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EDB names reason behind Armenia's economic slowdown in November
... Eurasian Development Bank (EDB) have analyzed the reasons behind the slowdown in economic activity in Armenia in November this year. "Economic activity in Armenia increased by 7.4% in January-November 2024. This growth was primarily driven by the trade (+18.0% y/y), services (+6.3% y/y), and industry (+7.6% y/y) sectors. In November, as expected, economic activity slowed down (+1.2% y/y after +4.2% y/y in October) due to a decline in the industrial sector (-19% y/y in November after +5.2% y/y ...
12/30/2024Benefits for highly qualified specialists to be reduced in Armenia
... the salaries of highly qualified specialists. Armenian Economy Minister Gevorg Papoyan stated that a decision had been made to amend this component. Specifically, he mentioned that specialists in the fields of finance, insurance, and retail/wholesale trade would be excluded from the program. Additionally, while the compensation amount previously ranged from 20% to 70% depending on various conditions, the approved amendments will reduce it to a range of 10% to 50%.
12/27/2024Armenia and Japan sign convention on avoidance of double taxation
... create opportunities to stimulate entrepreneurship in both countries, foster competitive conditions, encourage favorable investment activities, and establish a stable tax environment for investors. The signing of the Convention is expected to expand the trade of goods and services between Armenia and Japan, facilitate the movement of capital, technology, and people, and strengthen economic ties. According to Armenian Statistical Committee, trade turnover between Armenia and Japan for the first 10 months ...
12/27/2024Armenia's foreign trade turnover jumps 54% to $28.2 billion
According to current statistics, Armenia's foreign trade turnover in January-November 2024 amounted to $28,179.6 million, which is 54% higher than the figure for the same period in 2023, the National Statistical Committee of Armenia reports. YEREVAN, December 25. /ARKA/. According to current statistics,...
12/25/2024Armenia's economic activity growth slowed to 7.4% in first 11 months of 2024
....5%. The construction sector grew by 14.9% in the first eleven months of 2024 compared to the same period in 2023, amounting to 567,022.5 million drams. In November, the year-on-year growth was 11.6%, and the month-on-month growth was 6.4%. Domestic trade turnover reached 5,603,922.3 million drams during the first eleven months of the year, an 18% increase compared to the same period last year. In November, the year-on-year growth was 11.5%, and the month-on-month growth was 5.4%. According to the ...
12/25/2024Iran ratifies free trade agreement with EAEU
Members of the Majlis (Iranian Parliament) have agreed on the general provisions of the bill for a free trade agreement between Iran and the Eurasian Economic Union (EAEU) and its member states, Iranian news agency IRNA reported. YEREVAN, December 24. /ARKA/. Members of the Majlis (Iranian Parliament) have agreed on the general provisions of the bill ...
12/24/2024Armenia's October exports (excluding precious and semi-precious stones) rise by just 9.1% - WB
... observed since May 2024); textile products (59.6%); ores (32.5%); and food products (27.7%),” the report adds. It is also noted that, in total, exports doubled from January to October, while imports grew by 50%, resulting in a 17.9% reduction in the trade deficit. According to official statistics, exports from Armenia for the first 10 months of 2024, compared to the same period in 2023, increased by 95.1%, totaling $11.55 billion. In October 2024, this figure amounted to $931.6 million, marking a ...
12/23/2024Trade turnover between Russia and Armenia doubles to $10.2 billion - Overchuk
Trade turnover between Russia and Armenia in the first 10 months of 2024 reached $10.2 billion, which is twice as much as in the whole of 2023, Russian Deputy Prime Minister Alexei Overchuk said at a meeting of the Russian-Armenian intergovernmental commission ...
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 to World Bank's 'Armenia Monthly Economic Update – December 2024.' YEREVAN, December 20. /ARKA/. Economic activity ...
