[125], In October 2009, when visiting Yerevan, the World Bank’s managing director, Ngozi Okonjo-Iweala, warned that Armenia will not reach a higher level of development unless its leadership changes the "oligopolistic" structure of the national economy, bolsters the rule of law and shows "zero tolerance" towards corruption. The only operational rail link into Armenia is from Georgia. Armenia's debt-to-GDP ratio will drop by 1% in 2018 according to finance minister. 1918 - Independent Armenia emerges from defeat of Ottoman Empire in World War I. Russia is Armenia’s principal export market, and Armenia joined Russia’s Eurasian Economic Union in 2015. [62], However, during the January to September 2010 period, the sector experienced a 5.2 percent year-on-year decrease, which according to the Civilitas Foundation is an indication of the unsustainability of a sector based on an elite market, with few products for the median or low budgets. [53], Nowadays(2019), Armenia has improved standards of living and growing income, which brought to the improvement of retail sector in Armenia. Economia. [75], Armenian banks' lending grew by 10 percent in 2019. [108] The number of Iranian tourists has risen in recent years, with an estimated 80,000 Iranian tourists in 2010. [61] According to a World Bank official, 30 percent of Armenia's economy in 2009 came from the construction sector. drams", "Moody's upgrades Armenia's rating to Ba3; changes outlook to stable from positive", "Armenia debt-to-GDP ratio to drop 1% in 2018, minister says", "Armenia's external debt is mainly concentrated on loans of international financial organizations | Finport.am", "Armenian parliament adopted amendments to Tax Code: changes are aimed at improving the competitiveness of the national economy | Finport.am", "Government Keeps Up Strong Growth In Tax Revenues", "Exports of products and services last year grew to 38% of Armenia's GDP", https://atlas.media.mit.edu/en/profile/country/arm/#Imports, "Armenia: Foreign Trade Deficit $1.94 Billion in 2017 - Hetq.am", "Foreign sector of economy in 2017 - Armstat", "Внешняя торговля: ТОП-10 торговых партнеров Армении в 2017 году - Hetq - Новости, статьи и расследования", "Экспорт Армении по итогам 2017 года составил $2 242.9 млн., рост стал максимальным за 5 лет", "Armenia Posts Record-High Trade Deficit", "Armenian economist on fall of Russian-Armenian trade turnover", "Trade between Iran, Armenia can reach $1b annually: Minister", "Foreign Investment In Armenia Down In 2017", "Foreign investments in 2017 - armstat.am", "Правительство Армении намерено довести уровень капитальных инвестиций до 23% от ВВП – министр", "Economist: Armenia's authorities should not expect influx of foreign investment in near future", "World Investment Report 2019 - Country Report - Armenia", "Net foreign direct investment in Armenia's real sector in 9 months amount to 59.8 billion drams", "Օտարերկրյա ներդրումները 2018 թվականի հունվար-սեպտեմբերին", "FDI data UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT", "European Investment Bank ready to carry out new programs in Armenia", "Armenia and Millennium Challenge Corporation: Building a Dynamic Partnership for Poverty Reduction through Economic Growth", "Deputy Prime Minister Mher Grigoryan receives USAID Deputy Assistant Administrator", "Հայաստանն ԱՄՆ-ից լրացուցիչ կտրամադրի 7,449,000 ԱՄՆ դոլարի չափով ֆինանսական հատկացում", "Armenian premier explains where 50,000 new jobs have come from", "Armenian parliament approves reforms of management of joint stock companies", "Armenia's Energy Sector, Other Industrial Assets Passing Under Russia's Control", RUSSIA TIGHTENS GRIP ON ARMENIA WITH DEBT AGREEMENTS, "RUSSIA CEMENTS CONTROL OF ARMENIA’S ENERGY SYSTEM", Gazprombank acquiert entièrement la banque arménienne Areximbank, "Сеть газоснабжения в Мегри и Агараке безвозмездно передана ЗАО "Газпром-Армения": предложение о продаже отклонено - Hetq - Новости, статьи и расследования", "Armenia ‘Pressing Ahead’ With Iran Rail Link", "Armenia Scrambles To Restore Vital Supplies Via Georgia", "Russia, Georgia Agree To Reopen Border Gate", "HUMAN DEVELOPMENT INDICES AND INDICATORS: 2018 STATISTICAL UPDATE", "Time series / Statistical Committee of Armenia", "Socio- Economic Situation of RA, January-February 2019 (Armenian, Russian) / Statistical Committee of Armenia", "50141 աշխատատեղ ստեղծվել է, բայց 76741 աշխատատեղ էլ՝ փակվե՞լ. This is expected to change after the 2018 Armenian revolution. [37], Beginning in 1991, the democratically elected government pushed vigorously for privatisation and market relations, although its efforts were frustrated by the old ways of doing business in Armenia, the Azerbaijani blockade, and the costs of the First Nagorno-Karabakh War. In 2008 transfers reached record high of $2.3 billion. Today people can easily get financial assistance from the banks right to their credit cards, without visiting the bank. A caída no sector de construción civil e nas remesas de traballadores armenios no exterior foron as principais causas da retración [1].A economía comezou a recuperarse en 2010 con case 5% de crecemento [1]. However, without significant government support to offset lost wages, inflation climbed to over 4% during the 2020 calendar year.