is not yet ready to lift the ban on petrol exports, several Kommersant daily’s sources in the oil industry claim. YEREVAN, 31 October. /ARKA/. The Russian government is not yet ready to lift the ban on petrol exports, several Kommersant daily’s sources in the oil industry claim. According ...
10/31/2024In January-September, Armenia's exports grew by 2.1 times, imports - by 2.5%, but there are nuances - Minister
Speaking at a parliamentary discussion on the 2025 draft budget Finance Minister Vahe Hovhannisyan recalled that a 2.1-fold increase in exports was recorded in January-September 2024. YEREVAN, 28 October. /ARKA/. Speaking at a parliamentary discussion on the 2025 draft budget Finance Minister Vahe Hovhannisyan recalled that a 2.1-fold increase in exports was recorded in January-September ...
10/28/2024Armenia finalises its part of work on draft free trade agreement between UAE and EEU – minister
... with the Emirates The UAE is one of the three major trade partners of Armenia. According to the National Statistical Committee, the trade turnover between the two countries in January-August 2024 exceeded $4.35bn, increasing 6.8 times year-on-year. Exports for 8 months reached $4.31bn with a 7.3-fold increase, while imports totalled $304.9m, down 23%.-0-
10/25/2024Iranian market will open for main part of Armenian exports: minister
As part of the Free Trade Agreement between Iran and Eurasian Economic Union (EEU) member states, the Iranian market will open for a substantial portion of Armenian exports, Economy Minister Gevorg Papoyan said today. YEREVAN, 25 October. /ARKA/. As part of the Free Trade Agreement between Iran and Eurasian Economic Union (EEU) member states, the Iranian market will open for a substantial portion of ...
10/25/2024Armenia's foreign trade turnover in January-September soars by 73.5% to $23.7 billion
... Committee reports. In September 2024 alone, compared to September last year, the country’s foreign trade surged by 22.4%, but compared to August 2024 , it was down 13%. The volume of foreign trade turnover in Armenian dram amounted to over 9.3 trillion. Exports in January-September 2024 more than doubled compared to the same period in 2023, amounting to about $10.6 billion. In September, exports increased by 38.9% year-on-year and decreased by 13.1% month-on-month. In dram equivalent, they amounted to ...
10/25/2024European Parliament says Azerbaijan must withdraw troops from Armenia’s sovereign territory and release Armenian prisoners of war
... dependency on Azerbaijan must end Citing Azerbaijan’s continuous human rights abuses and fears that increased gas imports from Azerbaijan to the EU might be compensated in turn by Baku importing Russian gasMEPs call for the EU’s dependency on gas exports from Azerbaijan to end. They also ask the European Commission to suspend the 2022 Memorandum of Understanding on the Strategic Partnership in the field of energy between the EU and Azerbaijan.. In addition, the resolution states that any future ...
10/24/2024Armenia exported 2,500 tons of potato this year- minister
... potato importer to an exporter of the agricultural produce, Economy Minister Gevorg Papoyan said on Wednesday. He recalled that the country had exported 2,500 tons of potatoes in the first nine months of this year, while the previous year there were no exports at all. Potato imports have also undergone significant changes. According to the minister, last year 7,500 ton were imported, this year only 500 tons in the first ten months, and that exclusively for seeds. However, an early snowfall in Gegharkunik ...
10/24/2024Re-exports of gold and jewelry was key drivers of Armenian export growth in August- WB
Despite being on the decline, re-exports of gold and jewelry remained key drivers of export growth in August, the World Bank says in its ‘Armenia Monthly Economic Update – October 2024’. YEREVAN, 22 October. /ARKA/. Despite being on the decline, re-exports of gold and jewelry ...
10/22/2024IMF leaves Armenia's economic growth forecast unchanged for 2024 and expects a slowdown in 2025
... significant risks to this outlook include geopolitical tensions and potential growth setbacks in trading partners, a reversal of capital inflows, and surges in global food and energy prices. ‘On the upside, growth could exceed expectations if net exports perform better than anticipated and if structural reforms and refugee integration are implemented more swiftly,’ according to IMF. Armenia's economic growth in the state budget for 2024 is envisaged at the rate of 7%. The Central Bank expects ...
