Tuesday, August 9 2022 16:55

ArmInfo.The service sector sharply accelerated growth in Armenia, in H1 2022, from 2.7% to 26.9%, as a result of which its volume exceeded 1.1 trillion drams  ($2.4 billion).  This is evidenced by the data of the RA Statistical  Committee, according to which in June alone, the volume of services  provided increased by 8% (against 3.9% a year earlier), amounting to  226.7 billion drams ($536.4 million).

This sharp increase in y-o-y growth was mainly provoked by the  airlines, hotels, banks, rental and leasing segments that  significantly increased the volume of services provided. Growth was  also recorded in almost all other areas, but relatively modestly.

In particular, the volume of services provided by airlines increased  2.6-fold, by hotels - by 64.5%, by banks - by 52.7%, by rental and  leasing segments - by 51.3%. The IT sector increased the volume of  services provided by 51.9%. Travel agencies and tour operators  increased the volume of services provided by 34.2%, the volume of  services in the field of sports, entertainment and recreation has  grown almost as much, bars and other similar catering establishments  record a slightly smaller increase in services - by 31.1%, and  casinos that do not differ in large volume services, increased them  by 70.5%. The insurance sector increased the volume of services by  32.6%.

The leadership in terms of the volume of services provided is held by  the financial sector - 30.1% or 341.7 billion drams, of which 270.1  billion drams are provided by banks. The second place is occupied by  the sector of information and communication -193.3 billion drams  (17.1%), with the main volume falling on the telecommunications  segment (114.3 billion). The third place in terms of volume of  services is occupied by the transport sector - 133.4 billion drams  (11.8%). The fourth place is occupied by the sector of culture,  entertainment and recreation - 125.3 billion drams (11.1% of the  total). The top five in terms of the volume of services provided is  closed by the catering and tourism sector - 102.2 billion drams (9%).

And the volumes of the sectors leading in terms of growth in services  are much smaller: the hotel business - 20.2 billion, airlines - 15.6  billion, the rental and leasing segment - 3.6 billion. As for banks,  they are leading both in terms of the volume of services provided and  in terms of their growth.

It should be noted that the average settlement rate of the dram  against the US dollar in January-June 2022 was 468.24 AMD/$1, and in  June - 422.69 AMD/$1.