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Air transportation between Armenia and Russia increased by 12% in 2024 - Mher Grigoryan
... and Russia, which is 12% more than the cargo transportation for the same period in 2023,” he said at a meeting of the Russian-Armenian intergovernmental commission on economic cooperation, Russian news agency Tass reported. Grigoryan also noted the growth in the field of rail transportation. According to him, over the 10 months of 2024, the number of passengers transported by rail increased by 7% compared to the same period last year, amounting to more than 480 thousand people
12/20/2024World Bank names main factor for slowdown in Armenia's economic activity growth in October
Economic activity growth in Armenia slowed to 4.2% (year-on-year) in October from 7% in September, led by the services sector (excluding trade), which slowed from 11.6% (year-on-year) in September to 5.2% in October, mainly due to slowdown in hotel services, according ...
12/20/2024Unibank named best bank for high-net-worth individuals in the CIS
... expert community for their high evaluation of the Unibank Privé service. "This prestigious award is an important incentive for the further development of Unibank Privé. We are grateful for the recognition of many years of effort invested in the growth of private banking. Unibank Privé is not just premium service and personalized investment solutions; it is the embodiment of sincere care for our clients and their families. For our clients, Unibank has become a reliable partner, and the Privé ...
12/19/2024IMF 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. YEREVAN, December 18. /ARKA/. Reforms aimed at diversifying exports, improving the business environment, strengthening governance, and advancing climate policy implementation are ...
12/18/2024IMF: Armenia's 2025 budget well-balanced
... 4, the state budget revenues amount to 2.84 trillion drams, and expenditures total 3.4 trillion drams (of which 2.7 trillion drams are current expenditures, and 734 billion drams are capital expenditures). The deficit is 604 billion drams. Economic growth is projected at 5.1%, with average inflation at 3.5%. The government debt-to-GDP ratio is forecasted at 54.3%. ($1 = 394.59 drams)
12/18/2024Eastern Horoscope for 2025: Year of the Snake – A Time for Change
... avoid rushing to make decisions. If necessary, adjust your tactics, maneuver, and be strategic to get closer to your goal. Year of the Goat Birth years — 1955, 1967, 1979, 1991, 2003, 2015 The Green Wooden Snake will open up opportunities for career growth and development. Even if you have been waiting for this moment, avoid rushing things or discussing your plans with colleagues. Be patient, refrain from impulsive actions, and view everything from a practical perspective. In challenging situations,...
12/18/2024IMF forecasts economic growth slowdown in Armenia
The IMF predicts a slowdown in Armenia’s economic growth in the medium term, though there is potential for increased growth capacity. YEREVAN, December 18. /ARKA/. The IMF predicts a slowdown in Armenia’s economic growth in the medium term, though there is potential for increased growth capacity....
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
... and we are confident that it will contribute to the progress of the technology community in Armenia. OVIO is ready to support the organisations operating in Dalan Technopark with its advanced technological solutions, contributing to their sustainable growth and development,’ said OVIO CEO Hayk Faramazyan. OVIO's data centre is the largest in Armenia and is built to high standards of TIER III equipment and infrastructure reliability. The centre is powered by two independent power substations, a redundant ...
12/17/2024Converse Bank Deputy CEO and CFO, Grant Akopian, Elected to BACEE Board
... contribute to its continued success. I am particularly eager to leverage my expertise in strategic development, focusing on navigating the current complex macroeconomic environment, enhancing correspondent banking relationships, and driving regional growth for the organization." The BACEE is a non-profit association that works to facilitate the stability and sustainable development of the financial sector in Central, Eastern, and Southeastern Europe, the Caucasus, and Central Asia. It supports ...
12/17/2024Armenia faces financial trilemma – State Revenue Committee Head
... will succeed. The 2025 budget made an attempt to find the optimal balance. About the State Budget for 2025 On December 4, the National Assembly of Armenia approved the updated draft of the state budget for 2025. According to the adopted draft, economic growth is expected to reach 5.1% in 2025 (down from the initial 5.6%, prior to amendments). The planned average inflation rate is 3.5%. State budget revenues are projected at approximately 2.84 trillion drams, which is 35.5 billion drams lower than the ...
