Tuesday, September 7 2021 21:18
Alina Hovhannisyan

Armenian service sector tries to restore growth rates

Armenian service sector tries to restore growth rates

ArmInfo.In Armenia, the service sector in January-July 2021 accelerated y-o-y growth to 4.5% (from 0.7% a year earlier), with a volume of more than 1 trillion  drams ($ 1.9 billion). This is evidenced by the data of the  Statistical Committee of the Republic of Armenia, according to which  in July alone the volume of services provided increased by 3.1% to  163.8 billion drams ($ 333.8 million).

At the same time, the decline was recorded only in terms of services  in the field of culture, entertainment and recreation, with an  acceleration in y-o-y rates from 3.1% to 35.3%.

Growth is observed in other areas. In particular, in January-July,  the catering and accommodation sector managed to increase the volume  of services - by 46.7% (against a decline of 46.7% a year earlier),  the education sector - by 7.9% (against a decline of 16.5% a year  earlier), healthcare - by 42.9% (versus 7.5% decline a year earlier),  real estate - by 21.8% (versus 11.8% decline a year earlier,  transport - by 15.4 % (against a 30.2% decline a year earlier),  administrative and auxiliary activities - by 18.3% (against a 39.1%  decline a year earlier), professional, scientific and technical  activities - by 23.3% ( against a decline of 11.1% a year earlier).

Acceleration of y-o-y growth was observed in services in the field of  information and communication - from 6.5% to 12.8%. And the financial  sector, on the contrary, slowed down the y-o-y growth in the volume  of services provided from 10.7% to 2.6%.

According to statistics, the financial sector is in the lead in terms  of the volume of services provided - 272.1 billion drams (26.5% of  the total), with the lion's share of banks. The second place is taken  by the sector of information and communication - 178.8 billion drams  (17.4%), with the dominance of the share of the telecommunications  segment.  The third place in terms of the volume of services is  occupied by the sector of culture, entertainment and recreation -  141.2 billion drams (13.8% of the total). The fourth place is taken  by the transport sector - 112.3 billion drams (10.9%).  And the fifth  place by the sector of public catering and tourism - 90.8 billion  drams (8.9%).

The average calculated exchange rate of the dram was 490.87 AMD / $ 1  in July 2021, and in January-July 2021 - 517.62 AMD / $ 1.

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