Thursday, January 25 2018 14:20
Karine Melikyan

In Armenia, economic activity growth accelerated in 2017 to 7.7% from 0.5% in 2016

In Armenia, economic activity growth accelerated in 2017 to 7.7% from 0.5% in 2016

ArmInfo. Growth of economic activity in  Armenia during the period of  January-December 2017 accelerated to 7.7% per annum, versus the slowdown  to 0.5%  during 2016 from 3.1% of 2015.

Drivers the  trade, services and the industrial sector. By preliminary data of the National Statistical Service of Armenia, only in December 2017 there was an increase of 21.8% with an annual growth of 12.6%, while a year earlier the December growth was more modest - 17.9% with negative annual dynamics of  0.1%.

The growth of economic activity in January-December 2017 is supported by the services sector - by 14.4% per annum, trade - by 14% and the industrial sector - by 12.6%, against growth of 7.1%, 0.1% and 6.7% %, respectively, a year earlier. A relatively modest growth was also ensured by the energy complex and the construction sector - 6.1% and 2.2%, which recorded a decline of 6.2% and 10.8% a year earlier. Against this background, the agricultural sector, delayed in the recession, only slowed down to 3% from 5.2% in 2016, The industrial production price index increased by 3.9% in January-December 2017, by 3.9% in the same period of the previous year, by 3.2% in December 2017, and by 0.8% only in December 2018, against 1, 5%, 7% and 0.7% in 2016.  On a monthly basis (in December 2017), all sectors showed growth: construction sector - 83.4%, trade - 35.1%, energy complex - 32.2%, agricultural sector - 11.1%, industrial sector - 10.2%, sphere services - 10.1%. A year earlier, in December 2016, only the agricultural sector was in decline - 11.4%, while other sectors provided growth: construction sector - 77.6%, trade - 46.4%, energy complex - 12.4%, sphere of services - 10.9% and industry - 6.4%.

Annual growth (December 2017 to December 2016) also recorded growth in all sectors: energy complex - 17.8%, service sector and industrial sector - 15.6%, trade - 12.7%, construction - 10.4% and agricultural sector - 3.3%. A year earlier, in December 2016, by December 2015, the construction sector, energy complex and services sector were in decline - 10,1%, 4,5% and 0,6% respectively, while the rest spheres were distinguished by growth: agro sector - 6,5%, industry - 5,9% and trade - 4,4%.

According to statistical data in January-December 2017, in absolute terms leadership is held by the trade sector with a volume of 2.6 trillion. AMD ($ 5.4 billion). The industrial sector is on the second place with 1.7 trillion ($ 3.4 billion), the third - the service sector - 1.5 trillion drams ($ 3.01 billion), the fourth - the agricultural sector - 906.8 billion drams ($ 1.9 billion), and the fifth - the construction sector - 415.9 billion drams ($ 861.5 million). The volume of electricity generation in January-December 2017 amounted to 7762.9 million kWh, of which 825.5 million kWh. - Only in December.

At the same time, Armenia's foreign trade turnover in January-December 2017 was 3100.4 billion drams ($ 6,425.6 million) with an annual growth of 26.9%. In its structure, the volume of exports has undergone annual growth of 25.2% to 1082.1 billion drams ($ 2242.9 million), and imports - annual growth of 27.8% to 2018.3 billion drams ($ 4,182.7 million). A year earlier, in January-December 2016, foreign trade turnover increased by 7.4% due to growth in exports by 20% and imports by 1.6%. By way of comparison, we note that in January-December 2015 the foreign trade turnover decreased by 20.6% per annum due to a 26.5% drop in imports with a 3.9% decline in exports.

The average calculated exchange rate for dram totaled 483.18 dr / $ in December 2017, and 482.72 dr / $ 1 in January-December, compared to 482.84 dr / $ 1 in December 2016 and 480.49 dr / $ 1 in January- December 2016, 482.93 dr / $ 1 - in December 2015 and 477.92 dr / $ 1 - in January-December 2015.

It should be noted that according to the World Bank's forecast for 2017, which was updated in January 2018, the GDP growth of Armenia was indicated at 3.7%, with acceleration in 2018 to 3.8% and in 2019 to 4%. The Central Bank of Armenia previously forecast GDP growth by 4.4-4.9% (an average of 4.6%) in 2017, in early January 2018 revised the GDP growth estimate for 2017 in the direction of acceleration to 6.4%, and the Government of their expectations for 2017 on GDP growth estimated at 5.5-6%. The state budget of the Republic of Armenia for 2017 laid the GDP growth by 3.2%, and by 2018 - 4.5%.

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