Trade and services continue to weigh heavily in Armenia's economy. In the third quarter, 57.9% of the GDP was derived from these two sectors.
Seven months later, the government confesses it doesn’t know whether the cash has been effectively spent by these companies.
Gagik Aghababyan, who along with Arsen Drambyan founded a wine factory in the Tavush village of Koghb in 2021, tells Hetq that a recent analysis of their wine sales in Gyumri shows that Russians are the main buyers.
While Armenia’s Ministry of High-Tech Industry still refuses to provide the names of IT companies that received government financial assistance, Hetq has compiled a list of 111 companies that received taxpayer money and the amounts of such largesse.
Members of the EU observer mission in Armenia visited the metallurgical plant in Yeraskh that came under Azerbaijani gunfire earlier today.
Petrosyan says Armenia’s electricity demand doesn’t exceed 1,200 megawatts and that hydro, solar and thermal plants can easily make up the difference.
Despite Hetq’s many requests, the ministry has avoided providing the names of the companies receiving this assistance. Hetq requested two types of information: the list of companies that received support and the amount of support.
Armenia is self-sufficient in terms of electricity only at first glance. if we look at it from the point of view of our dependence on imported fuel , then it is not completely self-sufficient.
According to the new forecasts of the European Bank for Reconstruction and Development (EBRD), Armenia’s GDP will grow by 5% in 2023 and 2024.
Relatives of Armenian soldiers who died in the 2020 Artsakh war have been holding a sit-in since yesterday in front of the Investigative Committee (IC) office in Yerevan demanding to know why policemen who forcibly removed people who had gathered at
Former Artsakh Finance Minister Vardan Aramyan today, in Yerevan, presented the findings of a report summarizing the economic and financial impact of the ongoing blockade of the Lachin Corridor.
A record US$5.190 billion in personal remittances was sent to Armenia last year.
It took three months, but Hetq finally identified which company exported 353kg of gold, worth US$20.2 million, to Turkey in the first half of 2022.
26.5% of people in Armenia lived below the national poverty level in 2021 according to the government’s Statistical Committee (SC).
Defense expenditures will see the greatest increase in Armenia’s 2023 draft budget of US$5.7 billion.
Armenian exported 2,515 tons of gold worth US$94 million in the first six months of this year, an increase of 76% over the same period in 2021.
In an interview with Hetq, Hayk Mnatsakanyan, who chairs Yerevan State University’s Department of Finances and Accounting, said last week’s fighting along the Armenia-Azerbaijan border will negatively impact Armenia’s economy in both the long and sho
The Armenian government has bailed out businessman Gagik Tsarukyan’s Shangri La casino to the tune of 5.6 billion drams (US$13.8m) and not the 4.2 billion drams ($10.3m) announced in July.
42.6% of the 588,731 tourists who visited Armenia during the first half of 2022 were citizens of Russia.
Personal money transfers from Russia to Armenia increased 3.7 times in May of this year over the same period last year, reaching a monthly record of US$226 million according to Central bank of Armenia data.
Armenia’s State Revenue Committee (SRC) has removed a controversial draft amendment, that would allow it to access individual business and corporate bank accounts without a court order, from public debate.
Armenia’s State Revenue Committee (SRC) wants to have access to individual and corporate bank accounts without a court order, arguing that bank account holders often refuse to provide such information to tax authorities.
The Warsaw Stock Exchange will pay 873 million AMD (US$1.948) to acquire 65.03% of the shares of the Armenian Stock Exchange
Individuals sent US$561 million in bank remittances to Armenia from overseas during the first quarter of this year, an increase of 38% over the same period in 2021.
Khachatryan told members of a special session of the Armenian National Assembly’s Standing Committee on Economic Affairs that remittances from Russia, which amounted to some US$850 million last year, will probably drop by 40%.
Russia remains the main source of remittances to Armenia even though its share has decreased significantly over the past ten years.
Haykaz Fanyan, Director of the Yerevan-based Armenian Center for Socio-Economic Studies (ACSES), believes that Armenia can indirectly benefit from the financial sanctions imposed by the West on Russia after that country invaded neighboring Ukraine.
It goes without saying that the unfolding Russia-Ukraine conflict and the economic sanctions imposed by the West on Russia will impact Armenia’s economy.
Armenia’s national (government) debt rose to US$9.226 million by the end of 2021, an increase of $1.257 billion (15.8%) over the previous year.
Individuals transferred some US$157 million in 2020 when compared to US$28 million in 2017.
Emil Stepanyan, co-founder of Export Armenia, an association that represents local exporters in Armenia, today said Pashinyan’s government must take specific steps to protect domestic producers since Turkish imports are no longer banned.
According to amendments adopted in 2019, the income tax rate will be gradually reduced to 20% by 2023.
26.5% (581 billion AMD) of Armenia’s 2022 budget will be spent on social protection programs, notably old-age pensions, family benefits, etc.
This is up from the 3.4% growth rate it forecasted in April of this year.
During the first six months of 2021, Armenia’s state debt increased by US$901 (%11.3) million to reach $8.869 billion by the end of June.
Acting Armenian Economy Minister Vahan Kerobyan, in an interview with Hetq, claimed that living standards have improved in the country under the Pashinyan government, arguing that incomes have increased by 35%.
According to previous WB estimates published in January this year, economic growth in Armenia was projected at 3.1% in 2021, 0.3 percentage points lower than the new forecast.
Former Armenian President Levon Ter-Petrosyan, running on the Armenian National Congress (HAK) for the post of prime minister, has declared US$2,010 in cash and a yearly income of 12.5 million AMD ($24,000), mostly from his pension.
Three companies imported 60.3% of all drugs imported to Armenia in 2019.
Former Armenian Deputy Prime Minister Vache Gabrielyan, during a conversation with Hetq, said that Armenia needs a very widespreadCovid-19 vaccination program to ensure economic growth this year.
According to the latest data published by the Central Bank of Armenia (CBA), as of the end of February 2021, Armenia's international reserves amounted to $3.185 billion.
The largest product group exported from Armenia is ore, mainly copper concentrate and molybdenum concentrate.
2020 was a year of decline for both the entire Armenian economy and foreign trade. The export and import of Armenian goods have been reduced in a number of sectors.
Armenia continues to serve as a transit country for drug smugglers despite the coronavirus border restrictions imposed last year.
First, it was the coronavirus and closed borders. The summer saw a slight uptick in tourist numbers, but this was short-lived due to the September war in Artsakh.
The mining complex’s enrichment plant remains in Armenian hands, but the pumping station is now in territory controlled by Azerbaijan. The mine cannot operate without it.
In the first 10 months of 2020, Armenian state budget tax revenues amounted to some 1.135 trillion drams, a 5.2% (62 billion drams) drop from the same period in 2019.
Prior to the recent Karabakh war, Harutyun Mnatsakanyan cultivated 200 hectares of arable land in the Kashatagh region of Artsakh, growing organic legumes and rye.
Concerned over the increasing devaluation of the Armenian Dram vis-à-vis the US Dollar, the Central Bank of Armenia (CBA) today announced it will intervene in the foreign exchange market.
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