Saturday, April 29 2017 11:55
Karine Melikyan

In Armenia, economic activity growth accelerated in first quarter of 2017 to 6.6% from 5.5% a year earlier

In Armenia, economic activity growth accelerated in first quarter of 2017 to 6.6% from 5.5% a year earlier

ArmInfo. In Armenia, economic activity in January-March 2017, as compared to January-March 2016, increased by 6.6%. According to the National Statistical Service of Armenia, in the structure of economic activity the recession continues in the construction sector - this time 13.6%, along with which the agricultural sector was in decline - by 1.5%. In other areas growth was noted, with the highest in the industrial sector (16.2%) and trade (11.3%), and slightly more modest in services (10%) and energy complex (9.3%).

A year earlier, in January-March 2016, by January-March 2015, economic activity increased by 5.5%, against a background of 26.3% growth in exports and a 15.9% decline in imports. The decline was then recorded in the sphere of trade (-1.1%) and the construction sector (-2.2%), while the growth was in the industrial sector (8.9%), services (9.6%), energy complex (5%) and the agricultural sector

(3.3%).

Meanwhile, in March, compared with February (in the monthly section), the indicator of economic activity increased by 14.3% (against 13.8% in March 2016). At the same time, the only recession was registered in the energy complex - 3.6%. Against this background, the agricultural sector showed growth of 20.6%, trade - 20%, construction sector - 97.3%, industrial sector - 11.7% and services - 9.8%. At the same time, in March 2017 against March 2016, economic activity increased by 6.8% (against 6.6% a year earlier), with the largest increase in the industrial sector - 17.2%, followed by the trade sector - 13.7% , service sector - 8.4%, energy complex - 6.9%. In the agricultural sector in March 2017, by March 2016, there was a decline of 3.7%, and the construction sector was in a 13.5% decline.

According to the statistical data in January-March 2017, the trade sector holds the absolute leading position with a volume of 489.2 billion AMD (over $ 1 billion). The industrial sector ranked second in terms of volume - 361.9 billion ($ 744.8 million), third - the service sector - 301.9 billion ($ 621.6 million), the fourth - the agricultural sector - 69.5 billion ($ 143.1 million), and the fifth - the construction sector - 35.8 billion ($ 73.6 million). The volume of electricity generation in January-March 2017 was 2101.8 million kWh, of which only in March - 650.9 million kWh. The price index for industrial products increased by 3.4% in January-March 2017, by only 3.4% in March, and by 0.6% in March alone, and by 3.1% compared with March 2016.

At the same time, Armenia's foreign trade turnover in January-March 2017 amounted to 605.6 billion ($ 1,246.8 million) with an annual growth of 17.4%. In its structure, the volume of exports has undergone an annual growth of 16.5% to 215.2 billion ($ 443.1 million), while imports - annual growth of 17.9% to 390.4 billion ($ 803.7 million). Only for March 2017 foreign trade turnover grew by 12.6% due to the growth of exports by 10.8% and imports by 13.6%. In March 2017 against March 2016, these indicators rose by 8.9%, respectively, 10.6% and 8%. A year earlier, in January-March 2016, the foreign trade turnover underwent an annual decline by 3.8% due to a 15.9% drop in imports with an increase in exports by 26.3%, but only in March 2016, an increase in exports by 9.6%, the decline in imports by 1.1% was ensured by the increase in foreign trade turnover by 2.9%, compared to March 2015, the decline in foreign trade turnover by 7% came from the import of the sinking by 21.5% with the export growing by 30.3%.

The average calculated exchange rate for AMD was 484.83 AMD/USD1 in March 2017, and 485.78 AMD/USD1 in January-March, versus 486.33 AMD/USD1 in March 2016 and 488.67 AMD/USD1 in January - in March 2016, 477.65 AMD/USD1 - in March 2015 and 477.26 AMD/USD1 - in January-March 2015. In March 2014, the rate was 414.22 AMD/USD1, and in January-March 2014 - 411.04 AMD/USD1.

To note, the World Bank predicts GDP growth in Armenia in 2017 by 2.7%. The IMF predicts GDP growth of Armenia in 2017 by 2.9%. According to the forecast of the Eurasian Development Bank, the GDP growth of Armenia in 2017 will be 2.9%. Fitch forecasts GDP growth in Armenia in 2017 at 2.1%. The state budget of the Republic of Armenia for 2017 laid the GDP growth by 3.2%, but the government is aimed at securing higher rates. The Central Bank predicts GDP growth in Armenia in 2017 by 3.2-4.4%.

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