12/17/2024Armenia's trade turnover with EEU countries in January-October exceeded $11bn. - Ministry of Economy
... National Statistical Service, Armenia's foreign trade turnover in January-October 2024 compared to the same period of 2023 increased by 67.6% and exceeded $26.2 billion. The largest foreign trade partners were Russia (more than $10.8 billion, 91.4% growth), UAE (more than $4.9 billion, 5.6 times growth) and China (more than $2.3 billion, 35.5% growth).-0-
12/16/2024Converse Bank has been included in the list of Confirming Banks of the EBRD TFP
... expertise in trade finance and its extensive network of international partners to provide comprehensive financial solutions to businesses engaged in cross-border trade. This partnership not only highlights Converse Bank's commitment to supporting the growth of businesses but also underscores its dedication to promoting economic prosperity of the market”. It was also noted that Converse Bank offers its customers comprehensive solutions in international trade finance operations, ensuring maximum efficiency ...
12/16/2024EDB expects Armenia's refinancing rate cut cycle to end in H1 2025
... in H1 2025 as inflation approaches the Central Bank’s target range (3% +/- 1%). "The Central Bank of Armenia reduced the refinancing rate by 0.25 percentage points to 7.0% at its meeting on December 10. The decision was made amid slowing wage growth and lower inflation expectations. Consumer price growth was 1.4% y/y in November, compared to 0.6% y/y in October," the EDB weekly macro review states. Armenia’s state budget for 2025 , approved on December 4, sets the 12-month inflation ...
12/16/2024EDB excludes risk of “overheating” in Armenian economy from construction and lending (EXCLUSIVE)
... “overheating” to occur, including excess consumer demand, inflation, and an increase in the debt burden on households. However, there are no such risks at the moment," he said. The head of the bank's analytics department noted that economic growth in Armenia reached 6% from January to September 2024. At the same time, the construction sector contributed 1 percentage point to this growth (approximately the same as in 2023), while total investment in fixed capital (including construction) ...
12/12/2024Converse Bank and IFC join forces to support the growth of SMEs in Armenia
... enabling Converse Bank to expand its lending capabilities to SMEs. Converse Bank is among first financial institutions in Armenia to partner with IFC in implementing this innovative risk-sharing instrument. Smaller businesses are key drivers of economic growth, innovation, and employment in Armenia, with micro, small, and medium enterprises (MSMEs) accounting for the majority of jobs. But they face a $1.1 billion finance gap because of challenges including limited collateral and relatively weak financial ...
12/11/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... infrastructure. This will broaden the financing sources for local companies and help attract investment from both local and international investors, contributing to a more resilient and flexible private sector in Armenia, which will foster economic growth.-0- .
12/11/2024Armenia's economy to grow 6% in 2024, Central Bank head
... the regulator, Martin Galstyan. YEREVAN, December 10. /ARKA/. The Central Bank of Armenia expects the country's economy to grow by 6% or slightly less in 2024, said the head of the regulator, Martin Galstyan. "Next year, we expect economic growth to be close to our country's potential growth, around 5%," he said at a press conference on Tuesday. In this regard, Galstyan noted that the Central Bank's Board bases its forecasts on two scenarios. “According to Scenario A – the inflationary ...
12/10/2024Head of developers' association expects no drop in Armenia's real estate prices
... price for the consumer will also not change," Grigoryan said. The "Macroeconomic Development Review: October 2024" by the Ministry of Finance of Armenia states that real estate prices in Armenia continued to rise in September, but the growth slowed compared to August. The average market price growth for apartments in multi-apartment buildings in Yerevan ranged from 0.4% to 1.2% compared to August, depending on the administrative district, and ranged from 5.6% to 9.8% compared to September ...
12/10/2024Armenia's domestic trade turnover nears 5 trillion drams, up 18.8%
... (30.3% share, an 8.5% increase), and automobile trade turnover stood at 196,467.9 million drams (3.9% share, a 6.3% decline). In the structure of retail trade, shops account for 83.6% of total retail turnover, amounting to 1,263,911.7 million drams (a growth of 10.8%), consumer goods markets (3.6%) totaled 53,703.3 million drams (a 2.5% increase), kiosks (1.2%) reached 18,227.0 million drams (a 0.6% increase), agricultural produce markets (0.8%) amounted to 12,774.0 million drams (a decline of 6.1%),...
