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Accor Group Partners with Technotun to Bring Pullman to Armenia for the First Time
... the way people connect, live, and thrive. Pullman Yerevan’s official website https://www.pullmanyerevan.com/ ABOUT ACCOR Accor is a world-leading hospitality group offering experiences across more than 110 countries with 5,700 properties, 10,000 food & beverage venues, wellness facilities and flexible workspaces. The Group has one of the industry’s most diverse hospitality ecosystems, encompassing more than 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is ...
12/20/2024Dalan Technopark and OVIO sign memorandum of co-operation
... development area of ‘Dalan’ will total 154 thousand square metres, providing 3000 workplaces. The Technopark will consist of 22 floors, 13 of which will house office premises, an exhibition hall, a research and development centre, a restaurant, a food court, a hotel, a gym, a swimming pool, conference halls and a shopping area. The Technopark will be equipped with technological innovations, in particular, a fire alarm system in accordance with EN standards and with modern graphic visualisation,...
12/17/2024EDB forecasts 1.8% inflation and further refinancing rate cut in 2024
... refinancing rate at the upcoming meeting in December," the EDB weekly macro review states. The study notes that the acceleration of 12-month inflation in Armenia to 1.4% in November, up from 0.6% a month earlier, is primarily due to price dynamics in the food sector. Food prices increased by 1.7% year-on-year in November, following a 0.5% year-on-year decline the previous month. "In November, the growth in prices for services remained at 3.0% year-on-year. Disinflation in the non-food sector remained ...
12/09/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
... due to a slowdown in the growth of the jewelry industry and the production of basic metals. However, since July, there has been a noticeable trend of accelerating industrial growth, mainly driven by faster growth in the production of basic metals and food products. "Despite recent developments, in January-October, industry remained one of the main sectors contributing to the growth of economic activity (contributing 2.1 percentage points), trailing behind services (contributing 3 percentage points) ...
12/05/2024EDB to invest $200-250 million in Armenia in 2025-2026 – Deputy Chairman
... Copper and Metallurgical Plant, $39 million in providing bank guarantees to the Ozon Group, and $6 million in the construction and modernization of dairy farms for the "Yeremyan Projects Group". The Eurasian Development Bank (EDB), the World Food Programme, and the "Yeremyan Projects group" of companies are implementing the "Milk to Schools" project in the Republic of Armenia. About the EDB The Eurasian Development Bank (EDB) is an international financial institution engaged ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... increased 3.3 times y/y from January to September (2.2 times y/y in September). The acceleration in the services sector was driven by financial activity (7.4% y/y in September), entertainment and recreation (29.8% y/y in September), and accommodation and food services (14.7% y/y in September). Sustained high growth rates in construction (15.9% y/y from January to October) were supported by mortgage lending (28.5% y/y in October). At the same time, as noted by the EDB, domestic demand is actively expanding ...
12/05/2024Petrol in Armenia in November fell in price by 6%, while diesel fuel - by 9.9%
... October of the same year were down by 0.7% and 0.9%, respectively. In October this year compared to December last year, petrol and diesel fuel were cheaper by 5.5% and 9.1%, respectively. Overall, according to the statistical data, prices in the non-food market fell by 2.1 per cent in November 2024 compared to November 2023, and rose by 0.2 per cent compared to October this year. -0-
12/04/2024Food products in Armenia rose by 1.7 per cent year-on-year in November
Prices of food products and non-alcoholic beverages rose by 1.7% in November 2024 against November 2023, the National Statistical Committee's report shows. YEREVAN, 4 December. /ARKA/. Prices of food products and non-alcoholic beverages rose by 1.7% in November ...
12/04/2024Inflation in Armenia registered at 1.4% in November, 1.3% for the month
... inflation in Armenia was 1.4% compared to November 2023, and 1.3% compared to October 2024, according to the latest numbers, released by the National Statistical Committee (NSC). According to the NSC, in November 2024, compared to November 2023, prices for food products and non-alcoholic beverages rose by 1.7%, and by 3.1% compared to the previous month. Alcohol and tobacco products rose in price by 4.1% in November compared to November 2023 , and by 0.4% compared to October of this year. Prices for clothing ...
12/04/2024Armenia to take part in largest “Gulfood-2025” exhibition in Dubai
Armenia will participate with a dedicated national pavilion at the largest exhibition of food products, soft drinks, and juices, "Gulfood-2025," which will take place from February 17 to 21 in Dubai, according to the Ministry of Economy of the Republic of Armenia. YEREVAN, December 3. /ARKA/. Armenia will participate with a ...
