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Artsakh economy grew fourfold in the past decade

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The economy of Artsakh (Nagorno Karabakh) has expanded by 3.8 times in the past 10 years, state minister Arayik Haroutyunyan said on Thursday, December 28.

According to him, the GDP of about AMD70 billion tens years ago has now reached a total of AMD270 billion.

The industrial output, meanwhile, grew by 2,7 times in the reporting period, while the average salary more than doubled.

Also, the state minister said that the country is planning to produce 350 million kW/hr of electricity, which is by 3.8 times more that the amount produced 10 years ago.

Artsakh economic activity index increases by 15%

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The economic activity index (EAI) in Artsakh in June 2017 made up 113.9% to compare with the June of the previous year and 142.5% to compare with the index of May of the current year.  According to the data released by the Artsakh (Nagorno Karabakh) Republic Statistical Service, the gross domestic product (GDP) of the NKR amounted to 102.2 billion AMD in January-June 2017 to compare with 87.7 billion AMD registered in the indicated period of the year 2016.

In January-June 2017 GDP per capita totaled to 699.8 thousand AMD (1444.2 USD), the source said.

The Eurasian Economic Union shows its economic growth

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For the first time since the establishment of the Eurasian Economic Union (EEU) in 2015, all of its member states have grown economically, Tigran Sargsian, chairman of the Eurasian Economic Commission, Of the prime ministers of the trade union led by Russia in Kazan.

Sargsian, who represents Armenia as the rotating presidency of the EUE, said that it was only in 2016-2017 that the Member States agreed to eliminate 60 obstacles from the internal market and concluded major agreements in The electricity, oil, gas and transport sectors.

The EEU, whose founding members are Russia, Belarus and Kazakhstan, also includes Armenia and Kyrgyzstan.

Some members of the opposition in Yerevan have criticized the government’s decision to join the EEU despite the fact that Armenia does not have a land border with the rest of the union. Moreover, some critics consider that Armenia, which has no energy resources, has no place in a customs union led by major oil and gas producers such as Russia and Kazakhstan. They highlighted Armenia’s poor economic performance after joining the EEU. The Armenian government, on the contrary, has always defended its decision on this accession, arguing that otherwise the country would have fared better in the face of the conditions of global economic turbulence.

Armenian Prime Minister Karen Karapetian attended the meeting of the Commonwealth of Independent States (CIS) Prime Ministers on 26 May, including the EEU member states. The meeting was held in the capital of Tatarstan, Kazan.

Russian Prime Minister Dmitry Medvedev said trade between member countries has almost tripled.

In Kazan, the leaders of the governments of the CIS member states signed a number of documents aimed at deepening cooperation in various fields, in particular those of innovative cooperation and international transport. The next meeting of the Council of Heads of Government of the CIS will be held in November.

The Armenian government delegation led by Prime Minister Karapetian also participated in the official reception given on behalf of the Russian Prime Minister.

The absence of the Moldovan Prime Minister, who boycotted the event due to some disagreements between Russia and Moldova, was noticed.

In Kazan, Karapetian also held a bilateral meeting with the Prime Minister of Belarus Andrei Kobyakov. According to a press release from the Armenian government, the prime ministers of the two countries discussed the agenda for economic relations between Armenia and Belarus and the prospects for their further development.

Monday, May 29, 2017,
Claire © armenews.com

Update: Turkish economy collapsing, $2.5 billion in cash alone has flown out of Turkey less than a month

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Erdoğan: Currency speculators trying to bring down Turkish economy

President Recep Tayyip Erdoğan has claimed Turkey’s struggling economy is under attack from foreign exchange speculators, while also praising citizens who have converted their foreign currencies into liras.

“They are trying to destroy our economy through foreign exchange speculation. Are there no problems with our economy? Yes, there are. But our government has been taking the required measures and will continue to do so,” Erdoğan said in a speech to neighborhood leaders in the presidential palace in Ankara on Dec. 7.

He noted that he saw “no economic reason” for the Turkish Lira’s recent plunge, after the lira lost as much as one fifth of its value against the U.S. dollar this year before rebounding slightly on Dec. 6.

Casting recent weakness in the Turkish currency as a plot by outside powers to destroy the economy, Erdoğan has repeatedly called for Turkish citizens to convert any dollars under their mattresses into liras or gold, while urging businesses to conduct more transactions in the local currency.

Turkey has lost 2.5 billion dollars in cash in one month: CHP

Some $2.5 billion is cash alone has flown out of Turkey in less than a month, main opposition Republican People’s Party (CHP) Deputy Chair Selin Sayek Böke has said, criticizing the government for creating “structural problems” with its draconian state of emergency decrees.

“The net outflow of cash since the beginning of November alone is $2.5 billion,” Böke said on Dec. 7, speaking after her party’s central executive board meeting.

She also rejected President Recep Tayyip Erdoğan’s claim that Turkey was being targeted in an economic war by shady outside forces, saying the government’s state of emergency decrees after the failed July 15 coup attempt had created “structural problems” that paved the way for economic strife.

