Monday, September 3 2018 12:50
Alexandr Avanesov

Minister: Armenia expects investments in the amount of $ 240 million

Minister: Armenia expects investments in the amount of $ 240 million

ArmInfo. Armenia expects investments in the amount of $ 240 million, Armenian Minister of Economic Development and Investments Artsvik Minasyan stated at a press conference attached to 100 days in office on September 3.

According to him, since the beginning of May, after the new government of Armenia came to power, numerous meetings were held with potential investors who promised to invest more than $ 1 billion in various projects, but for the near future the republic expects investments of $ 240 million. The Ministry of Economic Development and Investments is working to turn the programs of the business community into concrete business plans.

The Minister, referring to the data of the National Statistical Committee, noted that in the six months of this year the country recorded unprecedented GDP growth, which was 8.3% and is the highest for the last 8 years. According to him, the sector of trade and services contributed the most to economic growth - about 5.3%. The construction figures increased by 8.9% but the amount of assistance is 0.5 percentage points, as earlier its share was low. The industry contributed to economic growth by 1.4 percentage points, agriculture - by 0.5%. Moreover, as noted by Artsvik Minasyan, taking into account July of this year, in total, the indicator of economic activity in the first half of 2018 was 9.3%. Moreover, the figures of the industry grew by 4.3%, agriculture - by 4.6%, construction - by 10.4%, trade and services - by 8.9%.

To note, economic activity in Armenia 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 versus 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 the final data of the National Statistical Service of Armenia, the growth of economic activity in January-July of 2018 determined 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 y-o-y terms (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%. Energy complex 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 dr / $ 1 in July 2018, and 481.95 dr / $ 1 in January-July, compared to 479.04 dr / $ 1 in July 2017 and 483.78 dr / $ 1 in January -July 2017, 476.52 dr / $ 1 - in July 2016 and 482.81 dr / $ 1 - in January-July 2016.

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