Economic News from Armenia
Armenian Home Sales Surge After Lengthy Decline
David Harutiunian
September 08, 2009
YEREVAN -- The number of real estate transactions in Armenia jumped by
36 percent in June after months of steep decline during the
international economic crisis, RFE/RL's Armenian Service reports.
David Harutiunian, a top aide to Prime Minister Tigran Sarkisian who
oversees the government's anticrisis measures, told RFE/RL that the
increase in transactions reported by the State Cadastre Committee
bodes well for Armenia's emergence from its worst economic recession
since the early 1990s.
Harutiunian said the "increased activity in the market" is a
"significant indicator which shows that the [real estate] market is
slowly recovering and that we have passed the stage of [price]
fluctuations."
The rise in apartment and house sales was confirmed by private
developers.
Armen Mkoyan, director general of the Elite Group construction
company, said apartments are selling now. He added that the situation
is "stabilizing" and sales are increasing. He told RFE/RL that "we
have seen positive dynamics in the last two months."
Harutiunian attributed increased housing sales to the June
establishment of a state-owned mortgage fund that is supposed to make
housing loans cheaper and more accessible.
The National Mortgage Company has an authorized capital of 22 billion
drams ($58.3 million) and is expected to receive 20 million euros ($28
million) in additional funding from the German government.
David Harutiunian
September 08, 2009
YEREVAN -- The number of real estate transactions in Armenia jumped by
36 percent in June after months of steep decline during the
international economic crisis, RFE/RL's Armenian Service reports.
David Harutiunian, a top aide to Prime Minister Tigran Sarkisian who
oversees the government's anticrisis measures, told RFE/RL that the
increase in transactions reported by the State Cadastre Committee
bodes well for Armenia's emergence from its worst economic recession
since the early 1990s.
Harutiunian said the "increased activity in the market" is a
"significant indicator which shows that the [real estate] market is
slowly recovering and that we have passed the stage of [price]
fluctuations."
The rise in apartment and house sales was confirmed by private
developers.
Armen Mkoyan, director general of the Elite Group construction
company, said apartments are selling now. He added that the situation
is "stabilizing" and sales are increasing. He told RFE/RL that "we
have seen positive dynamics in the last two months."
Harutiunian attributed increased housing sales to the June
establishment of a state-owned mortgage fund that is supposed to make
housing loans cheaper and more accessible.
The National Mortgage Company has an authorized capital of 22 billion
drams ($58.3 million) and is expected to receive 20 million euros ($28
million) in additional funding from the German government.
IMF SPECIALISTS SAY OPENING OF ARMENIAN-TURKISH BORDER
WILL LEAD TO COMPETITIVE GROWTH OF ARMENIAN ECONOMY
ArmInfo
2009-09-09 12:43:00
ArmInfo. Opening of the Armenian-Turkish border will contribute to
competitive growth of Armenian economy, IMF Resident Representative
Nienke Oomes told media on Wednesday.
She said that low competition is reflected in import of goods into
Armenia as well as in the blockade of roads by the neighboring
states. IMF believes that opening of the Armenian-Turkish border
will create additional opportunities to stiffen competition with
Turkey as well as will become a good impetus for Armenian economy,
IMF Resident Representative said.
National Statistical Service of Armenia reported that commodity
turnover between Armenia and Turkey in 2008 totaled $269.5
million. Credit balance in favor of Turkey made up $127 million. The
commodity turnover is mainly via territory of Georgia because of
closed Armenian-Turkish border.
World Economic Forum's Global Competitiveness Report 2009-2010 ranked
Armenia the 97th out of 133 states involved in the report. Armenia's
position was left unchanged as compared to the rating for 2008- 2009.
Azerbaijan was up from the 69th to the 51st position. Georgia was
left the 90th and Russia was down 121 positions to the 63rd.
ArmInfo
2009-09-09 12:43:00
ArmInfo. Opening of the Armenian-Turkish border will contribute to
competitive growth of Armenian economy, IMF Resident Representative
Nienke Oomes told media on Wednesday.
