Monday, October 3 2016 12:37
Karine Melikyan

Economic growth in Armenia slackens amid upward export dynamics

Economic growth in Armenia slackens amid upward export dynamics

ArmInfo. In Jan-Aug 2016, the  economic growth in Armenia slackened to 2.4% from 3.9% in Jan-Aug  2015. According to the National Statistics Service of Armenia, in  August 2016 the growth made up 28.2% (down 0.5% versus Aug 2015).

In Jan-Aug 2016 versus Jan-Aug 2015, services grew by 8%, industry -  by 7%, agriculture - by 4.1%. At the same time, trade dropped by  0.4%, construction - by 7.5%, and power engineering - by 5.9%. 

The index of industrial prices fell by 0.5% in Jan-Aug 2016 versus  Jan-Aug 2015. In August 2016 the index grew by 7.1% as compared to  August 2015, and by 2% as compared to July 2016. 

In August 2016, the gross output of agriculture grew 2.2-fold (the  same growth in Aug 2015), power engineering rose by 14.1% (versus  13.8% growth in Aug 2015), construction grew by 12.6% (versus 11.9%  rise in Aug 2015), services rose by 5% (versus 3.2% decline a year  before), and industry increased by 2% (versus 0.6% growth a year  before).  Trade dropped by 3.8% in August 2016 versus 3% decline a  year before. 

As compared to August 2015, in August 2016 services grew by 10.5%,  agriculture - by 9.8% and industry - by 1.3%, while construction  declined by 6.2%, trade - by 0.1%, and power engineering - by 8.7%.

In Jan-Aug 2016, trade amounted to 1.4 trln AMD ($2.8 bln), industry  - 898.7 bln AMD ($1.9 bln), services - 802.1 bln AMD ($1.7 bln),  agriculture - 509.9 bln AMD ($1.1 bln), construction - 196.7 bln AMD  ($408.3 mln). In Jan-Aug 2016, the electricity output totaled 4804.8  mln kWh, including 638.7 mln in August alone. 

In Jan-Aug 2016, the foreign trade turnover of Armenia amounted to  1500.2 bln AMD ($3114.7 mln), with a 4.6% growth versus Jan-Aug 2015.   Exports rose by 18.9% to 544 bln AMD ($1129.7 mln), while imports  decreased by 2.1% to 956.2 bln AMD ($1985 mln). 

The AMD/USD average exchange rate made up 475.45 AMD/$1 in August  2016 and 481.89 AMD/$1 in Jan-Aug 2016 versus 479.78 AMD/$1 in August  2015 and 477.29 AMD/$1 in Jan-Aug 2015.


