FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT 2015
ARMENIA
key CAPITAL MARKETS INFORMATION
Country Facts
Country
Regulator
Stock exchange
CSD
Settlement
Taxes
Armenia
Capital Yerevan
Area (km 2 ) 29,743
Population (thousand) 3,017
- Dividends
GDP (USD million) 10,197
Currency Armenian Dram (AMD)
Exchange rate (1 USD) 474.97
Time Zone UTC+4
Calling code +374
Central Bank of RA
"NASDAQ OMX Armenia" OJSC
"Central Depository of Armenia" OJSC
T+0
- Interest Income
Capital gains
Listed companies
Average daily trading turnover (USD million)
Legal Entity: Residents No; Non-resident 10%
Individuals: Residents No; Non-resident No
Income on Corporate Bonds
Legal Entity: Residents 20%; Non-resident 10%
Individuals: Residents 10%; Non-resident 10%
Income on Government Bonds
Legal Entity: Residents 20%; Non-resident 10%
Individuals: Residents No; Non-resident No
Legal Entity: Residents No; Non-resident 10%
Individuals: Residents No; Non-resident No
16
56.16
key economıc data
GDP (AMD billion) GDP ANNUAL GROWTH (%)
5,000 14
INFLATION (%)
10
12
8
10
4,000
8 6
6 4
4
2
2
0
3,000
2010
2011
2012
2013
2014
0
2010
2011
2012
2013
2014
ECONOMIC DEVELOPMENT AND
OUTLOOK
EXTERNAL DEBT/GDP (%)
40
Growth of Armenia’s economy slowed to 2.6%
in the first half of 2014 from 3.5% in the same
period of 2013, while it accelerated to 7.5% in
the first quarter of 2013 from 5.4% in the same
period in 2012 and to 7.2% for 2012 as a whole. An
0.8% drop in industry and growth at only 0.7% in
construction and 1.9% in agriculture contributed to
the slowdown; services grew by 3.7%.
30
20
2010
2011
2012
2013
2014
Acceleration over the whole of 2014 is expected
to come on the supply side mainly from faster
growth in services, and on the demand side mainly
from a recovery in private consumption supported
by public sector wage hikes, according to Asian
Development Outlook (ADO) 2014.
Considering current trends and the effects of
the slowdown in the Russian Federation, growth
projections are trimmed by 0.8 percentage points
for 2014 and half as much for 2015. Inflation eased
in the first half of 2014 to an annual rate of 4.0%,
down from an average of 5.8% in the full year
2013, as the remaining effects of electricity and gas
10
2010
2011
2012
2013
2014
price hikes in July 2013 were fully absorbed. The
12-month inflation rate declined further to 1.8% in
June from 5.6% in December 2013, well below the
central bank’s target band of 2.5%-5.5%. As ADO
indicates, inflation forecasts are retained for both
2014 and 2015, as expansionary fiscal policy, the
easing of monetary conditions and a 10% electricity
price increase in August 2014 are expected to
exacerbate inflationary pressures during the second
half of 2014.
Data show that the current account deficit
narrowed markedly to 8.0% of gross domestic
product (GDP) in 2013 from 11.1% in 2012,
reflecting improvements in all components.
However, slower economic growth in the Russian
Federation—Armenia’s largest trading partner and
main source of remittances—has weakened the
outlook for the external sector 1 .
According to the World Bank overview of Armenia,
growth is expected to slow to 1.6% in 2015, before
recovering to 2.3% in 2016.
1
Asian Development Bank: Asian development outlook 2014 update.
Asia in global value chains.
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