Armenia's economy shrinks 9.1% year-on-year in Q3November 25, 2020 - 14:08 AMT PanARMENIAN.Net - Armenia’s economy shrank 9.1% year-on-year in Q3, after a 13.7% contraction in Q2, preliminary data from the National Statistical Service reports. The backslide comes amid the Covid-19 pandemic and after a six-week war between Azerbaijan and Nagorno-Karabakh. The decline in July-September was the result of contractions in almost all sectors of the economy besides mining, health and social service, education, communication, financial and insurance sector. Armenia's economy had expanded 7.6% in 2019. The Central Bank has forecast that the economy would contract 6.2% in 2020 and get back to 4%-5% growth in 2021. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |