Consumption in Armenia down by 9.1% in 2015-2016: World Bank

Consumption in Armenia down by 9.1% in 2015-2016: World Bank

PanARMENIAN.Net - The volume of consumption in Armenia decreased by 9.1% in 2015-2016, the World Bank said in a new report published in October.

The drop in consumption was recorded in all countries of Eastern Europe and Central Asia.

"After a sharp decline in oil prices, the countries in those regions were unable to stabilize the economic situation," the World Bank said.

In the same period, consumption in Russia fell by 14.2%, in Belarus - by 6.2%, in Tajikistan - by 16.4%.

As a result of the fall in world oil prices, remittances to Armenia also plunged: in 2017, the volume fell by 55-60% compared to 2015.

 Top stories
The company got its first break with a contract to build code-making machines for U.S. troops during World War II.
The study new found that ocean temperatures in the last decade have been the warmest on record.
The deal will involve the duchess doing a voiceover in return for a donation to Elephants Without Borders.
The story by Chris McCormick follows two cousins in Soviet Armenia who consider themselves brothers.
Partner news