Wednesday, May 20 2020 16:47

ArmInfo. In the first quarter of 2020 the service sector in Armenia reduced the y-o-y growth rate from 17.3% (for the same period of 2019) to 5.7%, amounting to 452.4 billion AMD ($ 937.8 million). According to the data of the  Statistical Committee of the Republic of Armenia, for March 2020 the  volume of services provided decreased by 5.3%, to 147.1 billion drams  (over $ 301 million).

The dynamics was provoked by a change in the volume of services in  the field of education (from 6.5% growth to 12.6% decline), transport  (from 1.9% growth to 6.2% decline), administrative and auxiliary  activities (from 6.9% growth to 7.3% decline), professional and  scientific activities (from 4.2% growth to 0.8% decline); a slowdown  in the y-o-y growth rate of the catering sector (from 23.5% to 9%),  culture, entertainment and recreation (from 40% to 8.5%), healthcare  (from 16.9% to 12%), information and communication (from  8% to  6.4%), the financial and insurance sectors (from 20.3% to 12.9%).   According to statistical data, the financial sector leads in terms of  the volume of services provided - 113.8 billion drams (25.2% of the  total), with banks holding the lion's share. The second place in  terms of services by a small margin is occupied by the field of  culture, entertainment and recreation -113.2 billion drams (25%).  Information and communication sector is on the 3rd place- 66.5  billion drams (14.7%), and the main burden falls on the  telecommunications segment. The fourth place is occupied by the  transport sector - 43.6 billion drams (9.6%). The five leaders are  closed by the catering and tourist accommodation organization  sectors, with the volume of services at 29.4 billion drams (6.5%).   The average calculated exchange rate of dram to US dollar in March  2020 was 489.01 AMD/$ 1, and in January- March - 482.32 AMD /$ 1,  versus in March 2019 487.48 AMD/$ 1, and in January March - 487.23   AMD /$ 1.

It should be noted that in Armenia, as part of measures to prevent  the spread of the coronavirus pandemic, a state of emergency was  introduced from March 16, which will last until June 13 inclusive. In  this regard, a temporary ban was imposed on some activities in the  first month of emergency, which was partially lifted in the second  half of April. Since May 4, the list of permitted types of business  activities has been further expanded to ensure the vital functions of  the economy.