12/20/2024Armenian government endorses economic agreement with Hungary
... December 19. /ARKA/. The Armenian government approved an agreement on economic cooperation with Hungary at a meeting on Thursday. As stated in the rationale for the decision, this agreement will help develop long-term economic ties in areas such as trade, tourism, energy, transport, agriculture, and more. The document also outlines the creation of an Armenian-Hungarian intergovernmental commission to promote economic cooperation. On Armenian-Hungarian Relations Armenia severed diplomatic relations ...
12/19/2024Armenia and UAE to strengthen trade, tourism, and tech ties
... agenda between Armenia and the UAE, highlighting the positive dynamics of their relations, the achieved results, and the willingness to expand cooperation in areas of mutual interest. They emphasized additional opportunities for strengthening ties in trade, tourism, technology, and infrastructure. Mirzoyan stressed the need for continued active efforts to achieve more significant outcomes, given the mutual interest, political will, and mutually beneficial prospects. In the context of attracting investment,...
12/17/2024Armenia's trade turnover with EEU countries in January-October exceeded $11bn. - Ministry of Economy
Armenia's trade with Eurasian Economic Union’s (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. YEREVAN,...
12/16/2024Converse Bank has been included in the list of Confirming Banks of the EBRD TFP
We are pleased to announce that Converse Bank has made a significant stride in the realm of trade finance by becoming a confirming bank under the EBRD TFP. YEREVAN, 16 December. /ARKA/ We are pleased to announce that Converse Bank has made a significant stride in the realm of trade finance by becoming a confirming bank under the EBRD TFP....
12/16/2024Turkey only needs to invest $2.5 billion in Armenia's economy to take control of it, says CCAF head
In case of establishing trade ties with Turkey, Armenia's economy will be threatened by Turkish expansion, claims Mourad Papazian, co-chairman of the Coordinating Council of Armenian Organisations of France (CCAF) and member of the ARF Dashnaktsutyun Bureau. YEREVAN, 14 ...
12/14/2024Crossroads of Peace will expand transport, trade and economic ties between the countries - Armenian Prime Minister
The Crossroads of Peace project will secure favourable conditions for the expansion of transport, trade and economic ties between all interested states, Armenian Prime Minister Nikol Pashinyan said. YEREVAN, 13 December. /ARKA/. The Crossroads of Peace project will secure favourable conditions for the expansion of transport, trade and economic ...
12/13/2024Armenian anti-monopoly authority reveals collusion of fuel sellers and issues fines for more than AMD 1bn
... today. YEREVAN, 13 December. /ARKA/. Four large companies in Armenia engaged in petrol sale have been fined over AMD 1 billion for anti-competitive agreement, the Commission for Protection of Competition reported today. CPS Energy Group, Flash, Mega Trade, Max Oil and Kamoil companies were fined AMD 392.5 million, AMD 324.1 million, AMD 206.2 million and AMD 155.6 million respectively. According to the Commission for Protection of Competition, between 1 January 2022 and 10 June 2024, these companies ...
12/13/2024“Crossroads of Peace” initiative aligns with CIS interests – Armenian Deputy Prime Minister
... The implementation of the “Crossroads of Peace” initiative fully aligns with the interests of all CIS countries, said Armenian Deputy Prime Minister Mher Grigoryan. “The initiative is important and aims at the full realization of the region’s trade and economic potential by unblocking borders and creating a regional system of transport and communication infrastructure, both in the East-West and North-South directions,” Grigoryan noted at a meeting of the CIS Council of Heads of Government ...
12/12/2024Agro-sector and investments: Armenia and China discuss strengthening trade and economic ties
Armenian-Chinese trade and economic relations were discussed by Armenian Deputy Minister of Economy Tatevik Sargsyan and the delegation of China's Ministry of Commerce at a meeting held yesterday at the Armenian Ministry of Economy. YEREVAN, December 12. /ARKA/. Armenian-Chinese ...