[22]. Full implementation of the buffers over the course of the next few years will strengthen the financial sector's resistance to economic shocks and help increase the efficiency of macroprudential policies. The debt arrangements have been personally negotiated by (then) Defense Minister (and later President) Serge Sarkisian, initially Kocharyan's closest political associate. Economy taxi service (RDSM) Economy-Technology-Business-Management. [95] On the other hand, the paper “The effects of exchange rate volatility on exports: evidence from Armenia” analyzes the effect of Armenian floating exchange rate regime and exchange rate volatility on Armenian exports to Russia. [126], The Armenian Government approved the program to construct the Meghri free economic zone at the border with Iran, which is expected to open in 2017.[126]. According to official preliminary data GDP grew by 7.6 per cent in 2019, largest recording growth since 2008. [125], In early 2008, the State Commission for the Protection of Economic Competition named 60 companies having "dominant positions" in Armenia. [58], Real estate transactions count grew by 36% in September 2019 compared to September 2018. A new gas pipeline to Iran has been completed, and a road to Iran through the southern city of Meghri allows trade with that country. Tips. Just over $6.9 billion of that would be the government's debt. drams", "Time series, Average de jure Population Number, thousand pers", "Time series, GDP index-deflator (ratio of GDP at current prices to the volume of GDP at comparable prices of the previous year), %", "Armenia's economy grew by 5.2 percent in 2018", "Kocharian Orders Tax Exemption For Armenian Farmers", https://www.theglobaleconomy.com/Armenia/Share_of_agriculture/, https://www.theglobaleconomy.com/rankings/Share_of_agriculture/, "Armenian 2017 GDP breakdown by sector - Armstat (am)", "Armenian 2017 foreign trade summary - Armstat (ru)", "Some 15,572 real estate transactions effected in Armenia in 2019 September, by 36.1% more than in September 2018", "PRELIMINARY MAIN MACRO-ECONOMIC INDICATORS of Armenian Economy in 2017 by Armstat", "Armenia Learning From Crisis, Says World Bank ", "Armenian economy macro statistics for 2017", "Government Downplays Economic Cost Of Russian Gas Price Hike", "Armstat - Оплата труда и численность работников", "ArmBanks.am - Armenian financial-banking portal", "Net profit of Armenian banks grow 8 billion AMD in 2017", "Armenia Industry Research – Banks (07 May 2018)", "Map of international tourism receipts per capita in Europe in 2018", "Armenian premier: Largest growth in 2019 shown by accommodation and catering - 27.2%", "Armenia's Public Debt To Rise Further In 2019", "In 2019 Armenia's public debt to make 50.3% of its GDP", "ՀՀ պետական պարտքը նվազել է 86.5 մլն դոլարով", "Armenia External Debt [2002 - 2019] [Data & Charts]", "Armenia Government Debt: % of GDP [2002 - 2019] [Data & Charts]", "Vardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDP | Finport.am", "Ժամանակագրական շարքեր / Հայաստանի Հանրապետության Ազգային վիճակագրության ծառայություն", "Inflation rate, average consumer prices - Annual percent change", "Armenia's economy is expected to see 7.1% growth in 2019, central bank official says", "Cash Transfers To Armenia Jump To New High", "Survey Highlights Armenia’s Lingering Unemployment", "Armenian banks' lending in 2019 grows by 10 percent to 3.572 trillion. [143], In August 2002, the Armenian government sold an 80 percent stake in the Armenian Electricity Network (AEN) to Midland Resources, a British offshore-registered firm which is said to have close Russian connections. This steady economic progress has earned Armenia increasing support from international institutions. Between 1929 and 1939, the percentage of Armenia's work force categorised as industrial workers grew from 13% to 31%. [149] The 400 kilometer railway would pass through Armenia's mountainous southern province of Syunik, which borders Iran. At that point, only American relief efforts saved Armenia from total collapse. [42], The global economic crisis has had less impact on imports because the sector is more diversified than exports. Property-for-debt or equity-for-debt swaps (acquiring ownership by simply writing off the Armenian government's debts to Russia) are usually the method of acquiring assets. In 2015 they reached 10-year low at $1.6 billion. [53] In addition, the share of agriculture in Armenia's GDP hovered around 17.9% until 2012 according to the World Bank. According to economist Eduard Aghajanov, Armenia could have repaid them with low-interest loans from other, presumably Western sources, or with some of its hard currency reserves which then totaled about $450 million. [103], Bilateral trade with Russia stood at more than $700 million for the first nine months of 2010 – on track to rebound to $1 billion mark first reached in 2008 prior to the global economic crisis. 03:23 p. m. Polémica por parranda vallenata en la Alcaldía de Armenia El alcalde José Manuel Ríos ordenó investigar el hecho. Despite internal and external problems, the number of incoming tourists has been continually increasing. [143], In September 2002, the Armenian government handed over Armenia's largest cement factory to the Russian ITERA gas exporter in payment for its $10 million debt for past gas deliveries.[144]. The financial allocations will be directed to the financing of the USAID-funded project in infrastructures, agriculture, tourism․ After the signing of the new bilateral agreements, the total amount of the U.S. grants to Armenia amounted to around US$81 million.[121][122]. Armenian exports to China, though still modest in absolute terms, nearly doubled in that period.