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Armenia's foreign economic indicators decline

01 July 2019 [14:37] - TODAY.AZ

By Azernews


By Abdul Kerimkhanov

The Statistics Committee of Armenia published on June 25, preliminary macroeconomic data for January-May 2019, that disappointed the Armenian society. Following the results of five months, the foreign trade turnover fell by 2.6 percent, the export by 0.9 percent, and import by 3.4 percent. So, the indicators still did not come out of negative values.

These negative indicators are enough to assert that the annual activity of Armenian Prime Minister Nikol Pashinyan’s government looks unconvincing, despite all the agitation efforts of the authorities.

The agriculture output fell by 7.6 percent compared to 2018. It is noteworthy that by the decision of the Armenian Statistical Committee, this year’s indicator is published only quarterly, due to the seasonality of production in this area and the need to smooth out sharp production fluctuations from month to month, dictated by unstable climatic conditions.

However, given the chronic degradation of this sphere, the monthly indicators of economic activity in Armenia without the constantly falling agrarian sector now look much better, so it can also be the political aspect in the decision of the Statistical Committee. Anyway, the first quarterly indicator for agriculture was published two months ago and showed 0.2 percent in red. So, nothing “revolutionary” happens in the agrarian sphere, and a “counterrevolutionary” rollback occurs even from the indicators achieved last year.

At the same time, the level of the industrial price index (industrial inflation) showed an increase of 0.5 percent, which does not contribute to the revival of the Armenian industrial complex. Also, the electricity production indicators fell sharply, the fall was 7.4 percent. It is unlikely that such a drop in electricity production can be seen at least some signs of the future revival of production life in Armenia.

Inflation, which is one of the most important indicators of macroeconomic stability, showed a growth of 1.9 percent. That is, the Armenian economy enters the zone of unpleasant turbulence when all talk about the upcoming "economic revolution" turns out to be empty promises.

It is not hard to see, despite the change of power in Armenia, the economic indicators of the country are not improving but rather show a decline. This is the fault of Armenia itself, which for about 30 years has been trying to prevent the resolution of the Nagorno-Karabakh conflict, which hinders the development of the entire region, and Armenia to a greater extent.

Thus, all the dreams and promises of Pashinyan’s government to straighten out the structure of the economy and give it a healthier look with an emphasis on the flourishing of the real and preferably export-oriented sector turn out to be fairy tales.

URL: http://www.today.az/news/regions/184038.html

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