Armenia's Economy Grew in First Half of 2007

Armenia's economy is on the rise yet again!

The growth of Armenia’s GDP in January-May of 2007 totaled 10.2%, as compared to the same period of 2006.

The average monthly salary in Armenia in January-May of 2007 increased by 18.0%, as compared to the same period of 2006, thus making 71016 drams.

That's almost $207 dollars a month, which compares favorably with the $186 a month in 2006, converted with today's currency exchange rates. Of course, this is assuming zero inflation and zero numbers fudging, both of which have to be taken into account with all purposely incomplete government statistics.

Source: Banks.am

Quadruplets, Triplets Showered With Drams

As they say, good things come in fours!

The ministry of employment and social affairs will releases 540,000 ($1,479) Armenian drams to a mother who gave birth to 4 children at once.

As of January 1, 2007 families in the family allowance list with above 0 scores will receive 200,000 ($548) Armenian drams in case of having the third child or above.

I am obviously in the wrong line of work!

Source: Panorama

Increased Income for Armenians...Increased Expenses, Too!

It's not ever year in the United States that one's income increases so dramatically. Debts, sure - but income?

In 2006 the average nominal salary went up in Armenia by 23.5 percent amounting 64001 ($175) Armenian drams. The monetary incomes of the population went up by 19.8 percent totaling 1722.3 billion drams. At the same time monetary expenditures went up by 18.9 percent totaling 1650.7 billion drams.

Subtract one from the other and you're hardly left with anything.

Source: Panorama

Armenian Taxes in 2006 in the Billions...of AMD!

Every country has to have a hated agency. Of course, in the United States it's the Internal Revenue Service, charged with making your life a living hell full of numbers, exceptions, and lots of paper! But don't worry: Armenians aren't exactly green with envy, because they've got the same at home!

The RA Taxation Service collected a total of AMD 220.683bln (about $605 million) taxes instead of the planned AMD 220.417bln...

He said that tax revenues actually increased by AMD 47bln ($128 million) compared to 2005. Tsolakyan stressed that a steady increase in tax revenues have been recorded in Armenia over the last few years.

Tsolakyan stressed that the RA taxation Service focused its attention on construction, mining industry, gas and public catering.

So if you run a prostitution ring, you get off without a hitch.

Source: Arka

Use of Dollar in Armenia Declines 23%

Armenia seems to have adopted the dram as its currency of use. That sounds silly, but until a little while ago, the dollar was in heavy circulation.

Use of U.S. dollar instead of Armenian national currency in Armenia has reduced more than 23% over 2006 to 30% by late December.

Cash in circulation grew 46.5% and deposits in Armenian drams 67%. Deposits in foreign currency were only 2.3% greater than earlier.

One has to wonder whether that is a direct result of the exchange rates.

Source: Arka