Wednesday, March 6 2024 16:39

ArmInfo.Armenia's economic activity increased by 10.7 percent in January 2024 compared to January 2023 (versus 10.5% growth a year earlier). In January alone, economic activity decreased by 45.1% (versus a 46.1% decline in January 2023), and the decline was recorded in all areas except the energy complex, according to the final data of the RA Statistical Committee.

According to statistical data, y-o-y growth in January was provoked  to a greater extent by the industrial sector and trade, and to a  lesser extent by the construction sector and service sector, while  the energy complex showed a decline. In particular, the industrial  sector accelerated y-o-y growth in January from last year's 1.4% to  the reported 21%, the trade sector - from 17.7% to 19.3%, against the  background of which the service sector slowed down in growth from  25.9% to 4. 4%, which was also observed in the construction sector,  where growth slowed from 12.2% to 9.5%. The energy complex remained  in decline, with y-o-y rates accelerating from 1.5 to 6.3%.

In January 2023 alone, the most significant decline was recorded: in  the construction sector - by 86.1%, followed by the trade sector -  51.7%, the industrial sector - 43.1%, the service sector - 17.2%, and  an increase of 1.6% was recorded in the energy sector alone. A year  earlier, in January 2023, all of the listed sectors, including the  energy complex, were in decline: the construction sector - 85.9%, the  trade sector - 44.9%, the industrial sector - 41.9%, the service  sector - 17.7%, energy complex - 3.8%.

The price index of industrial products increased by 2.8% per annum in  January 2024, with a decline of 0.3% in January alone. A year  earlier, in January 2023, a y-o-y increase by 1.6% in the price index  of industrial products was recorded, with an increase of 3% in  January alone.

1.2% inflation was recorded in the consumer market of Armenia in  January 2024, with y-o-y deflation at 0.9%, while a year earlier both  the y-o-y and monthly indicators were inflationary, 8.1% and 1.4%,  respectively.

In January 2024, the leader in absolute value is the trade sector,  with a volume of 340.8 billion drams ($841.5 million). The second  place is occupied by the service sector - 236.95 billion drams  ($585.1 million), the industrial sector ranks 3rd with a volume of  206.3 billion ($509.3 million), and due to the lack of data from the  agricultural sector that traditionally occupies the 3rd place, the  construction sector  ranksd 3rd with a volume of 17.6 billion drams (  $43.4 million). The volume of electricity generation amounted to  836.6 million kWh in January 2024.

Against this background, Armenia's foreign trade turnover in January  2024 amounted to 868.8 billion drams ($2.1 billion) with a slowdown  in y-o-y growth from 93.8% to 78.8%. This was the result of a  slowdown in import growth rates from 72.5% to 61.4%, with a slight  slowdown in the already high export growth - from 2.3-fold  to  2.1-fold, the absolute value of which amounted to 490.6 billion drams  ($1.2 billion) and 378.2 billion drams ($934.1 million),  respectively.

In January 2024 alone, foreign trade turnover decreased by 24.1% due  to a decline in imports by 11.2% and exports by 36.1%, against last  year's January decline of 18.3%, 28.2% and 1.1%, respectively.  The  average settlement exchange rate of the dram was 404.96 AMD/$1 in  January 2024, against 395.89 AMD/$1 in January 2023.