Today is the 10th straight day of holidays in Armenia. I’ve been in need of a bank for at least 5 days, not a chance! Car technicians are not working either, although I need something urgent to be fixed!
I’ve been wondering how can a poor country like Armenia afford to shut down its economy and make no money for so long.
There are some estimates, that the UK economy is losing £ 2.3 bn on each bank holiday. How much is Armenia losing?
List of Armenian Holidays
Let’s take a look at the list of official Armenian holidays for the start. Here’s a list I’ve prepared using this Wikipedia entry.
|January 1-6||New Year and Christmas holidays|
|January 7||All Souls’ Day|
|January 28||Day of the Army|
|March 8||Women’s Day|
|April 24||Genocide Memorial Day|
|May 1||Worker’s Day|
|May 9||Victory Day|
|May 28||Republic Day|
|July 5||Constitution Day|
|September 21||Independence Day|
|December 31||New Year’s Eve|
An Attempt To Estimate Losses
NOTE: I have very basic understanding of economics, so these are just rough and dumb calculations.
Since sometimes the holidays coincide with weekends, we usually lose from 11 to 13 days each year
Taking the data from 2012 (the most recent year for which full GDP data is available) I just calculated, that every official holiday costs Armenia $ 40 mln. Hence, if instead of giving the nation 8 days of holidays on New Year’s Eve and Christmas, we had only 3, Armenia’s GDP (9,951 bln) would gain an additional $ 200 mln and the GDP growth would be higher by nearly 2%.
|GDP in 2012 (official exchange rate)||$9951000000,00|
|# of days in 2012||366|
|# of holidays coinciding with regular work days||13|
|# of weekends||52|
|Total number of non-working days||117|
|The value of each working day||$39963855,42|
|Additional 5 working days would generate||$199819277,11|
|What percent of the GDP does it make?||2%|
PS: I’ve been brought up thinking that if one is poor, one has to work harder and more to earn a decent living. This doesn’t seem to be the case with the Armenian authorities though…