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.

POST A COMMENT
Input digits     


News
New government-assisted employment programme launched in ArmeniaNew government-assisted employment programme launched in Armenia
Armenia`s public debt is approaching $10 billionArmenia`s public debt is approaching $10 billion
Finrating ArmInfo: Armenia`s insurance sector summed up H1 2022 with  a profit of $5.6 millionFinrating ArmInfo: Armenia`s insurance sector summed up H1 2022 with  a profit of $5.6 million
"Rossgostrakh Armenia" IC continues to lead in net insurance premiums  and claims
Negotiations on possibility of buying part of Russia`s share in  equity capital of EDB are underway with all founding countries of  BankNegotiations on possibility of buying part of Russia`s share in  equity capital of EDB are underway with all founding countries of  Bank
Number of plastic cards up as capital relocated to Armenia Number of plastic cards up as capital relocated to Armenia 
AMD 4,248,945 to AMD 4,248,945 to "QaylTech": The August beneficiary of "The Power of One Dram" is "The Rehabilitation City of Heroes" - psychological rehabilitation center
Airlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in ArmeniaAirlines, hotels, banks, rental and leasing sectors registered  significant increase in service volumes in Armenia
Cargo traffic down, passenger traffic up in Armenia in first half,  2022Cargo traffic down, passenger traffic up in Armenia in first half,  2022
Growth of trade sector was facilitated by increase in activity in  wholesale and car trade marketsGrowth of trade sector was facilitated by increase in activity in  wholesale and car trade markets
4.5% increase in proceeds of Armenia`s communication sector in first  half 20224.5% increase in proceeds of Armenia`s communication sector in first  half 2022
188,856 tourists visit Armenia this July188,856 tourists visit Armenia this July
Accelerated growth of Armenian industrial sector was driven by  processing industryAccelerated growth of Armenian industrial sector was driven by  processing industry
Veolia Djur proposes to raise water tariff in ArmeniaVeolia Djur proposes to raise water tariff in Armenia
State Revenue Committee of Armenia starts active administration in  pursuance of law State Revenue Committee of Armenia starts active administration in  pursuance of law " On Non-Cash Transactions"
Armenia`s premier calls for revising economic programmes Armenia`s premier calls for revising economic programmes 
EDB to allocate $25 million to implement Armenia`s largest livestock  programEDB to allocate $25 million to implement Armenia`s largest livestock  program
Double-digit growth in economic activity in Armenia is accompanied by  surge in imports and exportsDouble-digit growth in economic activity in Armenia is accompanied by  surge in imports and exports
Armenian business forum to be held in Yerevan for second timeArmenian business forum to be held in Yerevan for second time
Production of aluminum foil in Armeniaincreased by 8% in June 2022Production of aluminum foil in Armeniaincreased by 8% in June 2022
Metallurgy industry of Armenia sums up H1 2022 with a 7% declineMetallurgy industry of Armenia sums up H1 2022 with a 7% decline
EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB 
EADB to allocate $37mln for construction of 11 solar power stationsEADB to allocate $37mln for construction of 11 solar power stations
Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%Apartments in Yerevan rose in price by 5.4% in Q2, with increase in  transactions for their purchase and sale by 30.8%
 Further rise in food prices in Armenia  Further rise in food prices in Armenia 
Loan payoff with another bank via AppLoan payoff with another bank via App
Deputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpointDeputy Minister: 12 more lanes added to 13 existing lanes of Upper  Lars checkpoint
Ferry communication to be launched this month - minister Ferry communication to be launched this month - minister 
Armenia is among the TOP-5 destinations for Russian tourists this  autumArmenia is among the TOP-5 destinations for Russian tourists this  autum
Austria to invest in Armenia`s SyunikAustria to invest in Armenia`s Syunik
Gyumri Breeding Station reports three-fold growth in barley output Gyumri Breeding Station reports three-fold growth in barley output 
CBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banksCBA: In February-June 2022, demand deposits of non-residents  increased significantly in Armenian banks
CBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increaseCBA: High demand leads to the expansion of the inflationary  environment and maintenance of high inflation expectations, but dram  appreciation partially neutralizes the price increase
Minister: The share of the mining industry in the total volume of  Armenia`s exports has decreasedMinister: The share of the mining industry in the total volume of  Armenia`s exports has decreased
Statistical data, real situation in agricultural sector different -  minister Statistical data, real situation in agricultural sector different -  minister 
FLYONE ARMENIA launches flights to Domodedovo International AirportFLYONE ARMENIA launches flights to Domodedovo International Airport
Armenia, Iran deepen cooperation in mining industryArmenia, Iran deepen cooperation in mining industry
CBA raises refinancing rate from 9.25% to 9.5% CBA raises refinancing rate from 9.25% to 9.5% 
23.9% rise in petrol prices in Armenia in first half of 2022 23.9% rise in petrol prices in Armenia in first half of 2022 
Armenia meets Russia`s brand demandArmenia meets Russia`s brand demand
Armenia is not ready to open the land border with Turkey: ExpertArmenia is not ready to open the land border with Turkey: Expert
Armenia, Qatar discuss possible areas of bilateral cooperationArmenia, Qatar discuss possible areas of bilateral cooperation
Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022Massive arrival of Russians to Armenia, along with movement of their  capital, ensured 7-multifold increase in net inflow of remittances  from Russia in Q2 2022
Ardshinbank offers a new type of loan for small and medium enterprises.Ardshinbank offers a new type of loan for small and medium enterprises.
Armenia among priority partners of Austrian Development AgencyArmenia among priority partners of Austrian Development Agency
International reserves of Armenia reaches historical maximum by July  2022International reserves of Armenia reaches historical maximum by July  2022
More funds for government-sponsored medical services More funds for government-sponsored medical services 
South Caucasus Railway delivers production equipment from Yerevan to  KrasnodarSouth Caucasus Railway delivers production equipment from Yerevan to  Krasnodar
4% inflation expected in Armenia in medium-term 4% inflation expected in Armenia in medium-term 
Ameriabank leads in list of largest taxpaying banks in ArmeniaAmeriabank leads in list of largest taxpaying banks in Armenia
Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022Armenia`s communication companies pay 25% less as taxes to budget in  1st half of 2022
Over 500 Armenian servicemen to benefit from soft lending programmeOver 500 Armenian servicemen to benefit from soft lending programme
Washington to allocate $120mln to Armenia for democratic development,  economic stabilityWashington to allocate $120mln to Armenia for democratic development,  economic stability
17.1% increase in food prices significantly affected low-income  citizens of Armenia - study17.1% increase in food prices significantly affected low-income  citizens of Armenia - study
Armenia, Ethiopia consider development of cooperation in e-governance  and technology educationArmenia, Ethiopia consider development of cooperation in e-governance  and technology education
Armenian assets of GeoProMining Group of Compaines significantly  increase payments to state budgetArmenian assets of GeoProMining Group of Compaines significantly  increase payments to state budget
Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s Vardan Aramyan pointed to risks for Armenia`s GDP and loss of  potential of Russian economy amid IMF`s "Gloomy and More Uncertain"  forecast
Armenia`s vice-premier hosts AMD company vice-presidents Armenia`s vice-premier hosts AMD company vice-presidents 
MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development MFA: Sanctions against Russia have their negative direct or indirect  impact on Armenia`s economic development 
Mirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relationsMirzoyan, Lipavsky note need to fully realize potential of trade and  economic bilateral relations
Read more


Exchange rates
18.08.2022
RUB6.830.13
USD405.79-0.17
EUR412.81-0.13
GBP489.18-1.95
CAD314.76-0.08
JPY30.01-0.07
CNY59.850.03
CHF425.76-0.80