Thursday, October 5 2017 14:23
Karine Melikyan

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

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

ArmInfo. In Armenia, economic activity in January-August 2017 increased by 5.5% per annum on the back of a 21.7% increase in exports. In August this year by August 2016, economic activity increased by 2.4%, but only in August 2017 - by 18.7%. A year earlier, in January- August 2016, by the same period of 2015, economic activity increased by 2.4%, in August compared with August 2015 - fell by 0.5%, but only in August 2016 increased by 28.2%.

As a comparison, we note that in 2015, economic activity in January-August increased by 3.9% per annum, but only in August - by 23% (with an annual growth of 3.7%).

According to the National Statistical Service of Armenia, the growth of economic activity in January- August 2017 to a greater extent determined the industrial sector - by 12.4% per annum, services - by 12.4%, trade - by 12.3%, against which the growth of the energy complex looked modestly - 6.6% per annum. At the same time, the agricultural sector and the sphere of construction were delayed in a downward trend, respectively 9.4% and 8% per annum. A year earlier, in January-August 2016, the industrial sector and service sector showed an increase of 7% and 8%, respectively, against which the agricultural sector was only 4.1% higher, and trade, construction and energy complex recorded a decline of 0.4%, 7.5% and 5.9% per annum, respectively.

The industrial production price index increased by 3.7% in January-August 2017 by 3.7% in the same period of the previous year, by 3.5% in August 2017 as against August 2016, and only by 0.9% in August 2017 alone. A year earlier, in January-August 2016, by the same period of 2015, the index of industrial products prices decreased by 0.5%, in August 2016, compared to August 2015 - increased by 7.1%, but only in August 2016 increased by 2%.

In the same month (in August), the agrarian sector gave a decisive impetus to the growth of economic activity, which increased the gross output by 65% (against the growth of 2.2 times in August 2016), and to a lesser extent the construction sector and services - by 11, 1% and 2.9% respectively. The August recession was distinguished by the trade sector - by 2.2%, industry - by 0.9% and the energy complex by 9.2%.

In the annual context (August 2017 to August 2016), the largest growth was recorded in the services sector - by 15.5%, the trade sector - by 12.4%, industry - by 10.9%, and the decline in the energy complex - 0.9% the agricultural sector - 25% and the construction sector - 5.1%.

According to statistical data in January-August 2017, the absolute volume of leadership is held by the trade sector with a volume of 1.6 trillion AMD ($ 3.2 billion). The industrial sector is on the second place (1.04 trln ($ 2.2 bn), the services sector - 904.1 bn AMD ($ 1.9 bn), the fourth - agriculture - 459.9 bn AMD ($ 951.9 m), and the fifth - the construction sector - 179.9 billion ($ 372.4 million). The volume of electricity generation in January-August 2017 was 5123.3 million kWh, of which only in August - 632.6 million kWh.

At the same time, Armenia's foreign trade turnover in January-August 2017 was 1873.8 billion AMD ($ 3,880.6 million) with annual growth of 24.4%. In its structure, the volume of exports has undergone an annual growth of 21.7% to 667.8 billion AMD ($ 1383.2 million), and imports - 26% to 1,126 billion AMD ($ 2,497.4 million). Only in August 2017, foreign trade turnover increased by 0.4%, due to export growth of 3.6% with a decline in imports by 1.4%, and compared to August 2016, foreign trade turnover increased by 15.6% mainly due to growth of exports by 21.8% with a modest increase in imports by 12.2%.

The average calculated exchange rate of AMD was 478.61 AMD/USD1 in August 2017, and 483.13 AMD/USD1 in January-August, compared to 475.45 AMD/USD1 in August 2016 and 481.89 AMD/USD1 in January-August 2016, 479.78 AMD/USD1 - in August 2015 and 477.29 AMD/USD1 - in January- August 2015.

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