She said that low competition is reflected in import of goods into
Armenia as well as in the blockade of roads by the neighboring
states. IMF believes that opening of the Armenian-Turkish border
will create additional opportunities to stiffen competition with
Turkey as well as will become a good impetus for Armenian economy,
IMF Resident Representative said.
National Statistical Service of Armenia reported that commodity
turnover between Armenia and Turkey in 2008 totaled $269.5
million. Credit balance in favor of Turkey made up $127 million. The
commodity turnover is mainly via territory of Georgia because of
closed Armenian-Turkish border.
World Economic Forum's Global Competitiveness Report 2009-2010 ranked
Armenia the 97th out of 133 states involved in the report. Armenia's
position was left unchanged as compared to the rating for 2008- 2009.
Azerbaijan was up from the 69th to the 51st position. Georgia was
left the 90th and Russia was down 121 positions to the 63rd.
IMF: ECONOMIC DECLINE SLACKENING IN ARMENIA
ArmInfo
2009-09-09 12:38:00
ArmInfo. The International Monetary Fund experts say economic decline
in Armenia is slackening and positive trends have been observed, Nienke
Oomes, IMF Resident Representative in Armenia, told media on Wednesday.
She said that Armenian economy is over the worst and GDP fall in
Armenia for late 2009 will be lower than for the seven months of 2009
(18.5%). The IMF's last forecasts for GDP in Armenia are currently
being specified, but some 10%-15% economic decline and 3% average
yearly inflation are expected anyway, Nienke Oomes said. She
highlighted that real estate prices and transactions in this sector
were up in July as compared to the previous month. IMF representative
believes these positive trends very important, for 2/3 of GDP fall in
Armenia is the result of decline of construction scales and the share
of construction in the 18.5% GDP fall for the first 7 months of 2009
was 14.1%. She said that demand for housing is still high in Armenia
and the construction sector will develop in the mid-term outlook.
Nevertheless, Armenian economy was rather dependent on the construction
over the last years. Unfortunately, this sector is subject to wide
fluctuations, and the country's economy needs diversification. Nienke
Oomes said that positive trends have been observed also at mining and
metallurgical enterprises in Armenia thanks to the significant growth
of world copper and molybdenum prices. In addition, devaluation of the
Armenian dram against the US dollar has also had a positive impact on
export opportunities of the country, IMF Resident Representative said.
ArmInfo
2009-09-09 12:38:00
ArmInfo. The International Monetary Fund experts say economic decline
in Armenia is slackening and positive trends have been observed, Nienke
Oomes, IMF Resident Representative in Armenia, told media on Wednesday.
She said that Armenian economy is over the worst and GDP fall in
Armenia for late 2009 will be lower than for the seven months of 2009
(18.5%). The IMF's last forecasts for GDP in Armenia are currently
being specified, but some 10%-15% economic decline and 3% average
yearly inflation are expected anyway, Nienke Oomes said. She
highlighted that real estate prices and transactions in this sector
were up in July as compared to the previous month. IMF representative
believes these positive trends very important, for 2/3 of GDP fall in
Armenia is the result of decline of construction scales and the share
of construction in the 18.5% GDP fall for the first 7 months of 2009
was 14.1%. She said that demand for housing is still high in Armenia
and the construction sector will develop in the mid-term outlook.
Nevertheless, Armenian economy was rather dependent on the construction
over the last years. Unfortunately, this sector is subject to wide
fluctuations, and the country's economy needs diversification. Nienke
Oomes said that positive trends have been observed also at mining and
metallurgical enterprises in Armenia thanks to the significant growth
of world copper and molybdenum prices. In addition, devaluation of the
Armenian dram against the US dollar has also had a positive impact on
export opportunities of the country, IMF Resident Representative said.
