In H1 2016, economic activity grew by 4.7% y-o-y in Armenia due to high growth rates of industrial and service sectors

ArmInfo. In the first half of 2016 economic activity grew by 4.7% y- o-y in Armenia amid 16.7% growth of export. In June 2016 versus June 2015 economic activity grew by 1.9%, while in June 2016 alone by 12.5%. In the first half of 2015 versus the same period of 2014 economic activity grew by 4.2%, while in June 2015 versus June 2014 by 8.5%, and in June alone by 15.7%. To note for comparison that in Jan-June 2014 economic activity increased by 3.4% y-o-y amid growth in June by 7.9%.

According to the data of National Statistical Service of Armenia economic activity grew in H1 2016 mainly due to industrial sector (8.9% y-o-y growth) and services (8.3% y-o-y growth), at this background growth of agriculture was moderate-3.3% y-o-y. At the same time trade is still experiencing negative dynamics- 0.3%, along with which construction and power sectors demonstrated drop -7.8% and 4.9% y-o-y respectively.

In Jan-June 2016 versus Jan-June 2015, the industrial price index dropped by 2.4%. It grew by 1.3% in June 2016 versus June 2015, and grew by 0.1% in June alone.

In June 2016 alone, growth of economic activity was mainly determined by agrarian sector, which increased output by 98.3% (versus 79.2% rise in June 2015) and construction by 21.6% (versus 21% growth in June 2015). Trade goes next -15.4% (versus 16.2% growth in June 2015), industry-11.4% (versus 10.2% growth in June 2015), services - 9% (versus 9.2% growth in June 2015). Power engineering declined by 4.1% in June 2016 versus 6.3% decline in June 2015.

In June 2016 versus June 2015, growth was registered in industry sector by 8.9% and services - by 6.6%, while the other fields registered decline: agriculture - by 0.2%, trade - by 0.3%, construction-7.7% and power engineering-19.9%.

According to statistical data in H1 2016, trade holds leadership in absolute terms, which amounted to 973.5 bln AMD ($2 bln), industry goes next - 659.7 bln AMD ($1.4 bln), followed by services - 583.1 bln AMD ($1.2 bln), agriculture is on the 4th place - 254.3 bln AMD ($525.5 mln), construction on the 5th - 125.1 bln AMD ($258.5 mln). The electricity output totaled 3606.2 mln kWh in Jan-June 2016, including 508.9 mln kWh in June alone.

In the meantime, in Jan-June 2016 the foreign trade turnover of Armenia totaled 1099.3 bln AMD ($2272.5 mln), with a 2.7% growth versus Jan- June 2015. Exports increased by 16.7% y-o-y to 394.2 bln AMD ($815 mln), and imports dropped by 3.7% y-o-y to 705.1 bln AMD ($1457.5 mln). In June 2016 alone the foreign trade turnover increased by 4.8%, due to growth of both export and import - 9.2% and 2.3% respectively. As compared to June 2015, the foreign trade turnover declined by 7.3%, with imports dropping by 11.8% and exports growing by 1.2%. In Jan-June 2015 foreign trade turnover dropped by 20.6% (14.5% growth in June alone) because of drop of import and export by 27.2% and 1.3% respectively (in June alone import grew by 11.8% and export by 19.7%). To note for comparison that in Jan-June 2014 foreign trade turnover of Armenia experienced 1% y-o-y growth with the export growing by 0.8% and import by 1.1%. In June 2014 alone foreign trade turnover declined by 4.7% because of drop of import by 9.8% and growth of export by 11.1%.

In June 2016 the average AMD/USD exchange rate was 477.53 AMD/$1, and in Jan-June 2016 - 483.86 AMD/$1 versus 475.12 AMD/$1 in June 2015 and 476.87 AMD/$1 in Jan-June 2015. In June 2014 the rate totaled 410.09 AMD/$1, in Jan-June 2014-411.94AMD/$1.