Category Archives: Economy

Ecotourism Festival 2016 Planned in Vayots Dzor region


The communities of Gomk and Mirtiros in the Vayots Dzor province are planning to host Armenia’s first-ever ecotourism festival June 4-5, Vazgen Galstyan, the Chairman of the Jermuk Development Center NGO, told media Wednesday. The proposed festival is intended to raise eco-tourism awareness as well as development of the industry in the province.

Eurozone Economy Grows, but Total Output Still Lags 2008


Europe is still trying to crawl back to where it was in 2008. NYTimes

That was the subtext of the economic data for the eurozone published on Friday.

The 19-country eurozone, the core of Europe’s economy, grew at an annual rate of 1.1 percent in the last quarter of 2015. But total economic output remained just slightly lower than when the global economic crisis began, in 2008.

Oil prices soar on hopes of Opec production cut


Oil prices surged as much as 12% on Friday after new suggestions that Opec nations were set to cut oil production.
The United Arab Emirates’ energy minister said that Opec members were ready to reduce output, the Wall Street Journal reported.

Armenia planning to build new nuclear power generating unit by 2027


Work is underway to extend the operational life of the current energy unit of Armenia’s nuclear power plant until 2027, Energy Minister said at a meeting with Czech Minister of Industry and Trade Jan Mladek Friday, February 12.
According to Yervand Zakharyan, Armenia is going to build a new nuclear power generating unit with a 600 MW capacity by 2027.

Moody’s downgrades Armenia’s bond rating to Ba3

moodys writes: “The key drivers for the downgrade are the following:

1) Armenia’s increased external vulnerability due to declining remittances from Russia, an uncertain outlook for foreign direct investment (FDI), an elevated susceptibility to exchange rate volatility, and expected pressure on foreign exchange (FX) reserves.