Monday, August 20 2018 13:52

Economic activity in Armenia demonstrates stable growth in recent  months

Economic activity in Armenia demonstrates stable growth in recent  months

ArmInfo. In Armenia, economic activity in January-July of 2018 increased by 9.3% per annum and the growth drivers are the services sector and the construction sector.  In July this year. By July 2017, economic activity increased by 11.1%, and only in July 2018 - by 8%. A year earlier, in January-July 2017, by the same period of 2016, economic activity increased by 6.2%, in July compared with July 2016 - by 7%, and only in July 2017 - by 5%.

According to preliminary data of the National Statistical Service of  Armenia, the growth of economic activity in January-July of 2018 was  determined to a greater extent by the services sector - by 18.7%, the  construction sector - by 10.4% and the trade - by 8.9%, against which  the growth of the agricultural sector and the industrial sector  looked modest - 4.6% and 4.3% per annum, respectively. The energy  complex has slowed down the rate of annual growth to 0.8% from 7.8%  in January-July 2017. A year earlier, in January- July 2017, the  industrial sector, trade and service sector showed the highest  growth, respectively by 12.7%, 12.2% and 11.8%, while the  agricultural sector and the construction sector were in a downward  trend, respectively 2.1% and 8.7% per annum.

The industrial production price index increased by 3.3% in  January-July 2018 by the same period of 2017, by 1.6% in July 2018  compared to July 2017, and decreased only by 1.5% in July 2018 alone.  A year earlier, in January-July 2017, by the same period in 2016, the  industrial production price index increased by 3.8%, in July 2017 as  compared to July 2016 - also by 3.8%, and only in July 2017 - by only  0.1% .

In the same month (July), the agrarian sector gave a decisive impetus  to the growth of economic activity, which increased the gross output  by 24% (against growth of 56.4% in July 2017), and to a lesser extent  the energy complex - by 9.3% (against growth of 25.5% in July 2017),  followed by a modest pace followed by the trade sector - by 8.1%  (against growth of 2.7% a year earlier), industry - 3.4% (against  growth of 2, 7% a year earlier), services - by 3.2% (against growth  by 2.6% a year earlier) and the construction sector - by 2.2%  (against a decline of 2.7% a year earlier).

In the annual context (July 2018 to July 2017), the largest growth  was recorded in the services sector - 21.8%, trade - 7.7% and  industrial sector - 7.3%, which at rates are much inferior to the  agricultural sector and the construction sector - 2.1 % and 0.5%.  Energocomplex distinguished itself by a decline of 3.1%. A year  earlier, in July 2017, by July 2016, the highest growth was  demonstrated by the energy complex - 24.7%, followed by a more modest  pace of services - 17.2%, industrial sector - 14.3% and trade -  10.5%, and the agricultural sector and the construction sector was in  decline - respectively, 4.3% and 3.9%.  According to statistical data  in January-July of 2018, in absolute terms leadership is held by the  trade sector with a volume of 1.5 trillion AMD ($ 3.1 billion). The  industrial sector ranked second in terms of volume - 954.6 billion ($  1.98 billion), at the third - the service sector - 933.7 billion  drams ($ 1.9 billion), the fourth - agriculture - 363.2 billion drams  ($ 753.7 million), and the fifth - the construction sector - 162.7  billion drams ($ 337.7 million). The volume of electricity generated  in January-July 2018 was 4527.3 million kWh, of which only in July -  674.5 million kWh.

At the same time, Armenia's foreign trade turnover in January-July  2018 amounted to 1971.2 billion drams ($ 4,089.8 million) with an  annual growth of 26.8%. In its structure, the volume of exports has  undergone annual growth by 17.3% to 656.9 billion drams ($ 1363.1  million), and imports - by 32.1% to 1314.3 billion drams ($ 2726.7  million). Only in July 2018, foreign trade turnover grew by 1.9%, due  to the growth of imports by 4.7%, with a decline in exports by 3.8%,  and compared to July 2017, foreign trade turnover increased by 14.4%  mainly due to the growth of imports by 22.4% with the growth of  exports only by 0.3%. A year earlier, in January-July 2017, foreign  trade turnover increased by 26% (only in July - an increase of 2.8%)  due to growth in exports by 21.6% and imports - by 28.5% (only for  July exports and imports increased by 2.7% and 2.9% respectively),  and as compared to July 2016, foreign trade turnover increased by  37.3% mainly due to import growth of 45.1% with export growth of  25.2%.

The average calculated exchange rate of the dram was 481.43 AMD / $ 1  in July 2018, and 481.95 AMD / $ 1 in January-July, compared to  479.04 AMD / $ 1 in July 2017 and 483.78 AMD / $ 1 in January -July  2017, 476.52 AMD / $ 1 - in July 2016 and 482.81 AMD / $ 1 - in  January-July 2016.  

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