Tuesday, June 20 2017 14:43
Karine Melikyan

In Armenia, the drivers of economic growth are the industrial sector, trade and services

In Armenia, the drivers of economic growth are the industrial sector, trade and services

ArmInfo. In Armenia, economic activity in January-May 2017 increased by 6.4% per annum versus the backdrop of the prevalence of rising import rates over exports.In May this year by  May 2016, economic activity increased by 8.9%, but only in May 2017 - by 11.7%. As a comparison, to  note a year ago, in January-May 2016, by the same period of 2015, economic activity increased by 5.5%, in May compared to May 2015 - also by 5.5%, but only in May - by 6%, 6%.

According to Armenian National Statistics Service preliminary data, growth  in economic activity in January-May 2017 to a greater extent determined the industrial sector - by 14.4% per annum, trade - by 12.8%, services - by 11%, versus which the growth of the energy complex looked modest - 4.6% per annum . At the same time, the agricultural sector and the construction sector maintain a downward trend, respectively by 3.5% and 12.1% per annum. A year ago, in January-May 2016, the industrial sector and services sector showed a more modest growth, respectively 8.8% and 8.6% per annum, while trade was completely down 0.1%, along with which the decline was also observed in the construction Sector and energy complex - respectively 7.9% and 1.9%.

The industrial production price index increased by 3.5% in January-May 2017 to the same period of 2016, by 4.7% in May 2017 compared to May 2016, and by 0.2% only in May 2017. A year earlier, in January- May 2016, in comparison with the same period in 2015, the industrial production price index decreased by 3.1%, in May 2016 by May 2015 - by 1.9%, but only in May 2016 increased by 1.7% .

In the same month (May), a decisive impetus to the growth of economic activity was given by the construction sector with a 50% increase in volume (versus growth of 43.8% in May 2016), the agricultural sector - by 47.1% (versus growth of 52.2% In May 2016) and industrial sector - by 12.7%, followed by a modest pace followed by the industrial sector - by 12.7% (versus a decline of 3.9% in May 2016), services - 9.5% (versus growth By 6% in May 2016) and trade - by 6.6% (versus growth of 5.3% in May 20169). The power complex excelled in May 2017 decline by 2.9%, significantly losing the descending dynamics of the year-old prescription (17.5%).

In the annual context (May 2017 to May 2016), the industrial sector was leading in terms of growth rates - 20%, followed by trade - 15%, services - 14.3% and energy complex - 5.6%, and the agricultural sector and construction have distinguished themselves Minus trend - by 4.8% and 9.3% respectively. A year earlier, in May 2016 by May 2015, the growth drivers were much more modest: the industry sector was leading - 9.1%, followed by the service sector - 5.8%, the agricultural sector - 5.8% and trade - 1%, and the construction sector And the energy complex were in the negative trend - 9% and 21.7%, respectively.

According to statistical data in January-May 2017, the absolute volume of trade is dominated by the trade sector with a volume of 894.5 billion AMD ($ 1.8 billion). The second place in terms of volume is the industrial sector - 625.1 billion ($ 1.3 billion), the third - the service sector - 524.7 billion AMD ($ 1.1 billion), the fourth - agriculture - 176.6 billion AMD ($ 364.1 million), and the fifth - the construction sector - 78.6 billion AMD ($ 162 million). The volume of electricity generation in January-May 2017 was 3239.3 million kWh, of which only in May - 560.5 million kWh.

At the same time, Armenia's foreign trade turnover in January-May of 2017 totaled 1108.8 billion AMD ($ 2286.2 million) with an annual growth of 23.1%. In its structure, the volume of exports has undergone an annual growth of 20.9% to389.9 billion AMD ($ 803.9 million), while imports - annual growth of 24.4% to 718.8 billion AMD ($ 1,482.3 million). Only in May 2017, foreign trade turnover increased by 35% due to an increase in imports by 45% and exports by 18.3%, and compared to May 2016, the growth of foreign trade turnover by 53.4% was driven more by imports - 61.7% %, Rather than exports - 38.7%. A year earlier, in January-May 2016, foreign trade turnover increased by 6.8% per annum due to an increase in exports of 20.1% with an increase in imports of only 0.9%, and the May decline in foreign trade turnover by 7.2% was triggered by a downward trend Import and export, respectively, by 9.5% and 3%, but compared to May 2015, the increase in foreign trade turnover by 2.1% came from exports - 8.4% against the background of a 1.1% decline in imports.

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