12/03/2024Armenia's poverty rate reached 23.7% by end of 2023
... compared to the previous year, according to a report by the National Statistical Committee. At the same time, the extreme poverty rate for the previous year was 1.1%, decreasing by 0.1 percentage points compared to 2022. According to the report, extreme/food poverty in 2023 was 1.1% (compared to 1.2% in 2022), the lower poverty threshold stood at 9.7% (down from 11.6% in 2022), and the upper poverty threshold was 42.6% (up from 24.8% in 2022). The urban poverty rate in 2023 was 21.5% (down from 22.1% ...
12/02/2024EEC Board grants tariff concession for butter imports to Armenia
... 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 demand in the short term without affecting the production of other dairy products, given ...
12/02/2024Battle for growth or decline: Armenian Ministry of Economy accuses National Statistical Committee
... billion drams. Investigating the reasons for the discrepancy between the indicators In light of the discrepancy between the published data and the statements of officials, the ARKA news agency reached out to Arsen Avakyan, the head of the Agriculture and Food Supply Statistics Department at Statistical Committee, for a comment. According to him, Minister Papoyan ьуфте the data for October 2024 in comparison with October 2023. In this case, Avakyan noted, an 8% decline was indeed recorded. When asked ...
11/29/2024Armenia plans to ‘conquer unconquered’ international tourism markets in 2025 - head of Tourism Committee
... tourism exhibition. Then we plan to take part in the international tourism exhibition ‘ITB Berlin’, we also plan to place an Armenian stand in Osaka, Japan, which will operate there for a year. It is also planned to organise the Days of National Food, Drinks and Taraz (Armenian national costumes) there. We would also like to hold drink tasting, organise national songs and dances during these days. ‘ARKA’ - What indicators are recorded in terms of tourist visits to Armenia for 10 months ...
11/29/2024Armenian tourism head urges locals to celebrate New Year in the country
... contribute to the country's economy," Gevorgyan said in an interview with ARKA news agency. According to her, it's important to leave the big cities, such as Yerevan, and spend time with family and friends in the fresh air, try ecologically clean food in the regions of the country, and simply enjoy these days. "There is potential for the development of domestic tourism in Armenia, and people are ready to host tourists. I spoke with companies providing tourism services, asking them to improve ...
11/29/2024Armenia extends grain export ban outside the EAEU for six months
.... The decision was made at a government meeting on Thursday. The ban applies to wheat, barley, corn, buckwheat, as well as sunflower seeds and sunflower oil, in addition to grains. This decision, as stated in the justification, is aimed at ensuring food security and economic stability. It is also noted that the production volumes of the aforementioned goods do not meet the needs of the domestic market. The deficit is covered by imports.
11/28/2024Grocery store in Artik faces accusations of $670 thousand shadow turnover
... /ARKA/. The State Revenue Committee of Armenia reports the discovery of a shadow turnover case amounting to approximately 260 million drams (about $670,000) at a grocery store in the city of Artik, Shirak region. It was discovered that the store sold food products for cash and, in some cases, failed to provide customers with cash register receipts, instead issuing only internal accounting documents to avoid paying taxes. During the investigation, it was found that the shadow turnover at this store ...
11/26/2024Armenia counts on DFC's contribution to financing of SME, capital market and agro sector- minister
... assistance, we can take a step forward towards building a developing and inclusive economy,’ Papoyan was quoted as saying. Key issues discussed during the meeting included support for SME programmes and capital market development, housing for refugees, food security and the agribusiness sector, in particular the promotion of organic agriculture and the integration of renewable energy, and the development of the tourism sector. About DFC DFC Corporation was formed in December 2019 as part of the ...
11/25/2024Armenia's GDP growth slowed to 5.2 per cent to about AMD 2.7 trillion in Q3 - official statistics
... cent, construction - 16.8 per cent and wholesale and retail trade, repair of motor vehicles and motorbikes - 14.2 per cent. Sectors that also showed growth compared to the third quarter of last year were manufacturing at 8.9 per cent, accommodation and food services at 7.2 per cent, water supply, sewerage and waste management at 6.4 per cent, health and social services at 5.1 per cent and administrative and related activities at 0.5 per cent. Declines were recorded in public administration and compulsory ...
11/20/2024Papoyan discusses food security and export issues with Russian agriculture minister
Armenian Economy Minister Gevorg Papoyan, during a meeting with Russian Agriculture Minister Oksana Lut on Friday, emphasized the importance of bilateral cooperation, particularly in the area of food security, according to the Ministry of Economy's press service. YEREVAN, November 15. /ARKA/. Armenian Economy Minister Gevorg Papoyan, during a meeting with Russian Agriculture Minister Oksana Lut on Friday, emphasized the importance ...
11/15/2024Armenia and Russia discuss ways to increase agricultural trade turnover
... Agriculture Oksana Lut on ways to increase agricultural trade turnover. As reported by the press service of the Armenian government, the meeting emphasized the importance of cooperation with Russia in the field of agriculture, particularly in the area of food security. The prospects for developing scientific and technical cooperation in this area were on the discussion agenda. The trade turnover between Armenia and Russia for January-September 2024 totaled $9,756,475.1 thousand, marking a 99.2% increase ...
11/15/2024Armen Danielyan appointed head of Food Security Inspection Body
Armenian Prime Minister Nikol Pashinyan has appointed Armen Danielyan as head of the Food Security Inspection Body, according to the government's website. YEREVAN, 12 November. /ARKA/. Armenian Prime Minister Nikol Pashinyan has appointed Armen Danielyan as head of the Food Security Inspection Body, according to the government's ...
11/12/2024Inflation below Central Bank forecast: EDB expects another cut in refinancing rate in Armenia
... which is likely to prompt another cut in the refinancing rate in December, according to the weekly macro review of the Eurasian Development Bank (EDB). ‘Inflation in Armenia stood at 0.6% yoy in October, the same as a month earlier. Prices in the food segment continued to decline - food products fell in price by 0.5% y/y in October after declining by 1.0% y/y a month earlier. The growth of prices for services also slowed down in October, reaching 3.3% yoy after 3.6% yoy a month earlier. Armenia's ...
11/11/2024$9bn investment can help Armenia decarbonise economy and improve energy security - WB report
... 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 climate change. The report estimates that with the right set of policy reforms approximately 75% of the targeted investment could be financed by the private sector. “We see a vital role for private ...
11/08/2024Armenia to label dairy products to prevent buyer confusion
Armenia is planning to introduce color labeling for dairy products. YEREVAN, November 6. /ARKA/. Armenia is planning to introduce color labeling for dairy products. This initiative to regulate the requirements for dairy product sales was discussed in the first reading on Wednesday at a meeting of the parliamentary committee on economic issues. It is aimed at preventing actions that mislead consumers and protecting life and health. When selling dairy products without milk fat, a separate green...
11/06/2024Armenia's foreign trade turnover slows to $23.7 billion in 9 months; major trade partners are Russia, UAE, and China
... products – about $7 billion (a 6.3-fold increase compared to January-September 2023), machinery, equipment, and mechanisms – $about 965 million(a decrease of 1.1%), mining industry products – $765. 6 million (an increase of 11.9%), and finished food products – $649 million (an increase of 2%). Imports According to statistics, the volume of imports to Armenia for the first 9 months of 2024 amounted to over $13. 1 billion, marking an increase of 54.2% compared to January-September 2023. Imports ...
11/06/2024Gasoline price in Armenia was down 5.8% in October
....2%, respectively. Moreover, liquid hydrocarbons (butane, propane, etc.) in October 2024 compared to October 2023 decreased in price by 4.4%, and compared to September of the same year, by 25.9%. Overall, according to statistical data, prices for non-food goods in September 2024 compared to September 2023, decreased by 1.7%, while compared to August of the current year, they increased by 0.5%. -0-
11/05/20240.6% inflation recorded in October, 0.3% for the month
... 5. /ARKA/. In October 2024, inflation in Armenia was recorded at 0.6% year-on-year and 0.3% month-on-month. This is according to data from the report by the National Statistical Committee of Armenia. According to the NSC, in October 2024, prices for food products and non-alcoholic beverages decreased by 0.5% year-on-year, while they rose by 0.9% over the month. Alcohol and tobacco products increased in price by 3.9% year-on-year in October and by 0.2% compared to September. Clothing and footwear ...
11/05/2024EU investment in Armenia's logistics infrastructure under discussion
... attended the meeting. The discussion covered EU sectoral support, jointly implemented programs and initiatives, economic diversification, export market expansion, aligning quality infrastructure with international standards, and deepening cooperation in food security, the press service of Armenian Ministry of Economy reported The interlocutors discussed possibilities for attracting EU investments to develop logistics infrastructure in Armenia's economy. They also considered expanding support mechanisms ...
11/05/2024Armenia’s State Revenue Committee uncovers hidden sales turnover of 300 million drams
... State Revenue Committee of Armenia recently uncovered a hidden turnover of approximately 300 million drams, according to a report from the department's press service. Operational data indicated that an individual entrepreneur involved in the trade of food products and household goods in the village of Karbi, Aragatsotn region, was accepting cash payments for goods sold. Instead of providing a cash register receipt, the entrepreneur offered only an internal payment document, thereby avoiding substantial ...