“In the process that started with the extension of the state of emergency, the discussions on presidential system shift, and the deterioration of relations with the EU, the Turkish Lira became one of four currencies that have lost the most value,” Böke said.

“In addition to structural problems, there are political problems in Turkey. With the state of emergency, democracy has been abolished. The law has been destroyed by decree laws … For the sake of its own political power, the government is engaging in fights with the whole world. Political risks are leading Turkey to break away from the world,” she added.

Armenia exports grow by 19.8% in 10 months

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economy-upArmenia‘s exports amounted to over $1,45 billion in January-October 2016, up by a total of 19.8% against the same period last year.

As the National Statistical Service reports, the imports totaled $2.6 billion, down by 0.3% year-on-year.

In the reporting period, the overall trade turnover stood at some $4.06 billion, growing by 6.1% compared to the figures registered last year.

Karen Karapetyan. “Artsakh is the “driver” of the economy of Armenia. The GDP in NKR has grown by 9.1 % in 2015

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armenian-pm-karabakh(Aravot) Within the last 10 years stable economic growth is ensured in NKR thanks to the implemented economic policy, the average of which has been approximately 10%. In 2015 the gross domestic product -the GDP- by its real expression has grown by 9.1%, constituting it equivalent to 438 million dollars. In 2015 the GDP per person was 3 thousand dollars, which exceeds the level of 2006 four times. This was announced by the government of NKR.

During the press conference of the Prime Ministers of NKR and RA given in the castle of Tigranakert city in Artsakh, one of the journalists asked, “is it expected to have double-digit economic growth, does the slowdown of the growth of the economy of Armenia depend on the Russian economy, does the economy of Armenia have impact on the growth of the economy of Artsakh, how Artsakh succeeds in ensuring such growth of GDP, what is the secret of that and why the government of Artsakh did not share with it?” “With what? with the growth?” joked Prime Minister of RA in answer to the question. Prime Minister of NKR Arayik Harutyunyan said that the main field ensuring the growth was energetics, and the structure of the GDP growth was also changed;

“The field ensuring the DGP growth is hydro-energetic. If from 2002 to 2007 on average it was produced 90 million kilowatt energy, then this year 300 million kilowatt was produced, and it is increasing continuously. It is not only the production of electro energy, it is also the construction. Why it does not exist in Armenia because that potential in Armenia was used in the years on 2000-2008. The economy of NK divides in phases- from 1992 to 1996, when Armenia supported Karabakh with everything. From 1996 to 2008 when Armenia did not support with anything except providing intergovernmental loan, and its logic was different. And from 2009 up to now that Armenia supports with everything especially in the direction of the investment field and its promotion, as a result of which we have ensured quite big investments. The first were HPPs, energetics around 50 million dollar investment this year, mining industry- the mine of Kashen started working, as well as agriculture, the advantage is that we have supported agriculture from the state budget.” “They are champions in terms of growth, they are champions by the brave steps of the fashion,” remarked RA Prime Minister Karen Karapetyan.

RA Prime Minister also said that if they managed to activate the economy of the Republic of Armenia, it would have a multiplicative effect. The Prime Minister of Artsakh noticed that the economic growth of Karabakh had its effect on the economy of Armenia because those investments for example in the field of construction, cement and other construction materials were obtained from Armenia. “It is the “driver” of the economy of RA,” said Karen Karapetyan. NKR Prime Minister Arayik Harutyunyan compared the support provided by Armenia during the governance of Robert Kocharyan and Serzh Sargsyan, emphasizing that till 2008 Artsakh did not record any economic growth , which was not the oversight of the authorities of Artsakh but Armenia. “During the usual meeting with Prime Minister Tigran Sargsyan I thanked and compared with the wartime, when Armenia being in a difficult situation was supporting with everything, of course today and yesterday also it was so especially since 2008. Please, pay a careful attention to the fact that since 2008 our relationships with RA were not limited only by financial intergovernmental loan but by involving investment in terms of implementing different projects. But before 2008 there were no such opportunities that’s why energetics did not developed in Artsakh, there was no active loaning in agriculture that’s why from 1996 till 2008 no new technology was brought to Karabakh. It was not the result of the inactivity of the Karabakh authorities. Yes, there was not that attitude from the government of RA that we have today. That is why we could ensure greater economic growth. And what year 2008 was for RA you know.”

