Tuesday, January 14 2020 14:08
Karine Melikyan

In Armenia, the growth of economic activity over the 11 months of  2019 accelerated from 5.7% to 7.5%

In Armenia, the growth of economic activity over the 11 months of  2019 accelerated from 5.7% to 7.5%

ArmInfo.In Armenia, the growth of economic activity in January- November 2019 accelerated to 7.5% from 5.7% for 11 months of 2018. The growth drivers were the service sector, industrial sector and trade, against the backdrop of a modest  rise in the construction sector and a decline in the energy sector. 

According to the final data of the Statistical Committee of the  Republic of Armenia, only in November 2019 there was a decline of  8.5% with an annual growth of 10.1%, while a year earlier the  November decline was 10.3% with an annual growth of 3.6%.

The annual growth of economic activity in January-November 2019  continues to be supported to a greater extent by the services sector  - by 14.8%, the industrial sector - by 9.3% and trade - by 9.2%, and  to a lesser extent - the construction sector - by 4.5 %, with the  decline in the energy sector by 3.4%, against the growth recorded by  a year earlier in all these sectors by 18.4%, 4.1%, 9.2%, 5.5% and  2.4%, respectively. For the agricultural sector, only quarterly data  are published, but a year earlier, in January-November, an  acceleration of decline was noted from 3.9% to 8.1%.

The industrial production price index increased in January-November  2019 compared to the same period in 2018 by 0.4%, in November 2019  compared with November 2018 it decreased by 0.6%, and only in  November 2019 increased by 0.5%, against the same dynamics a year  ago: in January-November 2018 compared to the same period in 2017 -  an increase of 1.8%, in November 2018 versus November 2017 - a  decline of 0.1%, and only in November 2018 - an increase of 1.6%.

On a monthly basis (in November), the construction sector and the  industrial sector showed high growth - 8.9% and 6.9%, respectively,  which in the case of the construction sector almost repeats last  year's dynamics (growth of 9%), and indicates a trend reversal in the  industrial sector from last year's 6.8% decline in the direction of  growth. A much more modest increase was recorded in the energy  complex - 1.7% (against a growth of 3.6% in November 2018) and in the  trading sector - 1.5% (against a decline of 0.1% in November 2018).  And the service sector was delayed in recession, with the pace  accelerating in November 2019 to 8.4% from 7.6% in November 2018.

In annual terms (November 2019 to November 2018), the decline was  recorded only in the energy sector - by 9.3%, while the rest spheres  were notable for growth: industry - 13.8%, trade - 11.9%, services -  11, 6%, construction - 4.8%. A year earlier (November 2018 to  November 2017), the decline was recorded only in the agricultural  sector - by 8.3%, and the growth of other sectors was as follows:  services - 17.5%, energy complex - 8.3%, trade - 5.3% industry -  1.1%, construction - 0.2%.  According to statistical data, in  January-November 2019, the trading sector with the volume of 2.9  trillion holds leadership in absolute terms. drams. The industrial  sector returned to the second position - 1.9 trillion drams,  displacing the services sector to the third position - 1.8 trillion  drams, in the fourth place, due to the lack of data from the  agricultural sector, the construction sector - 344.8 billion drams.  The volume of electricity generation in January-November 2019  amounted to 6,867.1 million kWh, of which 613.5 million kWh - only in  November.

At the same time, the foreign trade turnover of Armenia in  January-November 2019 amounted to 3471.8 billion drams ($ 7231.7  million) with an annual growth of 7.4%. In its structure, the volume  of exports underwent annual growth of 9% to 1,153 billion drams ($  2,401.7 million), while imports - annual growth of 6.6% to 2,318.8  billion drams ($ 4,830 million). In November 2019 alone, an increase  in exports of 8.5% and imports of 3.1% ensured an increase in foreign  trade turnover by 4.5%, and year-on-year (November 2019 to November  2018) increased exports by 25.7% and imports by 9 , 6% accelerated  the growth of foreign trade to 14.2%. A year earlier, in  January-November 2018, foreign trade turnover increased by 19.1% due  to an increase in imports by 24.2% with an increase in exports by  9.8%, in November 2018 compared to November 2017, foreign trade  turnover increased by 6.9% due to import growth by 12.5%, while  export decline by 5%.  The average settlement rate of dram in  November 2019 amounted to 477.08 dr / $ 1, and in January- November  2019 - 480.65 dr / $ 1, against 486.33 dr / $ 1 - in November 2018  and 482.83 dr / $ 1 - in January-November 2018 

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