ArmInfo.

ArmInfo.  The feasibility study of the "Dry Port" program in Gyumri indicates that with the launch of the government's "Crossroads of Peace" project and the achievement of peace in the region, the "Dry Port" is quite urgent,  as stated by Gevorg Papoyan, the Minister of Economy, during a  year-end press conference on January 13.

ArmInfo. By the end of 2024, the Armenian economy is projected to grow by 5%. This was stated by RA Finance Minister Vahe Hovhannisyan in parliament on January 13.

ArmInfo. The World Bank, through the International Bank for Reconstruction and Development, will provide Armenia with a $40 million loan to support the Enabling the Energy Transition project, which will facilitate the  implementation of the country's Energy Sector Development Strategy  until 2040. The Committee on Financial, Credit and Budgetary Affairs  of the National Assembly of the Republic of Armenia approved the  corresponding agreement with the IBRD at a meeting on January 13.

ArmInfo. Chairman of the State Revenue Committee of the Republic of Armenia Eduard Hakobyan received the Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Armenia Kristina Kvien on January 13.

ArmInfo. Armenian Finance Minister Vahe Hovhannisyan does not consider the criticism that the country's financial authorities have failed the country's economic policy to be justified.

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. How much would Armenia's economic growth have been if there were no two factors contributing to growth, namely, the export/re-export of goods and the increase in demand due to the influx of forcibly deported citizens of Artsakh? This question was asked by Artur Khachatryan, a member of the opposition Hayastan faction, to Finance Minister Vahe Hovhannisyan  during the presentation of the budget execution for January-September  2024 at the NA meeting on financial, budgetary and credit issues on  January 13.

ArmInfo. The trade turnover  volume between Iran and the member countries of the Eurasian Economic Union (EAEU) from the start of the current Iranian calendar year (March 21, 2024) until December reached $ 2.704 billion.  Faroud Asgari, the head of Iranian Customs Administration, presented a  detailed report on the country's foreign economic activity with the  member states of the EAEU in an interview with IRNA. He noted that  Iran's exports to these countries totaled approximately $ 1 billion  494 million 839 thousand, showing a 20.79% increase  compared to the  same period last year.  According to Asgari, the weight of exported  goods during the specified period amounted to 3 billion 857 million  kilograms, reflecting a 21.69% increase compared to last year. The  head of customs noted that the largest share of Iran's exports  belongs to the Russian Federation, Armenia and Kazakhstan.

ArmInfo.January 7 to 10, 2025, in Armenia's foreign exchange market, only one  USD transaction was effected, with no ruble or euro transactions taking place.  USD transactions showed a 64% decline against a 31% growth in the last week of December 2024.  During the period under review against the  previous week (07-10.01.25 compared to 23-27.12.24) USD and RUB  purchases and selling  showed a decline, with EUR  purchases  showing  a growth, with EUR sales showing a decline. January 7 to 10, 2025,  saw AMD depreciation against the USD - AMD 396.8 to AMD 398/$1, AMD  devaluation against the RUB - from AMD 3.83 to AMD 3.89 /1 ruble,  with an AMD devaluation trend toward the EUR - from AMD 416 to AMD  412.8/1 EUR.  On January 10, 2023, the AMD/USD exchange rate was AMD  406.3/$1, AMD/EUR exchange rate - AMD 443.5/1 EUR, and AMD/RUB - AMD  4.50/1 RUB, which is evidence of y/y AMD appreciation against the  USD, EUR, and RUB. According to the Central Bank of the Republic of  Armenia, $2 million transactions were effected at an average exchange  rate of AMD 398.50 /$1 (against AMD 396.63/$1 the previous week). 

ArmInfo.

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.

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.

ArmInfo. In the third quarter of 2024, the unemployment rate in Armenia was 13.3%, compared to 12% in the same period of 2023, as shown by data from the RA Statistical Committee.  During the same period, the employment rate  in the country dropped to 52.2% in 2024 from 54.4% in 2023.   Specifically, the number of employed individuals was 1.211.4 million  people, a 0.7% decrease from the previous year, while the number of  unemployed rose by 11.1% to 185.6 thousand. As of December 1, 2024,  more than 58 thousand people were seeking employment, making a 10.9%  decrease compared to the previous year.  Moreover, there were more  women, 35.1 thousand, than men, 22.9 thousand, among the job seekers.   As of December 1, 2024, the demand for labor from employers decreased  by 33.5% year-on-year - to 2,894 people, with an average of  20  people applying for each vacant position (a 33.3% increase from the  previous year).  By the reporting date, 1,080 citizens (1.9% of the  total job seekers) in Armenia had managed to find employment, a 14.1%  decrease from the previous year. Out of those employed, 683 were  women (a 5.7% annual decline), and 397 people were men (a 25.5%  annual decline). 

ArmInfo.Despite the current work schedule in Armenia, economic growth remains insignificant. Even  with the increase in the gross domestic product (GDP), the country's residents do not feel its positive impact on their lives as stated by Helen Manasaryan, the Chairperson of the Confederation of Trade Unions of Armenia, at a press conference discussing the risks of switching from an eight-hour to a seven-hour workday.

ArmInfo.Since 2018, the passenger flow from Armenia to the EU by air has increased by about  400%. Prime Minister Nikol Pashinyan shared the data.

ArmInfo. Mayler Mountain Resort plans to invest 12 billion drams in the development of a ski  resort in the village of Yegipatrush, Aparan community, Aragatsotn region of Armenia, in 2025. This was reported to the RA Minister of Economy Gevork Papoyan during his visit to the future resort.