12/09/2024Construction volume in Armenia up 15.5% to 484.5 billion drams in 10 months
... work financed by community funds amounted to 22,353.1 million drams (4.6% share, decline of 11.8%), by humanitarian aid funds – 3,745.2 million drams (0.8% share, decline of 5.4%), by organizations' funds – 236,735.5 million drams (48.9% share, growth of 3.9%), and by the population's funds – 112,336.7 million drams (23.2% share, growth of 58.8%). At the same time, the volume of construction financed by international loans in the first ten months of 2024 amounted to 37,845.5 million drams ...
12/09/2024Converse Bank has become an official signatory of the UN Principles for Responsible Banking
... emphasized: "We take great pride in announcing that we are the first in the region to join the UNEP FI Principles for Responsible Banking. In all our endeavors, we have remained steadfast in our commitment to the principles of sustainable business growth, continually refining and expanding the range of our services. We have always focused on creating and fostering long-term value for our employees, customers, shareholders, and the broader community, achieving shared prosperity for current and future ...
12/09/2024EDB forecasts 1.8% inflation and further refinancing rate cut in 2024
The Eurasian Development Bank (EDB) forecasts a 1.8% year-on-year price growth in Armenia by the end of the current year. YEREVAN, December 9. /ARKA/. The Eurasian Development Bank (EDB) forecasts a 1.8% year-on-year price growth in Armenia by the end of the current year. "Inflation continues to remain below the ...
12/09/2024Armenian industrial output in 10 months increases by 11.7%, up to AMD 2.4 trillion
... mining industry amounted to 394.4 billion drams (8.1% decrease versus the same period of 2023), while the manufacturing industry upped by 17% ti 1.7 billion drams. Supplies of electricity, gas, steam and purified air amounted to over 278.5 billion drams (growth by 12.4%), and water supply, sewerage, waste management and recycling – to 26.5 billion drams (growth by 5.5%). The biggest share in the industrial output in January-October belongs to the manufacturing industry - 70.9%. The share of mining industry ...
12/06/2024Armenia's foreign trade for 10 months totalled $26.2bn, growth continues to slow down
... partners were Germany ($403.1m, down 25.8%), Italy ($351.7m, up 1.4%), Belgium ($147.7m, up 11.2%), the Netherlands ($147.1m, down 47.7%) and France ($129.7m, 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 ...
12/06/2024EDB investments in 2024 total $2.3B, with $436M in Armenia, Kyrgyzstan, and Tajikistan
... has been investing in improving the quality of life for 200 million people living in Eurasia. "298 successful national development and integration projects have been implemented. The accumulated investment portfolio totals $15.6 billion (with a growth of about 5.8% in 2024)," Podguzov said. He reported that the current investment portfolio of the EDB totals $4.3 billion, and the bank's capital amounts to $2.2 billion. "The EDB is the leader in non-sovereign financing in the Eurasian ...
12/06/2024Armenia records slower growth in real estate prices in September – Finance Ministry
Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August. YEREVAN, December 6. /ARKA/. Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August. This is mentioned in the “Review of Macroeconomic Developments: October ...
12/06/2024EDB analysts see no risks in Armenia's public debt level
... macroeconomic forecast for 2025-2027. "The issue of public debt is quite sensitive. But the pace of development of the Armenian economy is quite high and continues to grow. Domestic demand will also grow, which will continue to translate into growth in budget revenues. The growth in budget expenditures will be offset, including through borrowing," Sobolevskaya said. In turn, EDB Chief Economist Yevgeny Vinokurov noted that it is necessary to take into account not only the absolute value ...
12/05/2024Armenia's unemployment drops 9.3%, hired workers rise 5.6% in September - Ministry of Finance
The number of officially registered unemployed in Armenia decreased by 9.3% in September, while the number of hired workers increased by 5.6% to 776,814, mainly due to the growth in the number of workers in the construction, trade, and education sectors. YEREVAN, December 5. /ARKA/. The number of officially registered unemployed in Armenia decreased by 9.3% in September, while the number of hired workers increased ...
12/05/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
Economic activity in Armenia in October stood at 4.2%, slowing by 2.8 percentage points compared to September, primarily due to the slowdown in the growth rate of the services sector. YEREVAN, December 5. /ARKA/. Economic activity in Armenia in October stood at 4.2%, slowing by 2.8 percentage points compared to September, primarily due to the slowdown in the growth rate of the services sector....
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
The Eurasian Development Bank (EDB) has revised its forecast for Armenia's GDP growth, lowering it for 2024 from 7.5% to 6%, while raising its forecast for 2025 from 4.2% to 5.5%. ALMATY (Kazakhstan), December 5. /ARKA/. The Eurasian Development Bank (EDB) has revised its forecast for Armenia's GDP growth, lowering it for 2024 ...
