Pro-sector of Armenia in January-October 2017 accelerated annual growth rates from 6.5% to 12.4%

ArmInfo. The volume of  industrial production in Armenia in January-October 2017 increased by  12.4% per annum (against growth of 6.5% a year earlier), amounting to  1.338 trillion. drams ($ 2.7 billion). Accelerating the pace of  production is due to the improvement in the dynamics of processing  industry and the continued growth of the mining sector. According to  the National Statistical Service of the Republic of Armenia, only in  October 2017 industrial production increased by 3.7% (against growth  of 2.5% in October 2016) with a volume of 153.2 billion drams ($  318.6 million).

In January-October 2017 to the same period in 2016 in the mining  industry and the development of open pits recorded growth of 12%  (compared to 12% growth a year earlier) - up to 274.6 billion drams.  Only in October, the mining sector provided a volume of 32.7 billion  drams with a monthly growth of 9.2%. The volume of manufacturing  industry increased in January-October by 15.8% per annum (against  growth of 5.8% a year earlier) - to 832.6 billion drams, of which  100.2 billion drams fell in October (an increase of 5.8% over the  month).

Moreover, in the manufacturing industry, the decline in volumes in  January-October 2017 was recorded only in the production of machinery  and equipment (a decline of 29.2%). At the same time, a significant  increase was recorded in the production of electrical equipment (2.7  times), beverages (39%), jewelry (35.2%), furniture production (34%)  and clothing (31.2%) . In the processing industry, food products (246  billion drams), basic metals (140.2 billion), beverages (121.6  billion), cigarettes (120.3 billion drams) are leading in terms of  production volumes.

According to statistics, the supply of electricity, gas, steam and  air conditioning in general increased in January-October 2017 to the  same period in 2016 by 1.8% (against growth of 4.3% a year earlier) -  up to 210 billion drams. And only in October there was a decline of  23% - up to 18 billion drams. Moreover, generation, transmission and  distribution of electricity in January-October decreased by 0.3% per  annum (with a 24.5% drop in October), while gas production,  distribution of gaseous fuels through gas supply systems increased by  11.6% (with a decline of 0.5% in October).

Revenues from water supply, waste treatment and processing and  receipt of secondary raw materials increased by 8.8% per annum  (against 6.9% growth a year earlier) to 21 billion drams, but only in  October decreased by 2, 6% to 2.2 billion drams. Moreover, the growth  in this segment was mainly caused by the collection, processing and  disposal of waste, receipt of secondary raw materials (annual growth  of 24.9%, with growth of 16.6% in a month).

Recall that the volume of industrial production in Armenia in 2016  increased by 6.7% (against growth of 5.2% in 2015), amounting to  1.429 trillion. drams ($ 2.9 billion). The slight acceleration in the  growth rate was due to a sharp slowdown in the upward trend of the  mining sector, from 50.4% in 2015 to 8.3% in 2016 - to 256.4 billion  drams, while improving the dynamics of the manufacturing industry -  with an exit from the 5.6% decline by 7.7% growth - up to 885 billion  drams.

The average calculated exchange rate of the dram to the US dollar was  480.74 AMD / $ 1 in October 2017, and 482.41 AMD / $ 1 in  January-October, compared with 475.25 AMD / $ 1 in 4804, 45 AMD / $ 1  in January-October 2016.