GREATEST GLOBAL COMPETITIVENESS PROGRESS RECORDED
IN ARMENIA FOR MACROECONOMIC STABILITY
ARKA
September 9, 2009
Yerevan
YEREVAN, September 9. /ARKA/. In terms of global competitiveness
components Armenia showed the greatest progress for macroeconomic
stability, Chairman of "Economy and Values" research center Manuk
Yerghnyan reported.
The country improved its macroeconomic stability position by 30 points
and is now the 53rd.
This may sound strange, but everything will be clearer if macroeconomic
situation in other countries is considered, Yerghnyan said in Novosti
International Press Center.
The global competitiveness is assessed based on 12 main components -
institutions, infrastructure, macroeconomic stability, health and
primary education, higher education and training, commodities market
efficiency, labor market efficiency, financial market efficiency,
technological preparation level, domestic volume, innovations and
business improvement.
Armenia showed one-point improvement on institutions and became
the 95th. In terms of infrastructures the country is now the 81st
(an improvement of 9 points).
The country's position of some other components was as follows: health
and primary education (still 97th), higher education and training
(2-point down to 96th position), commodities' market efficiency
(6 point down to 116th position).
The latter is the weakest point of Armenia due to market
monopolization, the expert said.
The country's position o n labor market efficiency remains the best
(47th) despite a 2-point reduction.
Progress by 10, 7, 2 and 8 points was recorded on financial market
efficiency (97th position), technological preparation level (105),
market volume (109) and business improvement (112).
Armenia recorded a 2-point fall on innovations and ranked the 108th,
Yerghnyan said.
According to the global competitiveness report prepared by World
Economic Forum for 2009-2010 Armenia remains the 97th among 133
countries in terms of world competitiveness in 2009.
ARKA
September 9, 2009
Yerevan
YEREVAN, September 9. /ARKA/. In terms of global competitiveness
components Armenia showed the greatest progress for macroeconomic
stability, Chairman of "Economy and Values" research center Manuk
Yerghnyan reported.
The country improved its macroeconomic stability position by 30 points
and is now the 53rd.
This may sound strange, but everything will be clearer if macroeconomic
situation in other countries is considered, Yerghnyan said in Novosti
International Press Center.
The global competitiveness is assessed based on 12 main components -
institutions, infrastructure, macroeconomic stability, health and
primary education, higher education and training, commodities market
efficiency, labor market efficiency, financial market efficiency,
technological preparation level, domestic volume, innovations and
business improvement.
Armenia showed one-point improvement on institutions and became
the 95th. In terms of infrastructures the country is now the 81st
(an improvement of 9 points).
The country's position of some other components was as follows: health
and primary education (still 97th), higher education and training
(2-point down to 96th position), commodities' market efficiency
(6 point down to 116th position).
The latter is the weakest point of Armenia due to market
monopolization, the expert said.
The country's position o n labor market efficiency remains the best
(47th) despite a 2-point reduction.
Progress by 10, 7, 2 and 8 points was recorded on financial market
efficiency (97th position), technological preparation level (105),
market volume (109) and business improvement (112).
Armenia recorded a 2-point fall on innovations and ranked the 108th,
Yerghnyan said.
According to the global competitiveness report prepared by World
Economic Forum for 2009-2010 Armenia remains the 97th among 133
countries in terms of world competitiveness in 2009.
RA BUDGETED DEFICIT NOT TO EXCEED 7.5%
PanARMENIAN.NET
09.09.2009 13:36 GMT+04:00
/PanARMENIAN.Net/ Budgeted deficit not to exceed 7.5% in Armenia,
according to IMF forecast.
"Six months ago the Armenian government was concerned over the deficit
index, since the volume of tax flows has considerably reduced. This
led to arrears in wage and pension payment," said Ms. Nienke Oomes,
IMF Resident Representative in Armenia.
"Nevertheless, successful talks between the Armenian government
and international structures allowed financing budgeted deficit
in 2009. At that, IMF will allocate $155 million, World Bank - $60
million and ADB - $80 million," she said.
PanARMENIAN.NET
09.09.2009 13:36 GMT+04:00
/PanARMENIAN.Net/ Budgeted deficit not to exceed 7.5% in Armenia,
according to IMF forecast.
