Artsakh sees unprecedented GDP growth in 2017

March 13, 2018 By administrator

Artsakh GDP growth

The Gross Domestic Product (GDP) of Artsakh comprised about 272 billion 100 million drams in 2017 compared to 229 billion 700 million drams of 2016, according to latest figures released by the Artsakh National Statistical Service.

The GDP growth rate made up 15.6%, the index-deflator – 2.5%, whereas in 2016 these numbers were 9.2% and 0.5% respectively, Artsakhpress reports.

According to the source, the GDP per capita in 2017 comprised 1 million 855 thousand 900 drams or 3 thousand 844.7 USD or 3 thousand 403.8 Euros according to the current prices, while in 2016 these numbers were 1 million 577.3 thousand drams or 3 thousand 282.7 US dollars or 2 thousand 965.7 Euros.

11.7% out of the 15.6% of the GDP growth has been ensured by industry, including the energy, 3.7% by trade and services, 0.9% by agriculture, forest economy and fishing and 0.1% by construction.

Karabakh eyes double-digit economic growth in 2017

June 5, 2017 By administrator

Nagorno Karabakh (Artsakh) prime minister Arayik Harutyunyan said he expects a double-digit economic growth for 2017 in the country.

In a conversation with reporters, Harutyunyan said Karabakh registered a 9% growth in 2016 despite the Four-Day War in April 2015.

Azerbaijan on April 2, 2016 launched a large-scale military offensive against Karabakh, which left hundreds killed on both sides. Top Armenian and Azerbaijani officials reached an agreement on the cessation of hostilities on April 5 in Moscow.

According to Harutyunyan, a lot of investors backed away from their plans due to the resumption of hostilities in April 2015.

“We are expecting a 10% economic growth in 2017, as sufficient investments have been made in hydropower and mining sectors,” the PM said.

Earlier, Harutyunyan said Karabakh is planning to produce 15-20 tons of black caviar annually under a corresponding business plan in Mataghis.

Armeniasputnik.am: Арутюнян: в Карабахе ожидается двухзначный экономический рост

Armenian Government Reports Strong Growth in Agriculture

December 30, 2015 By administrator

Grapes harvested at a vineyard in the Ararat Valley. (Source: Photolure)

YEREVAN (Azadutyun)— According to the Agriculture Minister Sergo Karapetian, Armenia’s agricultural output rose by nearly 12 percent to 931.4 billion drams ($1.94 billion) from January to November of 2015. This growth greatly contributed to the continued economic growth in the country.

The official figure is equivalent to more than one-fifth of Gross Domestic Product which the Armenian government expects to increase by at least 3 percent in real terms this year.

Favorable weather conditions appear to have been instrumental in the agricultural sector’s strong performance. In particular, they translated into plentiful harvests of apricots, grapes and other fruits and vegetables.

“Armenian farmers harvested almost 370,000 metric tons of wheat, up by 9 percent from 2014. For the first time in decades, Armenia satisfied more than half of its domestic demand for wheat,” said Karapetian.

The minister also reported a 65 percent surge in the physical volume of Armenian fruit and vegetable exports, the bulk of them going to Russia. They were clearly helped by the Russian ban on food imports from Europe.

Much of this sharp rise has been offset by the dramatic depreciation of the Russian ruble. Armenian wine and brandy companies, the most important buyers of domestically grown grapes, have also been hit particularly hard.

Karapetian insisted that despite their financial troubles most of the distilleries increased their grape purchases from farmers this fall. Many farmers complain, however, that they have still not been paid for their produce. Some have even staged protests, threatening to block highways in the wine-growing Ararat Valley south and west of Yerevan.

Karapetian downplayed the protests, saying that more than 82 percent of the grape farmers have already received payments. “There are still debts, but there are understandings between farmers and producers on when they will be paid off,” he told reporters.

Terrorism and Turkish Economy’s growth are intertwined.

November 16, 2015 By administrator

In 1960 Turkish economy was only $12 Billion it took 40 years to reach $196 Billion, 9/11 happen Islamic government of Erdogan come in power Turkish economy suddenly surge in 10 year grow from $196 Billion to close to one Trillion dollars, remember Turkey has no oil no gas then how the economy grow this fast? Turkish dictator spending billions $$$ building mosques all over the world, building places worth Billions, multi billion dollars project like bridges, airports, Turkish airline buying airplane faster than anyone else so the question is where all this multi billions dollars come from?

Nagorno-Karabakh Strong Economic Growth Reported in (Artsakh)

December 27, 2014 By administrator

Increases in spending on public services, such as this newly opened hospital in Stepanakert, are planned in the Artsakh government’s 2015 budget, which foresees more economic growth in the country.

STEPANAKERT (RFE/RL)—Economic growth in Nagorno-Karabakh has averaged about 10 percent annually in the past several years and will continue unabated in 2015, according to the authorities in Stepanakert.

Ara Harutiunian, Artsakh’s Prime Minister, made upbeat macroeconomic forecasts on Thursday as his cabinet pushed through the republic’s parliament its budget for next year envisaging a sizable increase in public spending.

The spending target of 88.1 billion drams ($192 million) is based on a projection that the Karabakh economy will expand by 9 percent in 2015.

“A real GDP increase of 9 percent in 2015 and rapid growth in following years are expected to result from the development of energy, agriculture, light industry, food processing, mining, information technology and other sectors,” Harutiunian told lawmakers, according to the Artsakhpress news agency.

According to the most recent official data, Artsakh’s GDP, equivalent to over $410 million in 2013, increased in real terms by about 8 percent in January-September 2014 thanks to more than 21 percent rises in industrial output and construction. The two sectors generated between them 58 percent of GDP.

By contrast, the local agricultural sector contracted by as much as 23 percent in the nine-month period apparently because of severe consequences of a blizzard that swept through Armenia and Karabakh in late March. The sector accounted for only one-quarter of economic activity in Artsakh, which used to be heavily dependent on agriculture.

In Harutiunian’s words, recent years’ growth has translated into thousands of new jobs in republic still recovering from the 1991-1994 war of independence from Azerbaijan. “The total number of employed workers rose from 41,000 in 2007 to 50,300 in 2014,” he said.

Thousands of other, mostly male Karabakh Armenians are part of the local military closely integrated with Armenia’s armed forces.

Harutiunian emphasized that annual subsidies from the Armenian government will finance 52 percent of Karabakh’s 2015 budgetary spending, down from 60 percent in 2007 and 73 percent in 2000. He said that a large part of the budgetary transfers from Yerevan are taxes collected from goods imported to Artsakh from outside Armenia. This means, he said, that Artsakh is not as financially dependent on Armenia as many people think.

Harutiunian further stressed the fact that state revenue is projected to rise substantially in 2014 despite decreased tax contributions from Artsakh’s largest corporate taxpayer, the Base Metals company mining copper and gold in the northern Martakert district.

Base Metals, which is part of Armenia’s Vallex Group mining giant, is increasingly switching its operations to a new and larger ore deposit in Martakert. Its production volumes should therefore grow in the coming years.

According to official statistics, the average monthly salary in Karabakh rose by 20 percent year on year to 130,400 drams ($300) in September, compared with 173,000 drams in Armenia. The Armenian economy has grown far more slowly since 2010.