Tue, 14 October
5.1 C
Yerevan
USD: 382.57 RUB: 4.73 EUR: 443.25 GEL: 141.20 GBP: 510.46

Armenian it sector not affected by global crisis

YEREVAN, October 26, /ARKA/. The global economic and financial crisis has not affected Armenian informational technology (IT) sector, Vache Kirakosian, head of an economy ministry department in charge of information and high technologies, said last Friday at Novosti International Press Center.

He said the crisis has had some impact on the sector, but it was somewhat ‘strange,’ because some big IT companies closed down, but not because of the crisis, however, in lieu of them new companies emerged.’ He said no downturn has been registered in the sector so far and in all likelihood it will post some growth by yearned.

Bagrat Yengibarian, director of the Enterprise Incubator Foundation (EIF), said a large-scale study of the sector has been started and the findings will be summed up at the end of the year. According to him the sector remains very attractive. As evidence he said many new companies have been set up recently.

Armenian IT sector’s turnover in 2008 amounted to $110 million, rising by 27% from 1998.

The share of purely Armenian companies’ turnover rose last year by 45%. According to prime minister Tigran Sarkisian’s forecasts, IT sector will post a 20% growth this year despite the crisis. The sector employs 5,000 employees with an average $700 salaries. -0-

spot_img

POPULAR

Armenia’s total public debt exceeded $14.1 billion as of August 2025

Armenia's total public debt as of August 31, 2025, amounted to $14,130.342 million, an increase of $31.781 million compared to July 31, 2025.

Foreign investment inflow into Armenia during H1 saw a decline of 55.3%, totaling 47.9 billion drams

In the first half of 2025, foreign investment inflow into the real sector of the Armenian economy reached 47,955.2 million drams, which is a decrease of 59,317.5 million drams compared to the same period in 2024.

Euro, US dollar, and ruble exchange rates against Armenian dram increased slightly

The average market exchange rate for the US dollar against the Armenian dram on October 7, 2025, increased by 0.05 points compared to October 6, reaching 382.63 drams.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img