10/30/2024IMF leaves Armenia's economic growth forecast unchanged for 2024 and expects a slowdown in 2025
... buffers, along with high profitability,’ the press release said. It says also that 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 ...
10/22/2024Armenia’s economic activity slows to 5.6 percent in August 2024 - WB
... this was driven by financial, insurance, hotel, and professional services. Industry continued to grow at the modest rate of 2.1 percent; a 5.5 percent (yoy) contraction in mining was offset by a 3.8 percent (yoy) growth in manufacturing due to greater food and cigarette production in August. Cumulatively, the Economic Activity Index grew 9 percent (yoy) from January to August. According to Armenia's National Statistical Committee, the industrial output in January-August 2024 totalled AMD 1.9 trillion,...
10/21/2024Armenian and Turkish Foreign Ministers discuss bilateral issues and continuation of dialogue
... citizens of the third countries visiting Armenia and Turkey respectively. An agreement was also reached to start the direct air transportation of goods between Armenia and Turkey as soon as possible. In February 2023 Armenia sent two convoys of trucks with food, medicine and other relief supplies to Turkey's quake-stricken regions, which crossed into Turkey through the border gate that was opened for the first time since 1993. After the 44-day war in Nagorno-Karabakh in 2020 Armenian PM Nikol Pashinyan ...
10/18/2024Twenty-three Armenian companies to participate in Sial 2024 food and beverage exhibition in Paris
Twenty-three Armenian companies will showcase their products at the 60th international food and beverage exhibition Sial 2024, which will be held on October 19-23 in Paris, the Ministry of Economy said. YEREVAN, October 17. /ARКА/. Twenty-three Armenian companies will showcase their products at the 60th international food and beverage ...
10/17/2024EBRD and Ernst & Young to conduct study on competitiveness of small and medium-sized companies in Armenia
... medium-sized enterprises (SMEs). ‘The aim of the study is to uncover the growth potential and opportunities of SMEs, to outline the problems and challenges. The study will be concentrated around such areas of priority importance for the economy as food and beverage production, textile, clothing and leather goods production, ‘pharmaceutical, R&D and technological production, computer programming and consulting services,’ the Ministry of Economy said. By identifying critical growth factors ...
10/16/2024Slowdown in inflation in Armenia is linked to price dynamics in the food segment – EDB
Inflation in Armenia slowed to 0.6% y/y in September after 1.3% y/y a month earlier, which is due to price dynamics in the food segment - food products fell in price (-1.0% y/y in September after +1.0% y/y a month earlier). YEREVAN, October 7 /ARKA/. Inflation in Armenia slowed to 0.6% y/y in September after 1.3% y/y a month earlier, which is due to ...
10/07/2024Armenian Trade House to be opened in Almaty, Kazakhstan
... meeting of Minister of Economy Gevorg Papoyan and Kazakhstan's Ambassador to Armenia Bolat Imanbayev in Yerevan on Thursday. The parties discussed the prospects of bilateral economic cooperation, investment opportunities, especially in the field of food security and agro-processing, which is supposed to contribute to the attraction of private investments and development of production capacities, the press service of the Ministry of Economy reported. The sides also touched upon the organisation ...
10/03/2024Inflation in Armenia in September made 0.6 per cent
... said. YEREVAN, 3 October. /ARKA/. Inflation in Armenia rose by 0.6 percent in September 2024 compared to September 2023 and by 0.2 percent compared to August 2024, the National Statistical Committee (NSC) said. According to the NSC data, prices of food and non-alcoholic beverages decreased by 1 per cent in September 2024 compared to September 2023 and by 0.6 per cent compared to August 2024. Alcohol and tobacco prices rose 4.1 per cent year-on-year and 0.1 per cent from August this year. Clothing ...
10/03/2024Armenia allocates AMD 18.5 mln for research of serum against small ruminant plague
... the World Organization for Animal Health (OIE), and according to the relevant article of the law “On Veterinary Medicine”, infectious diseases of animals in the Republic of Armenia are subject to mandatory notification and registration. The UN Food and Agriculture Organization plans to recognize European countries, as well as Armenia, Georgia and Azerbaijan as historically or classically free of the disease by 2027. -0-
10/03/2024Foreign trade turnover of $700 million with Iran doesn’t suit Armenia: the goal is $1 billion - Papoyan
... 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 already play a significant part in our trade," said Papoyan at the Third Eurasian Forum in Yerevan. The Minister noted that an important event was the signing of a free trade agreement between Iran and the EAEU, which opens up opportunities ...
