ArmInfo.

ArmInfo.

ArmInfo. Gevorg Papoyan, the Minister of Economy of Armenia received representatives from the Bridged company.

ArmInfo.

ArmInfo. The revenue  of Armenia's communications sector in the first half of 2024 amounted to 81.4 billion drams ($205.6 million), showing an annual growth rate increase from 4.7% to 5%. This information is supported by data from the RA Statistics Committee, according to which in June of the same year, the total revenue of the communications sector was 13.9 billion Armenian drams, with a month-on-month growth of 1%.

ArmInfo.

ArmInfo. In Armenia, in the first half of 2024, the services sector experienced a slowdown in annual growth from 16.8% to 4.4%, reaching a total volume of 1.5 trillion AMD ($3.9 billion). According to data from the RA Statistics Committee, in June alone, the volume of services provided increased by 5.6%, totaling to 282.8 billion AMD ($728.9 million). The annual growth slowdown was primarily caused by a decline in the performance of the leading sectors in terms of service volume, the information and communications and the transport, which are traditionally in the TOP-5 in terms of services provided.

ArmInfo. The "Upper Lars" checkpoint on the Georgian side will be closed from 01:00 to 10:00 tomorrow morning, Vahan Hakobyan, customs attache of the Armenian Embassy in Russia, told ArmInfo correspondent. 

ArmInfo. Armenia's metallurgical industry has experienced a growth, shifting from a 7% decline to 8% growth. This is evidenced by the data of the RA Statistical Committee for the first half of 2024. 

ArmInfo. Currently, about 800 Armenian trucks are waiting for passage to Georgia through the MVC (multilateral vehicle checkpoint) "Upper Lars", Vahan Hakobyan, the customs attache of the Armenian Embassy in Russia, told ArmInfo correspondent.  Earlier today, the traffic management center website of North Ossetia reported that the total number of idle trucks is 4035, of which 1163 are Armenian.

ArmInfo.

ArmInfo. In Armenia, electricity generation in January-June 2024 increased by 2.2% year-on-year (compared to a 2.3% decline a year ago), amounting to 4,542.8 million kWh. At the same time, in June alone, electricity generation decreased by 2.3% - to 666 million kWh. This is evidenced by data from the RA Statistical Committee.

ArmInfo. In Armenia, economic  activity growth in the first half of 2024 slowed to 10.4% per annum  (from 11.4% in the same period of 2023). But unlike last year, the  industrial sector has become a key growth driver. According to the  final data of the RA Statistical Committee, this is accompanied by  continued high growth rates of exports and imports.

ArmInfo.On June 10 of this year, AraratBank started the regular process of placing bonds. The placement, due to be finalized on September 10 as per the terms of the bond issue, was completed on August 2.

ArmInfo. The Commission for the  Protection of Competition (CPC) of Armenia has imposed a fine of  about 53 million drams on Global Shipping for unfair competition.

ArmInfo. July 29 to August 2, 2024, USD transactions showed a growth, with a decline in RUB and EUR ones in Armenia's interbank foreign exchange market. Three USD, three RUB transactions and one EUR transaction were effected during the period under review.

ArmInfo. The Federal Service for Veterinary and Phytosanitary Surveillance of the Russian Federation (Rosselkhoznadzor) lifted restrictions on only one out of the 16 Armenian enterprises that export agricultural products to Russia. This outcome was achieved through negotiations between Armen Hayrapetyan, the head of the Food Safety Inspectorate of Armenia and Sergey Dankvert, the head of Rosselkhoznadzor. According to the press service of the FSIB, the meeting, held in a video conference format, addressed issues related to the ban on agricultural product imports  to Russia from the  16 Armenian organizations. 

ArmInfo. The Armenian government has identified tax collection as its KPI (key performance indicator), for evaluating its activities. This is the viewpoint of Aghasi Tavadyan, an associate professor at the Armenian State University of Economics. He references the Laffer curve concept and emphasizes the necessity of developing a more balanced tax policy. 

ArmInfo. On August 2, Kristina Ghalechyan, the  Deputy Minister of Territorial Administration and Infrastructure in Armenia, received members of the Asian Development Bank (ADB) fact-finding mission, led by Don Lambert, ADB Resident Representative in Armenia.  As reported by the Road Department Fund, the purpose of the ADB fact-finding mission is to discuss details related to the construction of the 27-kilometer northern section of the Sisian-Kajaran North-South road and the preparation of the loan agreement text.  The department noted that ADB will co-finance the construction of the northern section of the Sisian- Kajaran road in collaboration with the Armenian government. 

ArmInfo. The South Caucasus Railway company celebrated its professional holiday - Railway Worker's Day - with a number of events at its enterprises in Gyumri, Yerevan, Sevan and Vanadzor.