10/22/2024Trade turnover between Armenia and the UAE exceeds $4.2 billion
... countries. The UAE is among the top three countries in terms of trade turnover with Armenia. According to the National Statistical Committee, the trade turnover between the two countries in January-August 2024 exceeded $4.35 billion, increasing 6.8 times. Exports for 8 months reached $4.31 billion, increasing 7.3 times, while imports amounted to $304.9 million, decreasing by 23%. -0-
10/14/2024Trade turnover between Russia and Armenia may reach record high in 2024 - Putin
...," Putin said. According to the National Statistical Committee, the volume of trade turnover between Armenia and Russia increased by 2.1 times in the first 8 months of this year compared to January-August 2023, reaching approximately $9 billion. Exports decreased by 19.5% to $1.9 billion, while imports increased by 3.6 times, amounting to $7.2 billion. -0-
10/08/2024Armenia's foreign trade slows down to $21.7 billion in 8 months
... over $4.3 billion, growth of 6.8 times, trade with China upped to $1.9 billion, growth of 37.7%. Export Export from Armenia for the first eight months of 2024 compared to January-August 2023 increased by 2.1 times, amounting to about $9.7 billion. Exports to Russia amounted to over $1.9 billion, a decline of 19.5% y/y. Exports to the EU countries decreased by 24.2% compared to January-August 2023 to $391.3 million. Exports to the UAE grew to $4.3 billion, an increase of 7.3 times, exports to ...
10/07/2024Armenian Trade House to be opened in Almaty, Kazakhstan
... with representatives of business circles in order to expand trade and economic relations. According to the National Statistical Committee of Armenia, the trade turnover between Armenia and Kazakhstan exceeded $100 million at the end of last year. Exports from Armenia to Kazakhstan increased 3.8 times to $71.32 million, while imports increased by 23.6 per cent to almost $29.2 million.-0-
10/03/2024Foreign trade turnover of $700 million with Iran doesn’t suit Armenia: the goal is $1 billion - Papoyan
... turnover of $1 billion with the prospect of increasing it to $3 billion stated Armenian Economy Minister Gevorg Papoyan. "The foreign trade turnover between Armenia and Iran last year amounted to approximately $700 million. During this time, exports from Armenia to Iran amounted to almost $100 million, and imports - $600 million. These figures indicate the positive dynamics of relations between our countries. Important sectors such as agriculture, industrial products and the food industry ...
09/30/2024Armenia's foreign trade turnover in January-August soars by 70.9% to $22.6 bln.
... Statistical Committee reports. The figure was up 33.3% in August this year compared to July last year, and 7.4% compared to July 2024. For eight months of 2024 in AMD equivalent, the volume of foreign trade turnover amounted to about AMD 9 trillion. Exports from Armenia in January-August 2024 compared to the same period of 2023 grew 2.1 times, totaling $9,694.7 million. In August, exports grew by 58.1% from August 2033 and by 15.6% from July 2024. In AMD terms, exports for the first eight months ...
09/26/2024EBRD keeps Armenia's economic growth forecast for 2024 at 6.5%, but points to risks
... high-skilled Russian ICT professionals waned and capital inflows significantly moderated. As a result, remittances and net export of services declined. Nonetheless, the current account deficit remained broadly stable due to the exceptional increase in exports and imports of precious stones and robust inflows of secondary income related to refugees. Despite the temporary pressure on government expenditure for accommodating refugees and strengthening national defence, the fiscal position remains stable ...
09/26/2024World Bank named the key factor in exports from Armenia in July
Re-exports of gold and jewelry remained a key driver of Armenia’s export growth in July, according to the World Bank’s “Armenia Monthly Economic Update – September 2024”. YEREVAN, September 24 /ARKA/. Re-exports of gold and jewelry remained ...
09/24/2024Armenia wants to allow import of pesticides from some countries without laboratory checks
Armenian National Assembly Committee on Territorial Administration, Local Self-Government, Agriculture and Environmental Protection approved today in the first reading legislative amendments to allow imports of pesticides and agrochemicals from certain developed countries without additional laboratory checks YEREVAN, September 24. /ARKA/. Armenian National Assembly Committee on Territorial Administration, Local Self-Government, Agriculture and Environmental Protection...
