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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |