Risks of exiting EAEU are obvious: Finance Minister Monday, January 13 2025
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 ArmInfo. There are numerous risks associated with Armenia's exit from the Eurasian Economic Union (EAEU), as stated by RA Finance Minister Vahe Hovhannisyan during a briefing in parliament on January 13. "Many different risks are being calculated, including those connected with this. All risks are assessed and considered," he said. |
ArmInfo.In 2024, Armenia welcomed 2.2 million tourists, a 7% decrease from the previous year, as reported by Gevorg Papoyan, the Minister of Economy of Armenia, during a press conference on January 13. He noted that the decrease in tourist numbers was primarily due to fewer visitors from Russia, while there was an increase in tourists from other destinations, particularly from China, India, France, Georgia, the UAE, and South Korea. At the same time, Papoyan noted that the Ministry has a target of reaching 2.6 million tourists by 2026, a goal he believes, is quite realistic.
ArmInfo. The metallurgical plant in Yeraskh is expected to start mass production in February or March of this year, according to Minister of Economy of Armenia Gevorg Papoyan, who expressed a similar view during a press conference.
ArmInfo. All non-public funds in Armenia will be subject to the requirements of the Central Bank. At its meeting on January 13, the Committee on Financial, Credit and Budgetary Affairs of the National Assembly of the Republic of Armenia issued a positive opinion on the amendments to the Law on Investment Funds and a package of related laws submitted by the Government of the Republic of Armenia in the second reading. As Deputy Chairman of the Central Bank of the Republic of Armenia Hovhannes Khachatryan noted in his speech, the law on investment funds was adopted several years ago, in which the regulation of issues related to non-public funds was presented very superficially. Nevertheless, the previously adopted law played a positive role. Currently, there are 56 active non-public funds in the republic with a total asset volume of 135 billion drams. In this regard, there was a need to streamline their activities.
ArmInfo.Ardshinbank, within the framework of a project implemented jointly with the “My Forest Armenia” public environmental organization, has financed the planting of a forest covering an area of more than 6 hectares within the administrative boundaries of the Lernajur settlement of the Pambak community of Lori. The planting was completed at the end of November. Only local forest tree species were planted, mainly oak, birch, wild pear, wild apple, maple and yew.
ArmInfo. In the insurance market of Armenia, the loss ratio for compulsory motor third-party insurance increased to the 81.5% by December 2024, from last year's 70%. This is evidenced by data from the Bureau of Motor Insurers of Armenia. The growth of the ratio in January-November 2024 was observed against the background of a deterioration in the annual dynamics of the number of active contracts - from 12.8% growth to 0.8% decline, an imperceptible acceleration of the already moderate growth of insurance premiums - from 3.4% to 9.4%, in parallel with which a pronounced acceleration of double-digit growth in compensation was recorded from 15.7% to 21.9%. According to the Bureau, the number of vehicles with OSAGO policies in January-November 2024 increased slightly - by only 1.7% y/y, while a year ago the growth was 9.9%. In quantitative terms, by the beginning of December 2024, there were 670,527 vehicles with MTPL contracts in the country, but the number of active contracts was 1.192 million (minus terminated ones - 1.081 million).
ArmInfo.There are no plans to implement Universal Health Insurance (UHI) in Armenia in 2025. Minister of Finance of Armenia Vahe Hovhannisyan stated this in parliament on November 1, noting that there is no corresponding expenditure item in the draft budget for the following year.
ArmInfo. Armenia will receive grant funds from the European Investment Bank (EIB) for the implementation of the second energy efficiency program in Yerevan. On January 9, the government approved the draft on ratification of the relevant agreement with the EIB on an investment grant.
ArmInfo. On December 27, the Government of Armenia approved the draft decree of the President of Armenia , which provides for the provision of a technical assistance grant in the amount of 12.9 million euros.
ArmInfo.The Russian side did not respond to our proposals sent last fall to amend several provisions of the intergovernmental agreement on telecommunications. We intend to send our proposals to them again in January, as stated by the Minister of High-Tech Industry of Armenia, Mkhitar Hayrapetyan.
ArmInfo. Armenia has used state funds not only to purchase the satellite, but also to construct a ground station and provide training for specialists. This was stated by Mkhitar Hayrapetyan, the Minister of High-Tech Industry of Armenia, during a press conference. "In addition to this, there were no extra expenses," he noted.
ArmInfo. Cadastral maps don't serve as the primary source for determining the borders of the Republic of Armenia, as stated by Suren Tovmasyan, the head of the Cadastre Committee, at the final press conference on January 7, when addressing concerns about potential issues with cadastral maps for residents of Voskepar and Baghanis villages in the Tavush region during the delimitation process. According to Tovmasyan, he does not have information about any potential changes in the Voskepar- Baghanis section.
ArmInfo.There was a roughly 13% increase in real estate transactions in Armenia in 2024, as stated by Suren Tovmasyan, the head of the Cadastre Committee, at the final press conference on January 7.
ArmInfo. Wine production volumes, including sparkling wine (champagne), have decreased in Armenia, while all other alcoholic beverages produced in the country have seen growth. According to data from the RA Statistical Committee, over 9.1 million liters of wine (a 27.1% annual decline) and 1.2 million liters of champagne (an 11.4% annual decline) were produced in Armenia from January to November 2024. On the other hand, cognac production in Armenia increased by 4.9% year-on-year to 18.4 million liters, and vodka, liqueur and other alcoholic beverages increased by 0.2% to 1.2 million liters. Beer production in Armenia also saw a 2.3% increase over the year, totaling 27.1 million liters. However, the volume of whiskey produced increased significantly by 6 times to 4.7 million liters.
ArmInfo. By December 2024, the industrial sector of Armenia had accelerated its annual growth rate from 2.1% to 7.6%, surpassing the volume of 2.6 trillion AMD ($6.8 billion). However, in November alone, the industry showed a decline of 0.5% to 274.1 billion AMD ($704.8 million). This is evidenced by data from the Statistical Committee of the Republic of Armenia. Such annual growth can be attributed to the increased growth in the manufacturing industry, while the mining sector experienced a deeper decline.
ArmInfo. Inflation of 1.5% was recorded in the consumer market of Armenia in January-December 2024 compared to the deflationary 0.6% in 2023. This increase was driven by a 2.2% rise in food prices and a 2.5% increase in service tariffs, while non-food prices decreased by 1.8%. In contrast, the previous year saw a more significant increase in prices across all three categories, with 3.5%, 3% and 0.1%, respectively. This is evidenced by data of the RA Statistical Committee, according to which the average monthly price growth on the consumer market was 0.1% in January- December 2024, in contrast to a 0.1% decline in 2023. In annual terms (compared to January-December 2023), inflation decreased to 0.3% (from 2% a year earlier). This decrease was facilitated by a 1.2% decrease in the price of food products and a 0.8% decrease in non-food products, with a slight slowdown in the growth of tariffs for services to 3%.
ArmInfo. In Armenia, economic activity growth slowed down to 7.4% per annum in January-November 2024 compared to 9.4% in the same period of 2023. This is evidenced by the final data from the RA Statistical Committee, which also shows a decline in the dynamics of exports and imports.
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