12/12/2024Unblocking communications will restore region's role: Armenian speaker on talks with Azerbaijan
... including the right to development, is a crucial prerequisite for fully realizing the economic potential of the Black Sea region and integrating into global markets. "The Black Sea region is crucial for the development of East-West and North-South trade and transport links. To unlock and harness the region's transport potential, we must focus our efforts on effectively utilizing PABSEC mechanisms. The implementation of the Black Sea Ring Road and Sea Routes initiatives can significantly enhance ...
12/11/2024Armenia's domestic trade turnover nears 5 trillion drams, up 18.8%
Armenia's domestic trade turnover in January-October this year totaled 4,990,023.3 million drams (at current prices), marking an 18.8% increase compared to the same period in 2023, according to the National Statistical Committee of the Republic. YEREVAN, December 9....
12/09/2024Armenia's foreign trade for 10 months totalled $26.2bn, growth continues to slow down
Armenia's foreign trade turnover in January-October 2024 compared to the same period in 2023 grew by 67.6% to more than $26.2 billion, the National Statistical Committee reported. YEREVAN, 6 December. /ARKA/. Armenia's foreign trade turnover in January-October 2024 ...
12/06/2024EDB develops non-sovereign financing database to track investments by international financial institutions in Eurasia
... Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Eurasian Development Bank (EDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the New Development Bank (NDB), the Black Sea Trade and Development Bank (BSTDB), the International Bank for Economic Co-operation (IBEC), the International Investment Bank (IIB) and the International Finance Corporation (IFC). The NSF Database offers Eurasian governments and the expert community ...
12/06/2024Armenia'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 by 5.6% to 776,814, mainly due to the growth in the number ...
12/05/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
... 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) and trade (contributing 2.6 percentage points). The growth of construction also continued to support economic activity (contributing 1.2 percentage points)," the review says. According to data for January-September, industrial growth was mainly driven ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... economic growth slowed in 2024, it remained strong. From January to October, the economic activity indicator increased by 8.1% year-on-year (4.2% y/y in October). The main contributors to economic growth in the first ten months of this year were the trade (18.8% y/y), services (5.8% y/y), and industry (11.7% y/y) sectors. At the same time, according to the review, industrial dynamics have been weakening since the end of the second quarter due to a slowdown in the growth of manufacturing industries....
12/05/2024Armenia to take part in largest “Gulfood-2025” exhibition in Dubai
... 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. For over three decades, Gulfood has been a driving force at the heart of the global food trade, fostering innovation, promoting cross-cultural collaboration, and shaping the future. The exhibition will feature 190 countries with national pavilions, and more than 5,500 exhibitors are expected to participate.
12/03/2024EEC Board grants tariff concession for butter imports to Armenia
... 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 the limited resource base. Import ...
12/02/2024Armenia to open embassy in Hungary
... appointed to serve also as Hungary's ambassador to Armenia, and Ashot Smbatyan (part-time ambassador to Georgia, residence in Tbilisi) was appointed as Armenia's ambassador to Hungary. On 10 September this year, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said in Yerevan that Hungary could help Armenia and Azerbaijan to finalize the peace treaty. -0-
11/28/2024Ruling party ready to make concessions on tax changes in Armenia
..., which envisage changing the preferential tax regime enjoyed by a string of small and medium-sized enterprises. The government bill suggests excluding advocacy, accounting, consulting, advertising, construction, architectural design and real estate trade from the types of economic activities covered by this tax break. The government claims that the companies and individual entrepreneurs engaged in these sectors have an unfair advantage over other types of business. MP from the opposition Hayastan ...
11/27/2024Open borders and better logistics could positively affect Armenia’s trade prospects– EBRD Managing Director
Open borders and better logistics could positively affect trade prospects, especially because Armenia has access to the EU market through the Comprehensive and Enhanced Partnership Agreement and to the central Asian markets of the members of the Euroasian economic union. YEREVAN, November 27. /ARKA/. Open ...