09/30/2024State Revenue Committee of Armenia reveals a shadow turnover of 17 billion drams
... department, in July-September of this year, 97 operational investigative measures were carried out to uncover cases of tax evasion. The measures were carried out, in particular, in relation to business entities engaged in the trade of building materials, food products, vegetables and fruits, clothing, furniture, household goods, household appliances, cosmetics, diesel fuel, as well as organization of public catering and provision of hotel services. When analyzing computers, server systems and other ...
09/27/2024EBRD keeps Armenia's economic growth forecast for 2024 at 6.5%, but points to risks
... 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 with a moderate deficit. Meanwhile, falling food prices and a relatively higher central bank policy rate caused the inflation rate to hover around zero. Operations of the new gold mine from early 2025 give an additional boost to the medium-term economic outlook. GDP growth is expected to ease to ...
09/26/2024World Bank named the key factor in exports from Armenia in July
... of precious, semi-precious stones and metals decreased by 11.6% compared to the previous month, and their share in total exports reached 48.5%, which is much lower than their share of 75% at the beginning of 2024. Exports of mining products, finished food products and agricultural products increased by 15%, 11% and 52%, respectively. In July, exports of machinery, equipment, appliances, and vehicles – the two fastest-growing export commodity groups in 2023 – fell by 21% and 86%, respectively....
09/24/2024Decline in key subgroups of manufacturing industry in Armenia in July offset by growth in three sectors – WB
... improved slightly, from 1.3 percent (yoy) in June to 2.2 percent (yoy) in July, driven mainly by greater electricity and energy growth (13 percent, yoy). Manufacturing growth remained low at 2.5 percent, with contraction in most major production sub-items: food, beverages, and jewelry products went down by 5 percent (yoy), 4.4 percent (yoy), and 27 percent (yoy), respectively. This was compensated by growing production in cigarettes (21 percent, yoy), textiles (23 percent, yoy), and base metals (74 percent,...
09/24/2024Expired products found in Yerevan supermarkets – Municipality
... representatives conducted regular inspections in the capital's supermarkets, detecting a string of breaches of law. In particular, expired products with double labels and products with labels with missing dates were found. Dairy and meat products, all types of food and non-food products were checked. ‘According to the law, entrepreneurs are fined from 100 thousand to 200 thousand drams for violations,’ the Municipality noted. However, it did not name the supermarkets where expired products were found. ($1 ...
09/17/2024Armenia to participate in ’’World Food India 2024’’in New Delhi
Armenia will participate in the international exhibition “World Food India 2024” with a separate national pavilion. The exhibition will be held on September 19-22 in New Delhi (India). YEREVAN, September 16 /ARKA/. Armenia will participate in the international exhibition “World Food India ...
09/16/2024Armenia to take part in Foodex Saudi-2024 in Riyadh
Armenia will take part with a separate national pavilion in ‘Foodex Saudi-2024’ international exhibition of food and beverages to be held on 16-19 September in Riyadh (Saudi Arabia). YEREVAN, 13 September. /ARKA/. Armenia will take part with a separate national pavilion in ‘Foodex Saudi-2024’ ...
09/13/2024Armenia, USAID expand cooperation agreement, doubling grant to $250 Million
... press release. The amendment increased the grant funding from $120 million to $250 million, more than doubling the original amount. It also expands the scope of joint projects to include critical areas such as disaster risk management, cybersecurity, food and energy security, regional cooperation and trade, democratic processes, and inclusive economic development. Grigoryan highlighted the importance of not only the financial support but also the democratic values and innovative ideas that the partnership ...
09/11/2024Inflation in Armenia rises by 1.3% in August
Inflation in Armenia increased by 1.3% year-on-year in August, following a 1.4% rise the previous month, largely due to rising food prices, according to a weekly macroeconomic review from the Eurasian Development Bank (EDB). YEREVAN, September 9. /ARKA/. Inflation in Armenia increased by 1.3% year-on-year in August, following a 1.4% rise the previous month, largely ...
09/09/2024Armenia's foreign trade nearly doubles in 7 months to $20.4 billion
... semi-precious stones, precious metals and items- $6 billion, an increase of 7.9 times compared to January-July 2023, machinery, equipment and mechanisms - $702 million, a decline of 5.4%, mining industry - $589.3 million (an increase of 18%), finished food - $477.7 million (a decline of 2.2%). Imports The volume of imports to Armenia amounted to over $11.6 billion, recording an increase of 79.1% compared to January-July 2023. The volume of imports from Russia grew to $7.6 billion, an increase of 4....
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