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ARMENIA'S MEMBERSHIP IN CUSTOMS UNION TO INCREASE ITS GDP BY 4-5 PERCENT A YEAR: RUSSIAN EXPERT
YEREVAN, September 26. / ARKA /. According to preliminary estimates,
two years after Armenia's accession to the Customs Union, its GDP will
be increasing by 4-4.5 % annually, according to Yevgeny Vinokurov,
who is the director of the Center for Integration Studies of the
Eurasian Development Bank.
"First of all, Russia will abolish gas export duties for Armenia that
will translate into $140 million of economic effect a year. Second,
Russia will eliminate export duties on rough diamonds - 6.5 %- for
Armenia," he said during Moscow - Yerevan video news conference.
According to Vinokourov, the accession will also have a beneficial
impact on Armenian migrant labors in Russia as it will increase the
amount of transfers they send home as Russia would abolish quotas
and licenses for them.
Out of $1.7 billion non-commercial remittances sent t Armenia last
year, $1.4 billion came from Russia, more than 85 % of all transfers
or round 15% of Armenia's GDP, Vinokurov said.
Viktor Spassky, director of the Department of Integration of the
Eurasian Economic Commission, claimed that as much Armenian migrant
labors took home in their pockets.
According to Central Bank of Armenia, $1.687.2 billion, or about 17 %
of Armenia's GDP were remitted to Armenia in 2012 as non-commercial
transfers, a 9 % rise form 2011.
At the same time, Armenia's trade with Russia increased last year by
20 %. Moreover, more than 45 % of direct investments in Armenia are
from Russia. There are also Kazakh investments in Armenian banking
sector and Belarus investments in trade.
Armenia's Gross Domestic Product at market prices last year amounted
to almost 4 trillion drams, resulting in a 7.2 percent economic
expansion.-0-
16:36 25.09.2013
http://arka.am/en/news/economy/armenia_s_membership_in_customs_union_to_increase_ its_gdp_by_4_5_percent_a_year_russian_expert/
From: A. Papazian
YEREVAN, September 26. / ARKA /. According to preliminary estimates,
two years after Armenia's accession to the Customs Union, its GDP will
be increasing by 4-4.5 % annually, according to Yevgeny Vinokurov,
who is the director of the Center for Integration Studies of the
Eurasian Development Bank.
"First of all, Russia will abolish gas export duties for Armenia that
will translate into $140 million of economic effect a year. Second,
Russia will eliminate export duties on rough diamonds - 6.5 %- for
Armenia," he said during Moscow - Yerevan video news conference.
According to Vinokourov, the accession will also have a beneficial
impact on Armenian migrant labors in Russia as it will increase the
amount of transfers they send home as Russia would abolish quotas
and licenses for them.
Out of $1.7 billion non-commercial remittances sent t Armenia last
year, $1.4 billion came from Russia, more than 85 % of all transfers
or round 15% of Armenia's GDP, Vinokurov said.
Viktor Spassky, director of the Department of Integration of the
Eurasian Economic Commission, claimed that as much Armenian migrant
labors took home in their pockets.
According to Central Bank of Armenia, $1.687.2 billion, or about 17 %
of Armenia's GDP were remitted to Armenia in 2012 as non-commercial
transfers, a 9 % rise form 2011.
At the same time, Armenia's trade with Russia increased last year by
20 %. Moreover, more than 45 % of direct investments in Armenia are
from Russia. There are also Kazakh investments in Armenian banking
sector and Belarus investments in trade.
Armenia's Gross Domestic Product at market prices last year amounted
to almost 4 trillion drams, resulting in a 7.2 percent economic
expansion.-0-
16:36 25.09.2013
http://arka.am/en/news/economy/armenia_s_membership_in_customs_union_to_increase_ its_gdp_by_4_5_percent_a_year_russian_expert/
From: A. Papazian