President Serzh Sargsyan announced that Armenia intended to join the Customs Union and, consequently, the Eurasian Economic Union approximately two years ago . He justified this decision by citing Armenia`s economic interests.



When it comes down to it, what did accession into the Eurasian Economic Union (EEU)—which comprises Armenia, Russia, Belarus, Kazakhstan, and most recently, Kyrgyzstan—give to Armenia?

All the promises that were made by Armenian government vanished during the past two years .

In a video prepared by the “Union of Informed Citizens” NGO, you will find the sum figures and events characterizing the economy during these two years.

Armenian exporters entrance into the ‘170-million[-population] market’ apparently failed during these period of membership in the EEU.

Economy

According to official statistics, exports from Armenia to EEU member Russia fell by 35 percent, as compared to 2013. The reduction of exports to Kazakhstan amounts to 15 percent, to Belarus—38 percent.

“In the meantime, the volume of imports from the EEU countries to Armenia fell by less; that is, the 170-million market—in relative terms—took over our solely 3-million[-population] market”.

Foreign trade formed 2.7 billion USD during the first half of 2013, and 2.2 billion USD during first half of 2015. Thus, the decline in foreign trade forms 20%.

International reserves formed 2.5 billion USD in 2012, and they are less than 1.5 billion in 2015. The decline forms as much as 40%.

The GDP formed 10.3 billion USD in 2014, and according to predictions, it will reach 9.3 billion USD in 2015. The decline is 10%.

External debt formed 4.3 billion USD in August 2013, and currently it is 4.7 billion USD. This means it has grown by 10%.

More about: