Service sector in Armenia speeds up growth to 8% from 2.2% for Jan-Aug 2016

ArmInfo. In Jan-Aug of 2016, the service sector in Armenia experienced an 8% growth year over year to 802.1bln drams ($1.6mln) versus 2.2% growth a year before. The revenues of the sector increased 5% to 112bln AMD ($235.6 mln) in August 2016 versus 4% decline in July.

According to the National Statistics Service of Armenia, in the Jan-Aug of 2016 versus the same period of 2015, services on the real estate market grew by 6.2% (versus 3.6% decline a year before), transport services grew 23.7% after dramatic decline by 25.9%; information and communication services fell 0.26% after 2.7% decline a year before.  Administrative and support services fell 1.6% versus 8.4% decline a year before. Healthcare services increased 0.9% after 5.6% decline a year before. In the meantime, services in the education sector grew 4.6% after 4% decline a year before.  The financial sector took the lead in terms of services, amounting to 160.8 bln AMD (20.1% of the total, a 2.5% y-o-y growth), with the major part of the services provided by the banks. The following sectors ranked next:  culture, entertainment, and recreation - 153.3 bln AMD (19.1% of the total); information and communications - 141bln AMD (17.6%, 0.5% decline); transport - 107.2 bln AMD (13.4%, 23.7% growth); public catering and tourism - 57bln AMD (7.1% of total, 3% decline).

The average AMD/USD exchange rate was 475.45 AMD/$1 in August 2016 and 481.89 AMD/$1 in Jan-Aug 2016 versus 479.78 AMD/$1 in August 2015 and 477.29 AMD/$1 in Jan-Aug 2015.