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

Real Estate Prices Rise in Yerevan

Real estate prices have been booming in Yerevan and most elsewhere. I feel that this can't continue forever and there may be a resulting crash, as a lot of the inflation is artificial, anyway.

The 2006 average market value of a square meter of an apartments in Yerevan has increased by 29% to AMD 196,700/$540. The average price per square meter in the central areas of Yerevan stood at AMD377,600/$1,035.

The most growth was reported in Nubarashen, where an increase of 50.5% was seen.

Does anyone know what accounts for Nubarashen's growth?

Source: Yerevan.ru (translated)

Increased Crime in Armenia

This goes hand-in-hand with an earlier post about an increase in crime.

State prosecutors reported on Friday an almost 10 percent increase in the number of various crimes committed crime in Armenia last year.

According to them, 75 people were murdered last year, sharply up from 55 such cases officially registered in 2005. Law-enforcement authorities also registered a more than 30 percent surge in instances of drug abuse and trafficking that totaled 1,510, or nearly 16 percent of the overall crime statistics.

"...the increased crime rate partly resulted from a new computerized crime registry introduced in Yerevan’s police department last year."

Spin it however you want: chances are the sharp rise is due to greater opportunities in the criminal world and lack of proper response by the police and related agencies.

Source: ArmeniaLiberty Picture by Onnik Krikorian.

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