11/27/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... notable projects for this year was funding the construction of Sisian-Kajaran road part 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....
11/26/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
... 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: Economic Outlook and Policy Challenges. He noted that 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 ...
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... One of the most notable projects for this year was funding the construction of Sisian-Kajaran road part of the North-South corridor infrastructure rehabilitation. 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....
11/26/2024Armenia's foreign trade turnover in January-October soars by 67.6% to over $26.2bn.
Armenia’s foreign trade turnover in January-October 2024 soared by 67.6% year-on-year to over $26.2 billion, the National Statistical Committee reports. YEREVAN, 25 November. /ARKA/. Armenia’s foreign trade turnover in January-October 2024 soared by 67.6% year-on-year ...
11/25/2024Economic activity in Armenia increased by 8.1% in 10 months
... 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 and by 3.3% month-on-month. At the same time, the domestic trade turnover reached 4,990,023.3 million drams, which is 18.8% higher than the figure for the same period last year. Additionally, in October, compared to October 2023, the growth was 13.7%, and compared to September of the same year, it was 2.1%. According ...
11/25/2024Russian investments in Armenia total around $4 billion – Kopyrkin
... amount of accumulated Russian investments in Armenia is approximately $4 billion, Russian Ambassador to Armenia Sergey Kopyrkin, in an interview with ‘’Izvestia’’. According to him, the catalyst for the dynamic development of Russian-Armenian trade and economic relations is largely the cooperation within the framework of the Eurasian Economic Union. "The impressive figures of our mutual trade would simply be impossible without the effective efforts of the EAEU bodies to eliminate trade ...
11/25/2024Armenia and Russia plan to reach record $14-16bn trade turnover - Russian Ambassador
Armenia and Russia have plans to keep up the momentum in mutual trade turnover and reach a record $14-16 billion, Russian Ambassador to Armenia Sergey Kopyrkin said. YEREVAN, 25 November. /ARKA/. Armenia and Russia have plans to keep up the momentum in mutual trade turnover and reach a record $14-16 billion,...
11/25/2024Chinese and Armenian businesspersons to make a series of mutual visits in 2025 to expand co-operation
... office in Armenia, Manukyan said the issue is under discussion. ‘There is a relevant clause in the 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 ...
11/25/2024Armenia's workforce exceeds 776,000 : Top 6 employment sectors
... 5.6% increase compared to September 2023. This is stated in Armenia’s Ministry of Economy report, "Armenia: Economic Prospects. January-September 2024.’’ Leading sectors of employment at the end of September 2024: • Wholesale and retail trade: 130.5 thousand employees • Education: 125.6 thousand employees • Manufacturing: 91.4 thousand employees • Health care and social services: 52.8 thousand employees • Information and communication: 45.0 thousand employees • Construction: ...
11/22/2024Without re-export of precious metals, Armenia's exports would have hardly grown in September - WB
... been in decline since May, after strong growth in the first four months of the year. Imports grew just 12 percent in September, as reexports eased. Cumulatively, in the first nine months of 2024, exports doubled and imports grew 54 percent, with the trade deficit narrowing by 24 percent (yoy), the WB says. According to official statistics, Armenian exports in the first 9 months of 2024 compared to January-September 2023 increased 2.1 times, amounting to $10.6bn. In September 2024, this indicator ...
11/21/2024Armenia's GDP growth slowed to 5.2 per cent to about AMD 2.7 trillion in Q3 - official statistics
... scientific and technical activities -27% and culture, entertainment and recreation - 25.7%. Three other sectors also recorded double-digit growth rates: financial and insurance activities - 24.5 per 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 ...