09/24/2024Russia's trade turnover with CIS countries grew by 6.7% in 6 months; Armenia among top three trade partners
... States (CIS) grew by 6.7% in January-June 2024 compared to the same period of 2023, with Belarus, Kazakhstan and Armenia among the top three partners, Russian Deputy Prime Minister Alexei Overchuk said at a meeting of the CIS Economic Council. He said exports grew by 14.8 per cent and imports by 3.7 per cent, Russian state news agency Tass reported. The share of trade with CIS countries in Russia's total trade turnover is 16%, Overchuk specified. In January-June 2024, according to the deputy prime ...
09/20/2024Armenia's foreign trade nearly doubles in 7 months to $20.4 billion
... 59.3%) and France ($83.4 million, down 8.8%). Trade with the UAE grew to about $4 billion, up 7.3 times, trade with China grew to about $1.7 billion, up 41.6%, that with Iran fell by 2% to $388.9 million and trade with the USA fell to $265.2 million. Exports According to statistics, exports from Armenia increased by 2.2 times compared to January-July 2023 to over $8.7 billion. Exports to Russia fell to $1.7 billion, a decline of 22.4%. Exports to the EU countries decreased by 26.3% compared to January-July ...
09/05/2024Armenia wants to introduce fines for exporting sensitive goods to the EEU by air
The Economic Affairs Committee of the Armenian Parliament has unveiled today a set of draft amendments to the Administrative Code, which, if approved, will introduce fines for the export of sensitive goods to the Eurasian Economic Union (EEU) member states by air. YEREVAN, 4 September. /ARKA/. The Economic Affairs Committee of the Armenian Parliament has unveiled today a set of draft amendments to the Administrative Code, which, if approved, will introduce fines for the export...
09/04/2024Armenia has not received official comments from Russia on cognac issue - minister
Armenia has not received official comments from Russia on the import of Armenian cognac, Economy Minister Gevorg Papoyan said on Monday at a session of the parliamentary committee on regional and Eurasian integration issues. YEREVAN, 2 September. /ARKA/. Armenia has not received official comments from Russia on the import of Armenian cognac, Economy Minister Gevorg Papoyan said on Monday at a session of the parliamentary committee on regional and Eurasian integration issues. In late August, the...
09/02/2024Armenia's economic activity rises by 9.6% in first seven months of 2024
... (EDB) on September 2. The review noted that industrial activity accelerated slightly in July, reaching +2.2% year-on-year, up from 1.4% the previous month. However, growth rates in trade and services showed signs of slowing. During the same period, exports of goods rose 2.2 times year-on-year, while imports increased by 79.1% year-on-year, largely due to increased external trade and processing of precious metals. The Armenian government has forecasted a 7% economic growth rate for 2024 in its state ...
09/02/2024Armenian government approves new conditions for agri-food sector development
... additional agri-food equipment until it reduces its debt to 800 million AMD, at which point it can obtain equipment worth 200 million AMD. Papoyan noted that many businesses have actively utilized this program, showing positive results in productivity, exports, and other areas. The Minister announced plans to raise this threshold to 2 billion AMD. Additionally, the program will expand the network of mobile modular slaughterhouses, increasing the support limit from 200 million AMD to 2 billion AMD. The ...
08/29/2024Armenian Finance Minister predicts 6% GDP growth by end of 2024
... developments over the next four months could affect the final outcome. Hovhannisyan highlighted that Armenia's economy has experienced positive shocks over the past two to three years, driven by a significant influx from Russia, a sharp increase in exports, and some re-exports. However, these factors have started to diminish, and the country is gradually returning to its potential growth range, which was previously around 4%. Due to the policies implemented in recent years, this potential is now ...
08/27/2024Armenia's foreign trade turnover soars by 95% in January-July 2024
... In July 2024, the foreign trade turnover saw a 35.3% year-on-year increase, although it decreased by 1.9% compared to June 2024. In dram terms, the foreign trade turnover amounted to 8.09 trillion drams for the first seven months of 2024. Armenia's exports surged 2.2 times during January-July 2024, reaching $8.74 billion. However, in July 2024, exports grew by 42.8% year-on-year but declined by 5.7% compared to June 2024. In dram terms, exports totaled 3.46 trillion drams. The country's imports ...
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