Wednesday, February 5 2020 13:05

ArmInfo. The volume of industrial production in Armenia in 2019 compared to 2018 accelerated growth to 9% (against a slowdown in 2018 from 12.6% to 4.3%),  amounting to 2.104 trillion. drams ($ 4.4 billion). The acceleration  of the upward dynamics was provoked by the trend of the mining sector  from recession to growth with continued growth in the manufacturing  industry. In December 2019 alone, industrial production increased by  14.7% (against an increase of 12.5% in December 2018) with a volume  of 247.8 billion drams ($ 518.2 million).

In 2019, compared with 2018, in the mining industry and open pit  mining, an increase of 23.9% was recorded (against a 14% decline a  year earlier) - up to 356.3 billion drams. In December alone, the  mining sector provided 32.8 billion drams with a monthly decline of  6.1%, with an annual growth of 23.9%. The volume of manufacturing  industry increased over the year by 7.6% (against growth by 10% a  year earlier) - up to 1.5 trillion. drams, of which 187.4 billion  drams fell in December, having increased over the month by 18.7%  (with an annual growth of 3.7%).

Moreover, in the manufacturing industry, a significant increase in  volumes in 2019 was recorded in the production of finished metal  products (by 50.7%), other non-metallic mineral products (by 41.2%),  furniture (by 36.9%), and electrical equipment (by 20, 8%), clothing  (by 20.1%), textiles (by 15.9%), drinks (15.4%) and chemical  production (by 13.8%). At the same time, the subsidence of volumes  was recorded in the production of base metals (by 3.5%), machinery  and equipment (by 9.7%) and jewelry (by 7.5%). In the manufacturing  sector, food products (547.2 billion drams), cigarettes (196.4  billion), beverages (184.6 billion drams), and base metals (167.8  billion) are leaders in terms of production volumes.  According to  statistical data, the dynamics of supply of electricity, gas, steam  and air-conditioned from 5.7% growth in 2018 entered a stagnant 0% in  2019, amounting to 254 billion drams. Only in December, an increase  of 17.8% was recorded - up to 25.8 billion drams. Moreover, the  generation, transmission and distribution of electricity for the year  decreased by 2.5% per year (with an increase in December by 18.1%),  while gas production, distribution of gaseous fuels through gas  supply systems increased by 11.2 per year % (with an increase of  16.8% in December).

Revenues from water supply, waste treatment and processing and the  receipt of secondary raw materials decreased in 2019 by 3.1% (against  a 2% decline a year earlier) - to 24.9 billion drams, while a decline  in December by 4.7% - to 1.8 billion drams. Moreover, the  deterioration in dynamics is due to the acceleration of the decline  in the segment of waste collection, processing and destruction from  7.9% in 2018 to 35.3% in 2019.

Recall that the volume of industrial production in Armenia in 2018  slowed down annual growth from 12.6% to 4.3%. The deterioration of  the dynamics provoked a reversal of the trend in the mining sector  from 13.9% growth to a 14% decline, and a slowdown in the growth of  the manufacturing industry from 15.7% to 10%.

The average settlement rate of dram in December 2019 was 478.24 dr /  $ 1, and in January-December 2019 - 480.45 dr / $ 1, against 484.67  dr / $ 1 in December 2018 and 482.99 dr / $ 1 - in January December  2018 It should be noted that according to the forecast of the World  Bank updated in early January 2020, it indicated an increase in  expectations of Armenia's GDP growth in 2019 by 6.9% (compared to the  previous 5.5%), and for 2020 it was predicted to slow down to 5.1%  with acceleration in 2021 and 2022 to 5.2%.  IMF forecasts for  Armenia's GDP growth were much more modest: in 2019 by 4.6% with a  slowdown in 2020 to 4.5%. The Central Bank of the Republic of  Armenia, judging by the forecast updated in December, once again  improved its expectations for GDP growth for 2019, indicating a range  of 7-7.3% (7.2% on average), against 6.7-7.2% previously forecasted  (average 6.9%). For 2020, the Central Bank and the government came up  with a similar forecast to the IMF growth.