11/20/2024World Bank names drivers for doubling of industrial growth in Armenia in September
....Armenia's economic growth reached 7 percent (yoy) in September, up from 5.6 percent (yoy) in August, according to World Bank's «Armenia Monthly Economic Update – November 2024». Double-digit growth continued in construction (14.7 percent, yoy), trade (13.4 percent, yoy), and services, excluding trade, (11.6 percent, yoy). Industrial growth doubled to 4.6 percent (yoy) in September, compared with 2.1 percent (yoy) in August, mainly due to growth in manufacturing (6.5 percent, yoy), electricity ...
11/20/2024Justice or sixfold increase of burden: tax changes discussed in the National Assembly of Armenia
... micro-enterprises either do not pay this type of tax at all or pay 5 per cent tax on their turnover,’ he argued. The government bill suggests excluding advocacy, accounting, consulting, advertising, construction, architectural design and real estate trade from the types of economic activities covered by this tax break. In its opinion, companies and individual entrepreneurs engaged in these sectors have an unfair advantage over other types of business, he said. According to the deputy minister, the ...
11/20/2024SKY express inaugurated new connection between Yerevan and Athens
..., said, “We warmly welcome this official opening of this airline connection between Yerevan and Athens. We are sure this is going to bring the two countries closer together, and strengthen the ties between them. We are also sure that it will boost trade opportunities, tourism and people-to-people relations between two already very friendly nations. We hope that this will also provide the opportunity to more Greeks visit here as tourists to enjoy the beauty of Armenia and its expanding tourism. ...
11/19/2024Papoyan discusses food security and export issues with Russian agriculture minister
... 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. 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 ...
11/15/2024Armenia and Russia discuss ways to increase agricultural trade turnover
Armenian Deputy Prime Minister Mher Grigoryan held talks with a delegation led by Russian Minister of Agriculture Oksana Lut on ways to increase agricultural trade turnover. YEREVAN, November 15. /ARKA/. Armenian Deputy Prime Minister Mher Grigoryan held talks with a delegation led by Russian Minister of Agriculture Oksana Lut on ways to increase agricultural trade turnover. As reported by the press service ...
11/15/2024ADB explores special economic zone in Gyumri
... free economic zones and the private sector. The main focus of the discussions was Gyumri's potential as a special economic zone, including tax incentives, infrastructure development requirements, and enhancing the role of logistics services in regional trade development. Since the start of its cooperation with Armenia in 2005, ADB has invested $1.9 billion in the country's economy, making it one of the largest multilateral development partners of the Republic. These investments include projects in transport,...
11/15/2024213 taxpayers fined 98millon drams for cash register violations
... with the total amount reaching 41.53 million drams. Fines of 1 million drams or more for violating the rules for using cash registers were imposed in sectors such as accommodation services, retail of clothing, footwear, and fabrics, public catering, trade in liquid and solid fuels, gas stations, grocery stores, entertainment and sports, and the sale of household goods. (1 USD = 387.64 drams) -0-
11/15/2024Armenian goods center to open in Iran
YEREVAN, November 14. /ARKA/. As part of his working visit to Iran, Deputy Minister of Economy of the Armenian Republic Narek Hovakimyan met with Mohammad Ali Dehghan Dehnavi, Deputy Minister of the Iranian Ministry of Trade, Industry, and Mines, and Head of the Trade Development Organization. YEREVAN, November 14. /ARKA/. As part of his working visit to Iran, Deputy Minister of Economy of the Armenian Republic Narek Hovakimyan met with Mohammad Ali Dehghan Dehnavi,...
11/14/2024Armenia and Hungary discuss expansion of cooperation at first political consultations
... in Budapest on 11 November, the Armenian Foreign Ministry said. The Armenian side was represented by Deputy Foreign Minister Paruyr Hovhannisyan, the Hungarian side was represented by State Secretary of the Hungarian Ministry of Foreign Affairs and Trade Peter Staray. The sides exchanged views on the possibilities of further development of the bilateral agenda, as well as on regional issues. They stressed the need to expand the bilateral legal framework, activate ties in trade, economy, culture,...
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