12/05/2024Armenian Finance Minister assesses risks to 2025 budget
... number of official vehicles, travel expenses, bonuses, utility payments, and other costs. About the Draft State Budget for 2025 On December 4, 2024, the National Assembly of Armenia approved the updated draft state budget for 2025, which projects a GDP growth of 5.1% for the coming year. The planned average inflation rate is 3.5%. State budget revenues are expected to reach approximately 2.84 trillion drams, while expenditures will total around 3.4 trillion drams. (Exchange rate: $1 = 402.72 drams)....
12/05/2024Ardshinbank Partners with the European Investment Bank to Improve Climate Risk Management
... capabilities but also to empower clients and partners to embrace sustainable practices. We are strong together, and through collaboration and shared vision, we are shaping a financial ecosystem that prioritizes sustainability, responsibility, and long-term growth. The EIB Greening Financial Systems technical assistance programme is funded by the International Climate Initiative (IKI) Fund on behalf of the German Federal Ministry of Economic Affairs and Climate Action (BMWK). The programme is BMWK’s and ...
12/05/2024Armenia boosts defense to support education development - Finance Minister
... of this, an unprecedented program to simultaneously build 153 schools is planned. About the Draft State Budget for 2025 On December 4, 2024, the National Assembly of Armenia approved the updated draft state budget for 2025, which projects a 5.1% GDP growth for the coming year. The planned average inflation rate is 3.5%. The state budget revenues will total approximately 2.84 trillion drams, while expenditures will amount to 3.4 trillion drams. It was previously reported that the increase in budget ...
12/05/2024Inflation in Armenia registered at 1.4% in November, 1.3% for the month
... and increased by 0.2% compared to October of this year. In addition, tariffs for services to the population rose by 3% in November 2024 compared to the previous year, while a 0.1% decline was recorded compared to the previous month. Armenia's economic growth in the state budget for 2024 is projected to be 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to range from 6.5% to 5.8%.-0-
12/04/2024Armenian parliament approves 2025 state budget
... December. /ARKA/. The Armenian National Assembly approved the updated draft of the state budget for 2025 at a regular session on Wednesday. As many as 66 MPs voted in favour of the draft, 30 MPs voted against it. According to the adopted draft, economic growth is expected to be 5.1 per cent in 2025 (5.6 per cent before the revision - ed.). The state budget revenues will amount to about 2.84 trillion drams, which is 35.5 billion drams less than the initial figure, while the decrease in tax revenues is ...
12/04/2024EEC Board grants tariff concession for butter imports to Armenia
..., according to the EEC, will be valid from the date of entry into force of the document until 15 June 2025, according to the EEC website. The measure is necessary to ensure an additional supply of butter on the domestic market in order to curb price growth and prevent shortages. The supplied butter can be used both for the production of food products and for sale in retail trade,’ said EEC Trade Minister Andrei Slepnev. He emphasised that this decision will allow to ensure a balance of supply and ...
12/02/2024Battle for growth or decline: Armenian Ministry of Economy accuses National Statistical Committee
In an interview with Civilnet, Armenian Economy Minister Gevorg Papoyan accused the National Statistical Committee of reporting low economic growth figures that do not reflect the reality. YEREVAN, November 29. /ARKA/. In an interview with Civilnet, Armenian Economy Minister Gevorg Papoyan accused the National Statistical Committee of reporting low economic growth figures that ...
11/29/2024Ameriabank Named Armenia’s Best Bank for Real Estate by Euromoney
... commercial real estate sector, acknowledging not only financial success and client service, but also a commitment to improving the sector through technological advances and sustainability initiatives. According to Euromoney, Ameriabank achieved notable growth in its real estate business in Armenia during the review period from June 2023 to June 2024. The bank’s gross mortgage loan portfolio grew by 25.3% to AMD 233.2 billion (US$600 million), capturing a 21.3% share of the Armenian mortgage market ...
11/29/2024Mirzoyan and President of Finland discuss key Armenia-EU partnership agenda
... highlighted that a strong commitment to democratic values, mutual interest in boosting cooperation in areas with significant growth potential, and Armenia's growing ties with the EU are key factors in strengthening the bilateral political dialogue. The ... ... Foreign Minister emphasized that establishing stable peace in the South Caucasus and ensuring the safest environment for the citizens of Armenia is one of the key priorities of Armenia's foreign policy. Mirzoyan highlighted that, despite the existing ...
