Tuesday, September 12 2017 12:57
Karine Melikyan

The inflow of transfers to Armenia in January-July 2017 increased by 17.2% per annum with an outflow of 24.2%

The inflow of transfers to Armenia in January-July 2017 increased by 17.2% per annum with an outflow of 24.2%

ArmInfo. The inflow of transfers of individuals to Armenia increased by 17.2% per annum in January-July 2017, to $ 899.9 million, while the outflow increased by 24.2% to $ 527.5 million. As a result, the net inflow increased by 8.5% to $ 372.4 million According to the Central Bank of Armenia, the share of Russia in the inflow is 58.1% or $ 523.1 million, and in the outflow - 39.4% or $ 207.6 million.

The inflow of transfers from Russia increased in January-July by 16.3% per annum with an increase in outflows to 8.7%, which increased the net inflow from Russia by 21.9%.By way of comparison, we note that a year earlier - in January-July 2016 the inflow of transfers to Armenia decreased by 10.9% per annum with an outflow of 2.3%, which reduced the net inflow by 23.2% per annum. At that time, Russia's share in the inflow was 58.6%, with an absolute decline of 15.6%, and in the outflow - 45% with an absolute growth of 31%.According to the money transfers of individuals, the Central Bank of Armenia, considering lower than expected growth rates in the first half of this year, when the net inflow increased by 11.1% per annum, revised its forecast for growth in 2017 in the direction of deceleration - from the previous 14-16% to the current 12-14%. And this threshold is caused by the slow recovery of the Russian economy - the GDP growth forecast was revised by 1.5% from the previous 1.6%, due to the extension of the US sanctions and the related reduction in investments.

It should be noted that for the year of 2016 the inflow of transfers of natural persons to Armenia decreased by 6.1% per annum to $ 1.5 billion, with an outflow of 7.4% per annum up to $ 817 million. As a result, the net inflow of transfers of individuals decreased by 17.8% per annum. The inflow of transfers from Russia to Armenia decreased by 11.1% in 2016 to $ 896.9 million, with an outflow of 16.5% to $ 333.4 million, which resulted in a net inflow of transfers from Russia at $ 563.5 million with an annual decline of 22% . In the inflow and outflow of transfers, the dominant in 2016 was held by Russia - 58.5% and 40.8%, against 61.8% and 37.6% a year earlier.

According to the National Statistical Service of Armenia, economic activity in January-July 2017 increased by 6.2% per annum, with exports growing by 21.6% and imports - by 28.5%. A year earlier, in January- July 2016, there was an increase in economic activity at 3% per annum, with the export dynamics coming out of the recession by 16.5% growth and slowing down the decline in imports to 4.4%. In 2016, economic activity slowed the growth rate from 3.2% to 0.2%. At the same time, foreign trade turnover improved dynamics in 2016 from 20.6% decline to 7.4% growth, due to exports from the 3.9% decline to 20% growth and imports from 26, 5% decline in 1.6% growth.

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