News
Growth of vehicles with CMTPL insurance resumes in Armenia and an  upward trend in fees has been outlinedGrowth of vehicles with CMTPL insurance resumes in Armenia and an  upward trend in fees has been outlined
State Treasury of Armenia will put up for auction diamonds, emeralds,  gold and jewelry worth 1.5 billion dramsState Treasury of Armenia will put up for auction diamonds, emeralds,  gold and jewelry worth 1.5 billion drams
In H1 2021, Armenia reduced imports of natural gas by 0.2%, while  liquefied gas increased by 60.6%In H1 2021, Armenia reduced imports of natural gas by 0.2%, while  liquefied gas increased by 60.6%
Head of  CBA  took part in 22nd meeting of Advisory Board on Monetary  Policy of Central (National) Banks of EEU Member StatesHead of  CBA  took part in 22nd meeting of Advisory Board on Monetary  Policy of Central (National) Banks of EEU Member States
Construction of section of Sisian-Kajaran road in Syunik region of  Armenia will cost more than $ 1 billionConstruction of section of Sisian-Kajaran road in Syunik region of  Armenia will cost more than $ 1 billion
Mher Grigoryan to discuss agreement on common gas market in EAEU in  MoscowMher Grigoryan to discuss agreement on common gas market in EAEU in  Moscow
Rosatom Corporation and Armenian government are preparing memorandum  on construction of new medium-capacity nuclear power plantRosatom Corporation and Armenian government are preparing memorandum  on construction of new medium-capacity nuclear power plant
Affordable mortgage and more. Converse Bank is the partner of Build ArmeniaAffordable mortgage and more. Converse Bank is the partner of Build Armenia
EDB: Expanding abroad and domestic demand continues to support  Armenia`s industrial productionEDB: Expanding abroad and domestic demand continues to support  Armenia`s industrial production
Investment program for launch of Yerevan-Tbilisi high-speed train is  estimated at $ 400 millionInvestment program for launch of Yerevan-Tbilisi high-speed train is  estimated at $ 400 million
Armenia is exploring in detail the possibilities of launching a  regular ferry serviceArmenia is exploring in detail the possibilities of launching a  regular ferry service
Armenian government to allocate $ 50 million to transform Areni  community as a cradle of winemakingArmenian government to allocate $ 50 million to transform Areni  community as a cradle of winemaking
Papikyan and Kopyrkin discussed prospects for construction ofnew  nuclear power plant in ArmeniaPapikyan and Kopyrkin discussed prospects for construction ofnew  nuclear power plant in Armenia
In 2025, Armenia will allocate almost $ 1.4 billion for government debt repayment and servicesIn 2025, Armenia will allocate almost $ 1.4 billion for government debt repayment and services
AEON Corporation interested in construction of a copper smelter in ArmeniaAEON Corporation interested in construction of a copper smelter in Armenia
Iya Malkina: In Q1, the net inflow of mutual direct investments in  the EAEU amounted to $ 663.2 millionIya Malkina: In Q1, the net inflow of mutual direct investments in  the EAEU amounted to $ 663.2 million
EEC Forecast: Economic recovery in Armenia will be completed during  2022EEC Forecast: Economic recovery in Armenia will be completed during  2022
The best vacation destinations in the autumn of 2021The best vacation destinations in the autumn of 2021
Head of Central Bank of Armenia and member of EEC Board discussed  issues of Eurasian integrationHead of Central Bank of Armenia and member of EEC Board discussed  issues of Eurasian integration
"Electric Networks of Armenia" Company starts implementation of  second stage of modernization of electric grid facilities
Armenia to start developing innovative activities in cooperation with  Skolkovo FoundationArmenia to start developing innovative activities in cooperation with  Skolkovo Foundation
Tigran Khachatryan appointed Governor from Armenia in Boards of  Governors of World Bank and Asian Development BankTigran Khachatryan appointed Governor from Armenia in Boards of  Governors of World Bank and Asian Development Bank
FinRating ArmInfo: Profits of Armenian banks stagnate under the  burden of growing NPLsFinRating ArmInfo: Profits of Armenian banks stagnate under the  burden of growing NPLs
Overchuk: The unblocking all economic and transport links in the  region will increase the trade turnover between Armenia and RussiaOverchuk: The unblocking all economic and transport links in the  region will increase the trade turnover between Armenia and Russia
On October 20, REC organizes a business mission for Russian  manufacturers to ArmeniaOn October 20, REC organizes a business mission for Russian  manufacturers to Armenia
Andrey Sinyakov: We consider the completion of the second stage of the modernization project of the Agarak Copper-Molybdenum Combine as a serious anti-crisis measureAndrey Sinyakov: We consider the completion of the second stage of the modernization project of the Agarak Copper-Molybdenum Combine as a serious anti-crisis measure
Iranian entrepreneurs are interested in opening joint ventures with  Armenia in a number of areasIranian entrepreneurs are interested in opening joint ventures with  Armenia in a number of areas
Major Armenian-Russian business forum to be held in YerevanMajor Armenian-Russian business forum to be held in Yerevan
Gyumri Shirak Airport is ready to serve European budget flightsGyumri Shirak Airport is ready to serve European budget flights
Mher Grigoryan reports on certain difficulties in negotiations with  GazpromMher Grigoryan reports on certain difficulties in negotiations with  Gazprom
Standing Parliamentary Committee on Financial-Credit and Budgetary  Affairs approved Artak Manukyan`s candidacy for the position of  member of the Central Bank CouncilStanding Parliamentary Committee on Financial-Credit and Budgetary  Affairs approved Artak Manukyan`s candidacy for the position of  member of the Central Bank Council
