The service sector of Armenia in the first half of the year turned  the dynamics from growth to decline

ArmInfo.  In Armenia, in the  first half of 2020, the service sector reduced volumes by 6.4% per  annum - to 861.7 billion drams ($ 1.8 billion), against 15.3% growth  a year earlier. According to the data of the Statistical Committee of  the Republic of Armenia, in June alone, the volume of services  provided increased by 8.2%, amounting to 143.5 billion drams ($ 298.2  million).

In the reporting period, the deterioration of the y-o-y dynamics was  observed in the field of catering and the organization of  accommodation for tourists - from 33.8% growth to 42.6% decline, in  the field of education - from 7.9% growth to 16.4% - decline,  healthcare - from 17.4% growth to 8.8% decline, real estate - from  4.7% growth to 12.3% decline, transport - from 3.7% growth by 25.8%  decline, administrative and auxiliary activities - from 11% growth to  36.4% decline, professional, scientific and technical activities -  from 4.2% growth to 11.5% decline. The slowdown in the y-o-y growth  in the volume of services provided was recorded in the following  areas: culture- from 30.1% to 1.6%, in the financial sector  (including insurance) - from 15.9% to 11.7%. The field of information  and communication was the one to demonstrate the y-o-y growth in the  volume of services provided - from 4.8% to 7.1%.

According to the statistics, the financial sector is the leader in  terms of the volume of services provided - 228.4 billion drams (26.5%  of the total), with the lion's share held by banks. The second place  in terms of the volume of services is occupied by the field of  culture, entertainment and recreation - 221.7 billion drams (25.7% of  the total). The third place is taken by the sector of information and  communication - 136 billion drams (15.8%), with the main load falling  on the telecommunications segment. The fourth place is taken by the  transport sector - 77.2 billion drams (9%). The five leaders in terms  of the volume of services provided are closed by the field of  catering and tourism -43.2 billion drams (5%). The average calculated  AMD exchange rate in June 2020 amounted to 481.27 AMD / $ 1, and in  the first half of the year - 483.50 AMD / $ 1, against 478.47 AMD / $  1 in June 2019 and 484.16 AMD / $ 1 in the I half of 2019.