In 1st half of 2016 service sector in Armenia experienced 8.3% growth

ArmInfo. In the 1st half of 2016, the service sector in Armenia experienced an 8.3% growth year over year to 583bln drams ($1.2mln) versus 3.3% growth a year before.  The revenues of the sector increased 9% to 111.3 bln AMD ($233.1 mln) in June 2016 versus 6% growth in May.

According to the National Statistical Service of Armenia, in the 1st half of 2016 versus the same period of 2015, services on the real estate market grew by 5.2% (versus 5.1% decline a year before), transport services grew 22.8% after dramatic decline by 26.4%; information and communication services fell 0.2% after 1.9% decline a 
year before. In the meantime, services in the education sector grew 5% after 2.1% decline a year before.  The financial sector took the lead in terms of services, which amounted to 118.5 bln AMD (20.3% of the total, a 2.2% y-o-y growth), with the major part of the services provided by the banks. The following sectors ranked next:  culture and recreation - 113.2 bln AMD (19.3% of the total); information and 
communication - 103 bln AMD (17.7%, 0.2% decline); transport - 76.4 bln AMD (13.1%, 22.8% growth); public catering and tourism - 36.5 bln AMD (6.3% of total, 4.9% decline).  

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