Monday, August 21 2017 16:14
Karine Melikyan

In Armenia, drivers of economic growth continue to be industrial sector, trade and services

In Armenia, drivers of economic growth continue to be industrial sector, trade and services

ArmInfo. In Armenia, economic activity in Jan-July 2017 increased by 6.2% annually on the back of a 21.6% increase in exports. In July this year by July 2016 economic activity increased by 7%, and only in July 2017 - by 5%.

A year ago, in January-July 2016, by the same period of 2015, economic activity increased by 3%, in July compared with July 2015 - fell by 4.3%, but only in July 2016 increased by 2.5%. By way of comparison, we note that in 2015 economic activity in January-July increased by 4.2% per annum, but only in July - by 9.2% (with annual growth of 4%).

According to Armenian National Statistics Service preliminary data, growth in economic activity in January-July 2017 to a greater extent determined the industrial sector - by 12.7% per annum, trade - 12.2%, services- at 11.8% per annum, against which the growth of the energy complex looked modest - 7.8% per annum. At the same time, the agricultural sector and the sphere of construction were delayed in a downward trend, respectively 2.1% and 8.7% per annum. A year ago, in January-July 2016, the industrial sector and service sector showed an increase of 7.9% and 7.6%, respectively, against which the agricultural sector was only 1.3% up, while trade, construction and energy complex recorded a decline 0.4%, 7.6% and 5.5% per annum, respectively.

The industrial production price index increased by 3.8% in the period from January to July 2017, by 3.8% in July 2017 as compared with July 2016, and only by 0.1% in July 2017 alone. A year earlier, in January- July 2016, by the same period of 2015, the price index of industrial products fell by 1.5%, in July 2016, compared to July 2015 - increased by 3.9%, but only in July 2016 increased by 0.7%.

In the same month (July), the agrarian sector gave a decisive impetus to the growth of economic activity, which increased the gross output by 56.4% (against the growth of 50.6% in July 2016), and to a lesser extent the energy complex - by 25.5% (Against growth of 10% in July 2016), followed by a modest pace followed by the trade sector - by 2.7% (against growth of 3.5% a year earlier), industry - 2.7% (against the decline of 6, 2% a year earlier) and services - by 2.6% (against the decline of 4% a year earlier). At the same time, the construction sector showed a decline for July - by 2.7% (versus a decline of 3.5% a year ago).

In the annual breakdown (July 2017 to July 2016), the largest growth was recorded in the energy complex - 24.7%, at a pace yielded by the services sector - 17.2%, industrial sector - 14.3% and trade - 10.5%, and the agricultural sector and The scope of construction differed in decline - respectively, 4.3% and 3.9%. A year earlier, in July 2016, by July 2015, the growth was demonstrated by the industrial sector - 2.8% and the services sector - 4.1%, while other areas were in decline: the agricultural sector - 3.8%, trade - 1%, construction sector - 6.8%, the energy complex - by 8.9%.

According to statistical data in January-July 2017, the absolute value of leadership is held by the trade sector with a volume of 1.3 trillion. Drams ($ 2.8 billion). The second place in terms of volume is the industrial sector - 899.6 billion ($ 1.9 billion), the third - the service sector - 774.5 billion drams ($ 1.6 billion), the fourth - agriculture - 334.8 billion drams ($ 692.1 million), and the fifth - the construction sector - 143.9 billion drams ($ 297.4 million). The volume of electricity produced in January-July 2017 4490.5 million kWh, of which only in July - 696.4 million kWh.

At the same time, Armenia's foreign trade turnover in January-July 2017Amounted to 1618.3 billion Drams ($ 3346.8 million) with an annual growth of 26%. At its structure, the volume of exports has undergone an annual growth of 21.6% to 573 billion AMD ($ 1185.1 million), and imports - by 28.5% to 1045.3 billion AMD ($ 2,161.7 million). Only for July 2017 foreign trade turnover increased by 2.8%, due to growth in exports and imports - by 2.7% and 2.9%.

Respectively, and in comparison with July 2016 the foreign trade turnover grew by 37.3% mainly due to the growth of imports by 45.1%, while exports grew by 25.2%. A year ago, in January-July 2016, foreign trade turnover increased by 2.3% (only in July - a decline of 7.1%) due to the growth of exports by 16.5% with a decrease in imports by 4.4% (only for July Import fell by 9.5%, with a 3.3% drop in exports). By way of comparison, we note that in January-July 2015 the foreign trade turnover declined by 24% (only in July - a decline of 20.8%) due to the decline in imports and exports by 30.7% and 4.4% respectively (only for July imports decreased by 18.4%, with a decline in exports by 25%).  The average calculated exchange rate of the dram in July 2017 was 479.04 AMD / $ 1, and in January-July - 483.78 AMD / $ 1, against 476.52 AMD / $ 1 in July 2016 and 482.81 AMD / $ 1 in January -July 2016, 477.33 AMD / $ 1 - in July 2015 and 476.93 AMD / $ 1 - in January-July 2015.


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