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Economic growth in Armenia in 2020 will be lower than forecasted

 Friday, April 3 2020
Economic growth in Armenia in 2020 will be lower than forecasted

ArmInfo.Economic growth in Armenia in 2020 will be lower than forecasted. The Minister of Economy of the Republic of Armenia Tigran Khachatryan stated this on  April 3 at a press conference in Yerevan.


Pashinyan: Beneficiaries should receive assistance in minutes

ArmInfo.In the government, with the participation of the Prime Minister of the Republic of Armenia, Nikol Pashinyan, discussions continue to be held with the aim of  solving the socio-economic problems caused by the coronavirus.

EEC Council expanded the list of goods exempted from import customs  duty

ArmInfo.  In order to minimize the negative economic consequences of the spread of coronavirus infection COVID-19, to prevent a shortage of socially important goods in the EAEU countries, the Council of the Eurasian Economic Commission on  April 3 approved a list of critical import goods. In relation to  them, a tariff exemption is provided in the form of exemption from  import customs duties when importing into the states of the Eurasian  Economic Union from April 1 to June 30 of this year inclusive.

Representatives of FAO and Ministry of Economy of Armenia discussed  impact of COVID-19 on agriculture
UNCTAD is ready to update  report on investment policy of Armenia

Finance and banks

According to Asian Development Bank`s forecast, Armenia`s GDP growth in  2020 will slow down to 2.2%

ArmInfo.Amid the impact of COVID-19 and lower consumption, economic growth in Armenia will slow down to 2.2% in 2020, analysts at the Asian Development Bank (ADB) say.

In Q1, 1.7% inflation was recorded at Armenia`s consumer market amid  0.1% y-o-y deflation 

ArmInfo.In the consumer market of Armenia in the first quarter of 2020, inflation was recorded at 1.7% compared to last year's 2.6%. In the first quarter of this year  inflation was mainly triggered by a 3.9% increase in food prices and,  to a lesser extent, an increase in service tariffs by 0.4%, while  non-food prices dropped by 0.5%.

World Bank allocated  $ 3 million to Armenia to combat Coronavirus
IDBank extends the period of credit vacation until May 17 and announces about the second stage of customer support.


523 contracts signed in Armenia within the framework of a pilot  program for agricultural risk insurance

ArmInfo. As of March 20, 2020, in Armenia, as part of the pilot program for agricultural risk insurance, 523 insurance contracts were concluded in Armenia. The  press service of the Ministry of Economy of the Republic of Armenia  reported this on March 24.

IC "INGO Armenia" switches to emergency mode of remote servicing

ArmInfo. The INGO Armenia insurance company decided to switch to an emergency mode of remote servicing, based on social responsibility to customers and taking  into account the government decision to introduce an emergency. This  was reported by the press service of INGO Armenia IC, while  simultaneously notifying that all employees of the insurance company  will work from home, ensuring uninterrupted workflow.

Armenian Motor Insurers` Bureau through ASWA automated the  registration of insurance claims under the Euro Protocol
RA Ministry of Economy: Agricultural Risk Insurance Program to be  expanded in Armenia

Armenian NPP takes measures to prevent the spread of coronavirus

ArmInfo.Given the current situation in Armenia related to the spread of coronavirus, the leadership of the Armenian Nuclear Power Plant is taking all possible  measures to implement the unhindered operation of the nuclear power  plant and monitor the health status of employees. In the current  situation, a headquarters was created at the ANPP, which implements  measures aimed at preventing the spread of the virus.

President of Belarus and Prime Minister of Armenia noted overestimated  level of prices for natural gas

ArmInfo.A telephone conversation between the President of Belarus and the Prime Minister of Armenia took place on March 31 at the initiative of the Armenian  side.  BelTA  by the reference of the press service of Belarusian  Leader reports..  According to the source, Alexander Lukashenko and  Nikol Pashinyan discussed the functioning of the economy in the  current difficult conditions, noting the existing serious problems  and difficulties.

Gazprom Armenia will refrain from suspending the gas supply to  consumers in case of untimely payment for services rendered
Armenia increased liquefied gas supplies


Beeline mobile subscribers can use a number of government websites  for free

ArmInfo. In connection with the identification of cases of coronavirus, Beeline in Armenia provides its mobile subscribers with the opportunity to use a number  of websites of state and social significance for free (without  Internet costs). This is stated in the official statement of the  company's press service.

Beeline announces special roaming tariffs

ArmInfo. Taking into account the events taking place all over the world, Beeline in Armenia decided that all subscribers of the company who have activated  roaming can call the numbers of the Ministry of Health +37410550601  and +37460838300 from March 17 to 31 free of charge.

Minister: Work is underway to create an electronic platform for  assessing the sanitary-epidemiological situation in Armenia
Minister: There will be no failures in the work of the  telecommunications sector

Real estate

Armenian citizens make money and get rid of the burden of mortgage  loans ahead of schedule - Pashinyan

ArmInfo. In September 2019,  compared to September last year, the number of mortgage loans in  Armenia increased by 23.3%, or by 7261 mortgage loans. The Prime  Minister of Armenia Nikol Pashinyan wrote about this on his Facebook  page.

Cadastral value of expensive real estate in Armenia may increase  eight fold

ArmInfo. The cadastral value of  luxury expensive real estate in Armenia can increase eight fold. This  was stated during the discussion of the draft law "On Establishing  the Procedure for Calculation of the Cadastre Approximate to the  Market Value of Real Estate for the Taxation of Real Estate" on  September 11, head of the Real Estate Cadastre Committee of Armenia  Sarhat Petrosyan. Thus, with the adoption of the law, the tax on  particularly expensive real estate will increase significantly.

Apartment prices in the regions of Armenia increased by 4.1% in the  first half of 2019
Property tax in Armenia will increase significantly from 2021

ArmInfo. Revenues of the communication sector of Armenia in January 2020 amounted to 11.8 billion drams, slowing y-o-y growth to 0.8% from 1.8% a year earlier.  According to the Statistical Committee of the Republic of Armenia, of  the total revenue, the lion's share was provided by the  telecommunications sector - 89.2% or 10.6 billion drams, with an  annual decline of 1.6% (against the decline of 2.5% a year earlier).

ArmInfo. Cargo transportation in Armenia in January 2020 versus January 2019 increased by 5.6% to 951.7 thousand tons. As noted in the report of the Statistical  Committee of the Republic of Armenia, of the total volume, 51.4% or  489.7 thousand tons accounted for road transport, which decreased by  1.3% in y-o-y terms.

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