ArmInfo. The year turned out  to be quite good in terms of tourism. There was no quick recovery in tourist flow, as last year, but we are seeing qualitative changes.   This was announced by the Minister of Economy of Armenia Gevorg  Papoyan on December 6 during an event dedicated to the results of  2024 in the sphere of tourism in Armenia. In this regard, he noted  that the geography of tourist destinations has changed significantly. 

ArmInfo. "In 2025, we will  continue to support festivals in Armenia, but my list of priorities  includes improving the quality of tourism services in the country's  regions," Lusine Gevorgyan, Chairperson of the Tourism Committee of  Armenia, stated in an interview with journalists on December 6 on the  sidelines of an event dedicated to the results of the tourism  industry in Armenia in the outgoing year.

ArmInfo.  December 2 to 6, 2024,  in Armenia's interbank foreign exchange market, one USD and three RUB  transactions were effected, except for Wednesday and Thursday, with  no EUR transactions effected for over a month. USD transactions  showed a 53% growth against a 46.3% decline. RUB transactions showed  a 2.6-fold growth against a 60.5% decline. The total amount of RUB  transactions insignificantly exceeded that of USD transactions.

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ArmInfo. In the coming years, the impact of the mining industry on the Armenian economy is expected to be positive. This is not only due to the functioning of ZMMC, but also because of external factors at play. This was stated by Armen Stepanyan, CSO (chief sustainability officer) of Zangezur Copper and Molybdenum Combine (ZMMC) on December 6 during a meeting with journalists on the publication of the third report on sustainable development.

ArmInfo. From January to October 2024, the annual growth of the service sector in Armenia slowed down from 12.1% to 5.8%, reaching AMD 2.734 trillion ($6.9 billion). In October alone, the volume of services provided decreased by 2.5%. According to data from the RA Statistical Committee, the significant slowdown in growth rates was caused by the decline in the dynamics of the dominant sectors of transport (from 23.8% growth to 13.7% decline) and information and communication (from 44.1% growth to 8.6% decline). The slowdown was also affected by reduced growth rates in the catering sector (from 20.1% to 7.9%), education -(from 7.4% to 4.4%), and administrative and auxiliary activities (from 6.6% to 6.3%).

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ArmInfo.  Armenia's  metallurgical industry has achieved a 4% annual growth in the past 10  months (from an 8% decline a year ago). This reversal of the trend  can be attributed largely to the improved dynamics of zinc and copper  concentrate production, as well as the continued growth in steel pipe  production. This is evidenced by data from the RA Statistical  Committee.

ArmInfo. In Armenia, 7,619.3  million kWh of electricity was generated in January-October 2024,  which is 4.6% higher than the same period last year. This is  evidenced by data from the RA Statistical Committee, which shows that  in October alone, electricity generation decreased by 5.1%  to 767.8  million kWh.

ArmInfo. In Armenia, production volumes for all alcoholic beverages, except for wine and champagne, have increased over the first 10 months of this year. This  is evidenced by data from the RA Statistical Committee.

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ArmInfo. Armenia's nominal GDP in 2025 is projected to be AMD 10 trillion 891.5 billion, which is AMD 158.6 billion lower than the initial forecast. Expectations for  economic growth have also been reduced by 0.5 percentage points - to  5.1%. This is stated in the law , which  was approved by parliament on December 5.

ArmInfo.  Armenian Minister  of Economy, Gevorg Papoyan, received Tafadzwa Dube, Senior Disaster  Risk Management Specialist at the World Bank. Lusine Gevorgyan,  Chairperson of the Tourism Committee of Armenia, also attended the  meeting.  The parties discussed the implementation of the Local  Economy and Infrastructure Development Program (LEIDP) and the  Tourism and Regional Infrastructure Improvement Program (TRIP). They  talked about the programs' details, financial components, priority  action plans, and possible implementation deadlines.

ArmInfo. Deputy Minister of  Economy of Armenia Sevak Mikaelyan received a delegation of the World  Bank (WB), headed by the WB Senior Private Sector Specialist Iulia  Cojocaru. This was reported by the press service of the economic  department.

ArmInfo. The situation at  the Upper Lars checkpoint continues to be difficult.

ArmInfo. 15 Armenian producers took part in the international food and beverage exhibition Food Africa, which was held in Cairo from December 3 to 5.

ArmInfo. Over the first 9 months of 2024, sales of Armenian entrepreneurs on Wildberries increased by 14.5 times. This is stated in the company's statement.