Around the world, 124 billion liters of mineral water are consumed annually — that's 24 liters per capita. At 7–8% annually, this is one of the fastest growing markets.
There was a 5.8% decline in industry in Armenia in April compared to March, according to official data by the National Statistical Service of the Republic of Armenia (RA). Industry has been declining since the beginning of the year, but there was hope that after seasonal factors were eliminated, industry growth would be restored.
The Judicial Acts Compulsory Enforcement Service of the RA Ministry of Justice has put on the auction block [AM] the Karen Demirchyan Sports and Concerts Complex. The starting bid for the historic building is 19.35 billion AMD (about $48 million USD). The bid notice states that the sport and concert complex is loan collateral.
Many, first of all, are interested in with what price offers Carrefour will enter Armenia. Carrefour's official website states that the company adopts different price policies in different countries and takes most into account its customers' purchasing power
More brandy than molybdenum or gold is exported from Armenia. The volume of brandy exported is surpassed only by copper concentrate, reaching $180 million in 2013. Basically, brandy is Armenia's sole product that has maintained its strategic significance for dozens of years. In Armenia, brandy is exported three times more than wine and two times more than vodka.
Armenia’s National Statistical Service reports that April 2014 consumer prices rose by 0.5% over the preceding month, mostly due to a o.9% rise in foodstuffs (including tobacco and alcoholic beverages).
It’s no accident that the number of hotels in Armenia has nearly doubled in the last seven years and that the number of hotels receiving international tourists has doubled in the past three years.
Is it any wonder that the fabled Prunus armeniaca (Armenian plum – the apricot), is Armenia’s most widely exported agricultural product?
Sales to Europe overall have been cut in half, of late, and crawfish exports to France have dropped threefold.
Worldwide wine consumption is growing 10-15% annually. Reports of the potential health benefits of red wine have helped. This opens the door to marketing Armenian wines to a world audience.
To boost the IT sector in Armenia, the government has again allocated 80 million AMD (US$200,000). A breakdown of who will receive the money follows.
The bulk of the Cypriot investment was targeted at the metal ore extraction sector. It is no secret that large investments in the Armenian mining sector are occurring at the Teghout copper-molybdenum mine operated by Teghout CJSC, a subsidiary of the Vallex Group.
The Central Bank of the Republic of Armenia last week did not intervene in the currency market.
In 2013, Armenia’s 21 commercial banks made 42.7 billion AMD in after tax profits as opposed to the 36 billion in the previous year.
In 2013, Armenia exported US$128,000 in firearms and imported $1.38 million.
During the Soviet years, Armenia used to breed foxes and minks. As the demand for mink fur in particular has grown in recent years, one company has decided to restore this industry in Armenia, helping to foster the local economy and create dozens of jobs.
The financial indicators for all 6 insurance companies in Armenia worsened in 2013.
Though the Central Bank of the Republic of Armenia (RA) reduced its intervention in the currency market recently, only time will tell whether the Armenian dram will maintain its relative stability.
In recent weeks, the price of copper has been $6,500 per ton, approaching the lowest level of the last 3 years (which was $6,037 in 2010).
The government will allocate 22.5 million AMD (US$55,000) to cover the costs of the “Only about Love” concert that took place at the Aram Khachatryan Concert Hall in Yerevan on March 8 to celebrate International Women’s Day.
Efforts are underway in Armenia to restore the military manufacturing sector in Armenia and a bill designed to do just that is now in the parliament’s upcoming agenda.
On March 7, the Yerkir am news site in Armenia wrote that it had received information regarding the possible sale of Electric Networks of Armenia (ENA), the utility company that serves 935,000 customers in Armenia.
Fluctuations in the Russian ruble, along with Armenia's joining the Customs Union, will affect the value of Armenia's currency, the dram — and not always for the better.
Armenia imports some $400 million worth of goods transported via Georgia. Half of this, $200 million are Turkish products.
Though exports of Armenian jewelry have gone up in recent years, they still don't compare to what the free economic zones of Dubai and Istanbul have accomplished.
After 1992, short haul aviation was forgotten. Only the airport in Arzni was re-launched, and now it only serves in a military context. The infrastructure in Yerevan and Gyumri also provide possibilities for short haul aviation.
If we believe the statistics publicly provide by Armenia’s customs agencies, Armenia is doing a brisk trade…with itself. For example, Armenia allegedly exported US $6.2 million US in products to Armenia.
The Armenian government has once again circulated a bill on regulating transactions with offshore companies in Armenia. The Transfer Pricing Bill is now on the agenda of Thursday's cabinet meeting.
Germany is the main supplier of cars to Armenia; 22,000 in 2013. This figure includes cars shipped directly from Germany as well as from Georgia. The SRC doesn’t provide a break-down.
According to Armenia’s Ministry of the Economy, this situation will push up the overall inflation rate by 1.5%. This might well be the case, but certain commodities will see price rises of between 10 to 15%; these include dairy products, meat and sugar.
One of the larger taxpayers on the list is the telecommunications company Ucom. 41% is owned by Aram Khachatryan, nephew of Gagik Khachatryan. In 2013, Ucom paid 1.35 billion AMD in taxes and came in 89th on the list of largest taxpayers.
In second place on the list is HayRusGazArd with its 36 billio AMD in paid taxes. Only 3.5 billion is actual tax (profit or income tax). The gross annual revenues of the company are around 2 trillion AMD ($5 billion U.S.) Let’s assume that the company operates on a 10% profit margin. Thus, profits amount to 200 billion AMD. In other words, it turns out that the company is paying a tax rate of 1.75%.
Right off the bat, we should note that Iran is a major supplier, exporting tomatoes, cucumbers, onions, citrus fruits and even carrots (three tons worth) to Armenia. The amount of onions Iran exported to Armenia was 300 tons.
The problem starts when officials enact a “temporary import” customs regime on cars entering the country. According to Article 38 of the Customs Code, temporarily imported goods must be re-exported within fifteen days.
I would suggest that the government prioritizes the regulation of the alcohol beverage market before even considering a relaxation of the advertising laws.
Prosperous Armenia party leader Gagik Tsarukyan plans to build a large casino named Onira Club on the highway between Yerevan and Abovyan.
As of November, it stood at 3.1%. Naturally, objective factors come into play like the rise in natural gas and electricity prices. The government says that these increases alone result in a 1% negative impact on economic growth.
The refinancing rate is the percentage the CB charges commercial banks for loans. Eight percent is quite high. In Europe and the States, the rate is .25%.
In 2010, Armenia exported large quantities of eggs to Georgia. In the last month alone, Armenia has imported over 7 million eggs according to the Ministry of Agriculture. 15 million in total have been imported this year.
When asked by Hetq about the $300 million debt, Government Chief of Staff Vatche Gabrielyan sent us an explanatory statement signed by Minister Movsisyan, noting that the arrears were accumulated during the period April 1, 2011 to July 6, 2013.
On the downside, it states that in 19% of Armenia’s markets monopolistic relations reign in comparison to a regional average of 6%.