Mher Grigoryan: In terms of the opening of railways, solutions began  to be consideredMher Grigoryan: In terms of the opening of railways, solutions began  to be considered
GeoProMining  announces  completion of the second stage of Agarak CMC  modernization project GeoProMining  announces  completion of the second stage of Agarak CMC  modernization project 
IMF sharply improved its forecast for GDP growth in Armenia for 2021 to 6.5%, but warns: IMF sharply improved its forecast for GDP growth in Armenia for 2021 to 6.5%, but warns: "Downside risks remain elevated" 
Economy Minister considers Central Bank`s updated economic forecasts  as pessimisticEconomy Minister considers Central Bank`s updated economic forecasts  as pessimistic
Armenian government to allocate about 357.5 million drams to complete  15 subvention programsArmenian government to allocate about 357.5 million drams to complete  15 subvention programs
Economy Minister on the situation with Iranian trucks: We have a  Economy Minister on the situation with Iranian trucks: We have a  "Plan B"
 Armenian accountants and auditors can grow professionally with help  of British Association of Chartered Certified Accountants Armenian accountants and auditors can grow professionally with help  of British Association of Chartered Certified Accountants
Armenian government approves the ratification of the Agreement of the  CIS countries in the fight against IT crimesArmenian government approves the ratification of the Agreement of the  CIS countries in the fight against IT crimes
Armenia and Singapore exclude double taxationArmenia and Singapore exclude double taxation
Government of Armenia ratified the agreement between the governments  of the Republic of Armenia and the Republic of Malta on the avoidance  of double taxationGovernment of Armenia ratified the agreement between the governments  of the Republic of Armenia and the Republic of Malta on the avoidance  of double taxation
The leadership of SRC of Armenia at a meeting with the head of the  FCS of the Russian Federation noted the special importance of  enhancing contactsThe leadership of SRC of Armenia at a meeting with the head of the  FCS of the Russian Federation noted the special importance of  enhancing contacts
American company Wabtec shows interest in the Armenian market American company Wabtec shows interest in the Armenian market 
Deputy Prime Minister on a possible increase in gas prices: Gazprom  insists that the amount of profit stipulated in the 2013 agreement  does not satisfy themDeputy Prime Minister on a possible increase in gas prices: Gazprom  insists that the amount of profit stipulated in the 2013 agreement  does not satisfy them
Drip irrigation. 5 questions and answers with Converse BankDrip irrigation. 5 questions and answers with Converse Bank
World Bank`s updated Groundswell report warns: Climate change could  force 216 million people to migrate within their own countries by  2050World Bank`s updated Groundswell report warns: Climate change could  force 216 million people to migrate within their own countries by  2050
Expert: The unprecedented rise in gas prices in Europe and EAEU  membership open new opportunities for ArmeniaExpert: The unprecedented rise in gas prices in Europe and EAEU  membership open new opportunities for Armenia
Central Bank of Armenia: In Jan-July 2021, the net inflow of  transfers from individuals increased by 78.5% per annumCentral Bank of Armenia: In Jan-July 2021, the net inflow of  transfers from individuals increased by 78.5% per annum
Efforts are underway to enhance seismic safety at Armenian NPPEfforts are underway to enhance seismic safety at Armenian NPP
EEC Forecast: In 2022, the negative foreign trade balance in the EAEU  will be reduced from $ 5.8 billion to $ 2.5 billion EEC Forecast: In 2022, the negative foreign trade balance in the EAEU  will be reduced from $ 5.8 billion to $ 2.5 billion 
Central Bank of Armenia: Consistent tightening of monetary conditions  has a sufficient impact on the regulation of progressive consumer  demand and on curbing of  inflationCentral Bank of Armenia: Consistent tightening of monetary conditions  has a sufficient impact on the regulation of progressive consumer  demand and on curbing of  inflation
Central Bank upgrades Armenia`s economic growth forecast for 2021 to  5.6%Central Bank upgrades Armenia`s economic growth forecast for 2021 to  5.6%
Central Bank Governor: Inflation in Armenia is more supply-drivenCentral Bank Governor: Inflation in Armenia is more supply-driven
Central Bank: Transfers from USA to Armenia are growing rapidlyCentral Bank: Transfers from USA to Armenia are growing rapidly
Armenia and Ukraine launched the improvement of trade and economic  relationsArmenia and Ukraine launched the improvement of trade and economic  relations
Official and real y-o-y inflation continues to accelerate in ArmeniaOfficial and real y-o-y inflation continues to accelerate in Armenia
Central Bank of Armenia once again raised the refinancing rate - from  7% to 7.25%Central Bank of Armenia once again raised the refinancing rate - from  7% to 7.25%
About 2 billion drams to be allocated for the installation of  photovoltaic stations in seven regions of ArmeniaAbout 2 billion drams to be allocated for the installation of  photovoltaic stations in seven regions of Armenia
"Veolia Djur" proposes to increase water tariff by 43.7 drams
Mher Grigoryan: Trade and economic relations between Armenia and  Ukraine have great potential for developmentMher Grigoryan: Trade and economic relations between Armenia and  Ukraine have great potential for development
Read more


Exchange rates
24.09.2021
RUB6.61-0.05
USD482.24-1.51
EUR565.81-1.24
GBP660.72-0.81
CAD380.17-1.70
JPY43.69-0.31
CNY74.65-0.06
CHF522.58-0.39