Wednesday, March 25 2020 16:10
Karine Melikyan

Economic activity increased by 8.7% per annum in Armenia in Jan-Feb  2020

Economic activity increased by 8.7% per annum in Armenia in Jan-Feb  2020

ArmInfo. In Armenia in January-February 2020, economic activity increased by 8.7% compared to the same period in 2019, against previous year's 6.5% growth.   According to preliminary data of the RA Statistical Committee, y-o-y  growth was provoked to a greater extent by the industrial sector and  the energy complex.

In February 2020 alone, economic activity  increased by 9.2%, and compared to February 2019 - by 8.7%, against  previous year's upward 9.3% in February and 7.6% compared to February  2018. Since 2019, data on the agricultural sector are published only  quarterly, and therefore are not available in the February  statistical report.

According to statistical data, in January-February 2020 y-o-y growth  was recorded in electricity generation - by 23.1%, industrial  production - by 15.3%, in the services sector - by 11.2%, in the  trade sector - by 6.3%, construction field - by 5.8%. A year earlier,  in January-February 2019, the energy complex was in decline by 21%,  and the rest of the sectors showed growth: construction sector -  21.6%, services sector - 17.5%, retail sector - 13.1%, industrial  sector - 1, 9%.

In y-o-y terms (February 2020 versus February 2019), the energy  complex and the industrial sector also showed the highest growth -  27.9% and 16.5%, respectively, while a year earlier the energy  complex was in decline by 14.5%, while the industrial sector showed  modest growth by 4.7%. After them, the services sector, the  construction sector and the trade sector remained in the upward trend  - 10.4%, 4.3% and 2.8% respectively, compared to last year's positive  19.3%, 21.3% and 8.3%.

The industrial production price index rose in January-February 2020  by 0.7% per annum, with a decline in February of 0.9% and a y-o-y  decline of 0.5% (February 2020 versus February 2019), while a year  earlier in January - February 2019 recorded a decline of 1% per  annum, with an increase in February of 1.6% and an y-o-y increase of  0.6%.

In January-February 2020, the trading sector with the volume of 435.6  billion drams ($ 909.4 million) holds the leadership in absolute  terms. The second place in terms of volume is held by services  sector-305.3 billion drams ($ 635.9 million), and the third place was  taken by the industrial sector - 299.6 billion drams ($ 625.4  million). The construction sector follows - 26.97 billion drams ($  56.3 million). Data from the agricultural sector, traditionally in  fourth place, are not available. The volume of electricity generation  in January-February 2020 amounted to 1461.3 million kWh, of which 735  million kWh in February.

At the same time, the foreign trade turnover of Armenia in  January-February 2020 amounted to 496.4 billion drams ($ 1036.4  million) with a y-o-y growth of 2.4%. In its structure, the volume of  exports underwent y-o-y growth of 8.8% to 175.3 billion drams ($ 366  million), while imports - a y-o-y decline of 0.8% to 321.1 billion  drams ($ 670.4 million). In February 2020 alone, foreign trade  turnover increased by 15.4% due to an increase in imports by 19.9%  and exports by 7.6%, and compared with February 2019, the decline in  imports by 3.2% and exports by 1.3% provoked a decrease in foreign  trade by 2.5%. A year earlier, in January-February 2019, foreign  trade turnover experienced a y-o-y decline of 7.7% due to a decline  in exports by 11.6% and imports by 5.6%, and in February 2019 alone  increased export and import by 32.6% and 25.8%, respectively, led to  an increase in foreign trade by 28%.

The average calculated rate of the dram in January-February 2020 was  478.98 AMD/ $ 1, and in February 2020 - 478.74 AMD / $ 1, against  487.10 AMD/ $ 1 - in January-February 2019 and 488.41 AMD / $ 1 - in  February 2019.  To recall, the World Bank predicts an increase in  Armenia's GDP in 2020 by 5.1% with an acceleration in 2020 to 5.2%.   IMF forecasts for Armenia's GDP growth are more modest - 4.5% in  2020. The forecasts of the Central Bank and the government on GDP  growth for 2020 are similar to the IMF's expectations - 4.5%, and the  state budget for 2020 contains GDP growth of 4.9%.  It should be  noted that from March 16 to April 14 a state of emergency was  introduced in Armenia in order to prevent the spread of coronavirus  infection. The number of cases as of March 25 is 266 people. In this  regard, some types of activities are temporarily banned, including  restaurants, cafes, bars, casinos, hotels, canteens, retail  facilities and industries not related to food and medical products.  

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