ArmInfo.

ArmInfo.

ArmInfo.  In Armenia, in the  first half of 2020, the service sector reduced volumes by 6.4% per  annum - to 861.7 billion drams ($ 1.8 billion), against 15.3% growth  a year earlier. According to the data of the Statistical Committee of  the Republic of Armenia, in June alone, the volume of services  provided increased by 8.2%, amounting to 143.5 billion drams ($ 298.2  million).

ArmInfo.  Each month of  quarantine measures costs the countries of the Eurasian Economic  Union (EAEU) with a drop in GDP of 1.5 to 3%. This is stated in the  materials of the Eurasian Development Bank, finance.kz portal  reports.  According to the bank, GDP losses of the unification  countries from external factors in 2020 may be about 2%.

ArmInfo.

ArmInfo.

ArmInfo.  In the first half of  2020, the trade sector of Armenia registered decline by 11.1% (from  growth by 8.9% a year earlier), providing a volume of 1.3 trillion  drams ($ 2.6 billion). According to the RA Statistical Committee, in  June alone the trade sector provided revenue in 235.7 billion drams  ($ 489.8 million), with a monthly growth of 14.3%. This dynamic is  due to the fact that the wholesale and retail trade turned the vector  from growth to decline, while the car trade accelerated the decline.   In particular, wholesale trade in the first half of the year showed a  decrease by 8% (against growth by 12.2% a year earlier), amounting to  640 billion drams ($ 1.3 billion). In June alone, the proceeds of  wholesale trade increased by 15.2% - up to 123.3 billion drams.

ArmInfo. The volume of cargo  transportation in Armenia in the first half of 2020 compared to the  same period last year increased by 3.4% - to 6 328.7 thousand tons,  against a decline of 57.5% a year earlier.

ArmInfo. Revenue in the  communications sector of Armenia in the first half of 2020 amounted  to 68.8 billion drams, having decreased in y-o-y terms by 4%, against  growth by 1.8% a year earlier.

ArmInfo. The deficit of the state  budget of Armenia in the first half of 2020 amounted to 48.8 billion  drams ($ 101 million), of which about 48% or 23.2 billion drams (over  $ 48 million) was recorded in June. In y-o-y terms, the dynamics of  this indicator worsened to a 2.4-fold decline - from last year's  surplus to the current deficit, and in June alone the negative level  significantly decreased. To note for comparison, that in the first  half of 2019, the state budget was closed with a surplus, with a  y-o-y growth by 33-fold and a 14-fold monthly growth, and in both  cases, with an exit from a deficit to a surplus.

ArmInfo.

ArmInfo. IFC, a member of the  World Bank Group, is providing a loan of $15 million to Inecobank to  boost lending to Armenia's micro, small, and medium enterprises  (MSMEs), helping them address the challenges triggered by the  COVID-19 outbreak., the press service of IFC reports.  Given the  global pandemic, many MSMEs in Armenia face lower revenues, higher  costs, supply disruptions, and complicated inventory management. As a  result, they need working capital liquidity financing to continue  operating, providing vital employment, goods and services, and  generating tax revenues. IFC's loan to Inecobank, its longstanding  client in Armenia, is part of its $8 billion fast-track financing for  its private sector clients worldwide, to sustain economies and  protect jobs during this unprecedented global crisis. 

ArmInfo. In Armenia, during  implementation of leasing agreements, organizations previously used  different approaches, but from now on, thanks to changes in the Civil  and Tax Codes, a common methodology will be in effect, which will  allow transferring the regulation of the sector from the contractual  to the legislative field. Arsen Bazikyan, Co-Founder & CEO at  Armenian Leasing Company, stated this at a press conference on August  6.

ArmInfo.

ArmInfo.

ArmInfo.

ArmInfo.  China is investing  several billion dollars for the implementation of the Smart City project in Armenia. Sargis Gevorgyan, President of the Armenian  Agency for Reconstruction and Development (ADKARS), announced this at  a press conference on August 6 during the signing of a corresponding  agreement with Chinese partners.

ArmInfo.  The unused funds of  the state budget of Armenia in the first half of the year will be  transferred to the Government's Reserve Fund. The decision was made  at the meeting of the RA Cabinet of Ministers on August 6.

ArmInfo. Ijevan Wine-Brandy  Factory CJSC will invest 201.7 million drams in the expansion of  production. At a meeting on August 6, the Armenian government  satisfied the company's application for exemption from customs  payments for imported equipment and raw materials, and also deferred  VAT payments for a period of three years.

ArmInfo. In Armenia, the share of  non-cash card transactions remained at the level of 30% in the total  volume of plastic transactions by July 1, 2020. But the y-o-y growth  in the volume of non-cash card transactions slowed down from last  year's 48% to the current 38%, amounting by the results of the first  half of this year to 351 billion drams ($ 728 million). The  preservation of the share, despite the slowdown in volumes, is due to  the activity of Internet commerce, the popularization of mobile and  web applications by banks and Armenian Card, and such effective  measures to encourage non-cash transactions as CashBack. According to  the data of the Central Bank of the Republic of Armenia, five years  earlier (H1 of 2015), the share of non-cash transactions in the total  volume of plastic transactions was 12%, and by July 1, 2019 it had  reached 24%.