ArmInfo.In Armenia, economic activity in January 2020 compared to January 2019 increased by 8.9%, and in January 2019 alone decreased by 47.8%, against last year's y-o-y growth of 6.1% and the January decline of 46.9%. According to preliminary data of the RA Statistical Committee, all the sectors ensured y-o-y growth, with the energy complex and the industrial sector in the lead. In y-o-y terms (January 2020 versus January 2019), the energy complex registered the highest growth- 18.7%, followed by industry - 13.4%, services - 13.2%, trade - 10.3%, construction - 7 , 7%, while data on the agricultural sector were not published. A year earlier (January 2019 against January 2018), the construction sector showed growth - 22.1%, the retail sector - 19.3% and the services sector - 15.6%, while the industrial sector and the energy sector were in decline - by 0.4% and 26, 3%, respectively. In January 2020, industrial production decreased by 42.6%, services - by 29%, trade - 47.3%, construction - by 86.8%, energy sector - by 5.1%, versus a downtrend in January 2019 in these sectors, respectively, by 28.7%, 28.1%, 48.9%, 87.2% and 8.8% . According to statistical data, the industrial products price index increased in January 2020 by 1.1%, with a y-o-y increase of 2.8%. A year earlier, in January 2019, the industrial production price index decreased by 0.3%, with a y-o-y decline of 2.6%.
In January 2020, the trading sector with the volume of 207.4 billion drams ($ 432.6 million) holds the leadership in absolute terms. The second place in terms of volume is held by services -152.7 billion drams ($ 318.6 million), and the third place was taken by the industrial sector - 144.15 billion ($ 300.8 million). The construction sector follows - 11.8 billion drams ($ 24.7 million). Data from the agricultural sector, traditionally in fourth place, are not available. The volume of electricity generation in January 2020 amounted to 726.3 million kWh. At the same time, the foreign trade turnover of Armenia in January 2020 amounted to 229.6 billion drams ($ 479 million) with a y-o-y growth of 8.2%. In its structure, the volume of exports underwent y-o-y growth of 20.4% to 83.3 billion drams ($ 173.8 million), while imports - y-o-y growth of 2.2% to 146.3 billion drams ($ 305.2 million). In January 2020 alone, foreign trade turnover decreased by 47.4% due to a decline in imports by 54.8% and exports by 26.2%. A year earlier, in January 2019, foreign trade turnover experienced a y-o-y decline of 7.6% due to a decrease in exports by 15.8% and imports by 3.3%, and in January 2019 alone a decline in exports and imports by 30.1% and 28, 4%, respectively, led to a decrease in foreign trade by 28.9%. The average settlement rate of dram in January 2020 amounted to 479.21 AMD/ $ 1, against 485.79 AMD/ $ 1 - in January 2019.
To note, starting from 2019, data on the agricultural sector appear only in the quarterly reports of the Statistical Committee of the Republic of Armenia, which corresponds to the sub-paragraph of the Compendium of Statistical Requirements of Eurostat, according to which the EU member states publish statistics on the agricultural sector with annual periodicity. According to World Bank forecasts, the GDP growth of Armenia in 2020 will amount to 5.1% with an acceleration in 2021 to 5.2%. And in both cases, the World Bank considered industrial sector and services as growth drivers, with projected growth of 5.4% in 2020 and 5.8-5.4% in 2021, and expected growth of 2.7% in the agricultural sector in 2020 will slow down to 2.5% in 2021. In terms of Armenia's foreign trade, the WB forecasts for 2020 an increase in exports of 6.8% and imports of 6.7%, with the pace accelerating in 2021 to 7% and 7.2%, respectively. The state budget of the Republic of Armenia for 2020 contains a growth of GDP of 4.9%.