11/29/2024Armenia extends cement import restrictions for six months
... restrictions for another six months, until July 20, 2025. As noted in the rationale for the decision, cement imports continued to grow in January-July 2024, reaching 305.1 thousand tons. This is 3.6 times higher than in the same period last year. "This growth is attributed to the reduction in the price of Iranian cement due to state support provided to producers by the government of the Islamic Republic of Iran. As a result, the competitiveness of Armenian-made cement has further decreased, which, in ...
11/28/2024VTB Armenia reduces interest rates on small business loans
... for entrepreneurs who need funds to replenish working capital, repay loans, or implement investment projects. It is important for us to be of service to our clients and provide them with the necessary financial tools and solutions for further business growth," commented Evgeny Motovilov, Deputy CEO and Chairman of the Directorate of VTB (Armenia). You can find more details about the loan terms and apply for them on the bank's website or at any branch across the country. The activities of VTB Bank ...
11/27/2024EBRD: Armenian authorities to strengthen economic stability
... conditions. We are ready to support the investments in solar energy, upgrading the transmission network and building more interconnections with neighbouring countries. That can strengthen energy resilience and at the same time accelerate the economic growth,’’ stated she. The EBRD is one of the leading institutional investors in Armenia. The Bank’s key priorities in Armenia include enhancing the competitiveness of companies and supporting financial sector intermediation through risk-sharing ...
11/27/2024EBRD forecasts slower and moderate economic growth for Armenia in the medium term
The European Bank for Reconstruction and Development (EBRD) expects Armenia's GDP growth to moderate in the short term after several years of ultra-high growth, said Elisabetta Falcetti, EBRD Managing Director for Turkey and the Caucasus. YEREVAN, November 27. /ARKA/. The European Bank for Reconstruction and Development (EBRD) ...
11/27/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... of the North-South corridor infrastructure rehabilitation. According to her, as Armenia is landlocked, solid road infrastructure is crucial for an efficient flow of trade that can support the value chain, increase diversification and accelerate the growth of the private sector and the economy as a whole. This is a big priority for Armenia that will significantly improve the connectivity of Armenia with its neighbours. Also, construction of new customs and logistics centre in Syunik, was another ...
11/26/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
Armenia's economy has the potential for annual growth of up to 5.5% over the next five years, provided that structural reforms and opportunities for labor force integration are realized, said Umang Rawat, IMF Resident Representative in Armenia, while presenting the report Caucasus and Central Asia: ...
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... is one of the main priorities for EBRD in Armenia. And one of the main instruments of reaching out to businesses is via local banks. We normally provide financial package to our local partner banks to be on-lent to the private sector to support their growth, competitiveness, making their practices more sustainable and environmentally friendly. These credit lines are offered to businesses along with incentive grants and technical advice provided by our donor partners, such as EU. We have also made ...
11/26/2024Consumer prices in Armenia show zero growth in 10 months, same as last month
According to preliminary data, consumer prices in Armenia from January to October 2024 showed zero growth compared to the same period last year. YEREVAN, November 25. /ARKA/. According to preliminary data, consumer prices in Armenia from January to October 2024 showed zero growth compared to the same period last year. This is confirmed by the report ...
11/25/2024Economic activity in Armenia increased by 8.1% in 10 months
... sector and the average monthly nominal salary are not provided. During the reporting period, the industrial production amounted to 2,398,982.7 million drams, marking an increase of 11.7% compared to January-October 2023. At the same time, in October, the growth was 5.3% compared to the same month last year, and 10.9% compared to the previous month. The construction sector increased by 15.5% compared to the same period in 2023, totaling 484,545.9 million drams. In October, this figure grew by 13.5% year-on-year ...
11/25/2024Armenia and Russia plan to reach record $14-16bn trade turnover - Russian Ambassador
... 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
... recently signed memorandum,’ Manukyan said. According to the Armenian National Statistical Committee, China is Armenia’s third largest foreign trade partner. Their trade turnover in January-September 2024 was more than $2 billion, registering a 34.7% growth compared to the same period in 2023. Exports from Armenia totalled almost $907.8 million (2.8 times growth), while imports more than $776 million (7.6% growth). -0-
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