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Armenia suffers from economic catastrophe

25 June 2014 [10:40] - TODAY.AZ
By AzerNews

Armenia's external trade relations has not demonstrated any positive trends since the beginning of 2014.

The external trade saw serious decline over the last months, compared to the same period of the previous year.

The amount of the external trade declined by five percent in May, 2014 compared to the same period of 2013.

The export declined by 4.3 percent, while the import reduced by 5.2 percent, the official statistics show.

Local media alarmed over terrible and catastrophic state of the country's external trade. "Even the official statistics cannot hide this reality," media report said.

The report further noted that the decline was registered in those months when there should have been recorded strong growth in exports. "But in Armenia everything is deviated from the general natural laws," the report said.

The official statistics also reported that the retail turnover declined in January-April, 2014. The retail turnover seems to further decline, as the Armenian market may face price increase after its joining the Russia-led Eurasian Economic Union and increase in electricity tariffs as of August 1. The Economy Ministry reported that the price hike will not affect essential goods and it takes measures to prevent price increase in the country.

The Armenian top officials do not worry about the upcoming price increases in the country, because their wages will increase as of July 1, 2014, while the minimum wage ($120) in the country is insufficient for a normal life.

The problems in the economy also negatively affected the wages of high-ranking state officials, who are waiting for promised increase in their pay. It seems to take a long time before they will feel it in their pockets, as the treasury is empty.

The socio-economic situation in Armenia continue to deteriorate leaving the people in hopelessness.

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