Read more at: http://en.aravot.am/2016/11/08/183387/

 

EU seeks to assist in Armenia’s economic development – Piotr Switalski

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eu-helping-armeniaThe European Union has initiated the EU for Business Week meetings in Armenia in an effort to promote economic growth in the country.
At a news conference on Monday, Head of the EU Delegation to Armenia, Ambassador Piotr Switalski said they seek to make the country a center of EU initiatives.
“For the European Union, this week is one of the most important weeks in our annual activities. The European Union puts in the center of activities support to economic growth in the neighborhood countries. We believe that economic resilience is something which is the most important thing for us, for the European Union, and also for our partners, for countries like Armenia. Therefore, we pay particular attention to supporting economic development, to offering the best possibilities for cooperation, both regionally and also with the European Union,” he said.
The ambassador added that they are planning special events devoted to small- and medium-sized enterprises (SMEs), the East and West annual partner conference, and the official launch of the project SMEDA (Small and Medium Enterprise Development Authorities). On the 26th and 27th of October, there will be the high-level conference on sustainable development in Eastern Partnership countries, Mr Switalski said.
He expressed his gratitude to the Armenian Government for assisting the EU Delegation in conducting the Business Week. “We, as the European Union, stand ready to support the Armenian Government in its efforts to implement reforms, to conduct successful transformations [to promote] a more efficient, more productive economy in  this country,” he said, noting that SME’s account for 13% of employment and GDP in Armenia (as opposed to the 60%-70% in the European Union).
Ambassador Świtalski noted that more foreign investors could facilitate economic growth in the country. In this respect, he said, a new framework agreement between

Armenia and the European Union (EU) would pave way to more investments.
Mr Świtalski said he is sure Armenia is on the right way to cooperation in SME development.

Tigranuhi Martirosyan

Turkish Economy collapsing, Hotel occupancy down 57% “Erdogan in begging mode”

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AFP photo

AFP photo

Turkey’s hotel occupancy rates plunged below 57 percent in May, as the country saw the worst drop across Europe after Belgium, the Turkish Touristic Hotels and Investors Association (TÜROB) said in a written statement.

While hotel occupancy rates declined by 19.1 percent in May to 56.5 percent compared to the same month of 2015 due to rising security concerns and the diplomatic crisis with Russia, Belgium saw a 20.8 percent year-on-year drop after the suicide bombings in Brussels in March.Hotel occupancy rates in Turkey fell by 16.2 percent to 51.7 percent in the first five months of the year compared to the same month of 2015, ranking them worst across Europe, according to data compiled by TÜROB from STR Global’s figures.

Average daily room prices also declined by 33 percent to 83.20 euros in May compared to the same month of 2015.

Hotels in Istanbul were worst hit, with hotel occupancy rates in Turkey’s largest city declining by 26.1 percent to 55.4 percent in May compared to the same month of 2015. Istanbul was also the city that saw the second biggest plunge in hotel occupancy rates in Europe after Brussels.

While average daily room prices declined by 24.4 percent to 105.10 euros in Istanbul in May, average revenue per available room also decreased to 58.20 euros, marking a 44.1 percent drop from the same period of 2015.

Hotel occupancy rates in the Mediterranean resort of Antalya also decreased by 9.4 percent to 57.8 percent in May compared to the same month of 2015, marking a 32 percent decrease in average daily prices to 66.4 euros.

Armenia’s economy becoming attractive to US investors – ambassador

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f56bc7f31b6970_56bc7f31b6989.thumbArmenia’s economy has reached a stage of stabilization and reforms which makes it attractive to US investors, US Ambassador to Armenia Richard Mills said online in response to citizens’ questions about his comments on US President Barack Obama’s statement that the historic level of US investment in Armenia in 2015 is just the beginning of expanded trade and investment ties and about practical steps and US companies interested in investments in Armenia.

The US president’s comments reflect the priorities of the US administration and embassy in Armenia – promoting US investments and trade. Last year saw important developments, including the Vorotan hydroelectric system deal, the largest one-time US investment in Armenia. Armenia and the US signed a framework trade and investment agreement, which is supposed to help the two governments to remove obstacles to bilateral trade, Mr Mills said.

Ambassador Mills said he believes that the lifting of international sanctions against Iran could be a good opportunity for the United States to expand its business relations with the Islamic Republic.

He added that the Embassy’s objective to attract more investment runs parallel with their partners’ efforts towards reducing corruption in Armenia. The diplomat further highlighted the importance of ensuring equal conditions for all businesses (whether Armenian, Russian or other), adding that they can attract investments to help cut corruption risk in support to the domestic entrepreneurs.

Greece to Become Bridge Between Iran, EU – Prime Minister

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1027525172Greece intends to become an economic and energy bridge between the European Union and Iran, Prime Minister Alexis Tsipras said.

MOSCOW (Sputnik) — On Sunday, Tsipras arrived in Tehran to strengthen political and economic ties with Iran, including in the energy field.

“Greece will become an energy, economic and trade bridge between Iran and European Union,” Tsipras said, as quoted by the Mega television channel.

The two counties can cooperate in technology and innovation, energy, trade and culture sectors, the prime minister said.

Greece and Iran launched discussions to resume Iranian oil deliveries to Greece two weeks ago, after Tehran was found in compliance of a landmark nuclear deal allowing the lifting of years-long sanctions against the Islamic Republic.

Iran delivered an estimated 100,000 barrels of oil per day to Greece in 2011, a figure equaling one-third of the Hellenic Republic’s total oil imports.

In 2012, Iran’s oil exports were slashed in half after the European Union and the United States imposed sanctions against Tehran as punishment for what they believed was Iran’s covert pursuit of nuclear weapons under the guise of a civilian nuclear program.