"Six months ago the Armenian government was concerned over the deficit
index, since the volume of tax flows has considerably reduced. This
led to arrears in wage and pension payment," said Ms. Nienke Oomes,
IMF Resident Representative in Armenia.
"Nevertheless, successful talks between the Armenian government
and international structures allowed financing budgeted deficit
in 2009. At that, IMF will allocate $155 million, World Bank - $60
million and ADB - $80 million," she said.
ARMAVIA'S FIRST SUKHOY SUPERJET S-100 TO ARRIVE IN
ARMENIA BY END OF YEAR
ARKA
September 9, 2009
Yerevan
YEREVAN, September 9. /ARKA/. The first civil aircraft Sukhoy Superjet
S-100 of Armavia air company is to arrive in Armenia by the end of
this year, deputy head of flights division of Armavia Sergey Khjaratyan
told journalists in Novosti international press center Tuesday.
The aircraft delivery has been postponed for many times for technical
and financial reasons, Kharatyan said.
The fuselage is completely ready, but engines are delayed due to
financial problems of the producer.
According to the preliminary deadlines, the aircraft will be
received on December 8 and will be taken over by the end of the year,
Kharatyan said.
Kharatyan pointed out that the company agreed about delivery of another
2 Superjet S-100 aircrafts; another 3 airplanes are "reserved" and
will be delivered if required.
According to a preliminary agreement, Sukhoy Superjet S-100 was
to arrive in Armenia in late August - early September to adapt to
mountainous climate conditions.
Armavia is to become one of the first air companies to buy two new
Sukoy Superjet S-100 airplanes.
Armavia air company is a member of International Air Transport
Association (IATA).
The company operates about 250 flights a month to countries of the
CIS, Middle East and Europe. In 2008, the company transported about
647,000 passengers. The aircraft flee t of the company contains two
A320, three A319, a Tu-134 and an Il-86.
Sukhoi Superjet 100 short-range aircraft developed by "Civil
Aircrafts of Sukhoy" together with Boeing, is for transportation of
98 passengers over a distance of up to 4,400 kilometers. The first
Superjet 100 was presented on September 26 2007 at the factory in
Komsomolk-on-Amur. There the airliner carried out its first flight
on May 19 2008.
ARKA
September 9, 2009
Yerevan
YEREVAN, September 9. /ARKA/. The first civil aircraft Sukhoy Superjet
S-100 of Armavia air company is to arrive in Armenia by the end of
this year, deputy head of flights division of Armavia Sergey Khjaratyan
told journalists in Novosti international press center Tuesday.
The aircraft delivery has been postponed for many times for technical
and financial reasons, Kharatyan said.
The fuselage is completely ready, but engines are delayed due to
financial problems of the producer.
According to the preliminary deadlines, the aircraft will be
received on December 8 and will be taken over by the end of the year,
Kharatyan said.
Kharatyan pointed out that the company agreed about delivery of another
2 Superjet S-100 aircrafts; another 3 airplanes are "reserved" and
will be delivered if required.
According to a preliminary agreement, Sukhoy Superjet S-100 was
to arrive in Armenia in late August - early September to adapt to
mountainous climate conditions.
Armavia is to become one of the first air companies to buy two new
Sukoy Superjet S-100 airplanes.
Armavia air company is a member of International Air Transport
Association (IATA).
The company operates about 250 flights a month to countries of the
CIS, Middle East and Europe. In 2008, the company transported about
647,000 passengers. The aircraft flee t of the company contains two
A320, three A319, a Tu-134 and an Il-86.
Sukhoi Superjet 100 short-range aircraft developed by "Civil
Aircrafts of Sukhoy" together with Boeing, is for transportation of
98 passengers over a distance of up to 4,400 kilometers. The first
Superjet 100 was presented on September 26 2007 at the factory in
Komsomolk-on-Amur. There the airliner carried out its first flight
on May 19 2008.
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