Page 31 - Caucasus Outlook 2024

3.2.2 Banks
In the first nine months of this year (January-September 2023), the 17 commercial banks operating in Armenia contributed a total of 112 billion drams to the state budget in taxes. Analysis of the lists of large taxpayers of the State Revenue Committee reveals that, in comparison to the same months of the previous year, banks paid a sum of 64 billion drams more taxes or 2.3 times higher.
Only Artsakhbank is absent from the list of major taxpayers, and their data is not shown in the specified indicators.
Ameriabank CJSC is the banking system's biggest taxpayer, having paid 22.8 billion drams in taxes from January to September this year, representing a 3.5-fold increase.
3.2.3 Industry
Armenia’s industrial output in the ten months of 2023 stood at AMD2,1 trillion, declining by 0,5% y/y, according to Armenia’s National Statistics Committee.
The mining sector accounted for about AMD396, 4,7% decrease y/y, the processing production faced 0,2% decline, amounting to AMD1.4 trillion. The processing industry forms almost half of the total, while the mining sector shares roughly 30%.
3.2.4 Energy
Armenia’s main energy production is dependent on the operation of the country’s nuclear power plant, which is undergoing reconstruction in the past few years in cooperation with RosAtom, which holds shares in the Metsamor NPP.
According to the National Statistical Committee, electricity production in Armenia decreased by 2.8% in the first nine months of 2023 compared to the same period in 2022, amounting to over 6.3 billion kWh.
However, there was a 3.9% increase in electricity production in September 2023 compared to the same month last year, and an 18.5% increase compared to August of this year.
Armenia’s gas imports from Russia have not been affected by the war in Ukraine due to the existing agreement on the current prices.
Armenian households currently pay 143,700 drams ($355) per thousand cubic metres of natural gas. Vulnerable families, who use up to 600 cubic metres of natural gas per year, pay 100,000 drams per thousand cubic
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