Tuesday, January 11 2022 12:04
Karine Melikyan

Economic activity up by 5.2% in Armenia in Jan-Nov 2021

Economic activity up by 5.2% in Armenia in Jan-Nov 2021

ArmInfo.Last January-November saw 5.2% growth in economic activity in Armenia against 7.2% in the corresponding period 2020 and 7.5% in January-November 2019, along with two-digit growth in exports and imports. Much lower relevant  figures were recorded in the pre- COVID period, according to the  final data by the RA Statistical Committee.  

According to the statistical data, 13.2% growth in economic activity  was recorded in January-November 2021 as compared with  January-November 2020 (against a 10.3% decline the previous year and  10.1% growth in the pre-COVID period), with a slower monthly decline  from 4.9% in October 2021 to 1.4% in November 2021 (against a 10.2%  decline in November 2020 and an 8.5% decline in November 2019).  

In January-November 2021, among the economic growth drivers were the  trade sector, services sector and construction sector - 7.9%, 7.3%  and 6.9% growth respectively. The industrial sector recorded 2.7%  growth, followed by the energy sector (2%). Last January-November,  the energy sector was the only one to record 1.8% growth, with the  other sectors recording declines: the services sector (13.6%), trade  sector (13.5%), construction (11.2%), industry (0.2%). Earlier, in  January-November 2019, the economic activity growth was recorded due  to the services sector (14.8%), industry (9.3%), trade (9.2%),  construction (4.5%), with the energy sector recording a 3.4% decline.  The agricultural sector reports quarterly data.  Last  January-November saw a 9.9% rise in the index of prices for  industrial products as compared with the corresponding period last  year. The index remained unchanged last November alone, after a 0.2%  rise the previous month. January-November 2020 saw a 2.2% rise in the  index of prices for industrial products as compared with the  corresponding period the previous year, with a 4.5% rise recorded in  November 2020 as compared with November 2019, and a 0.9% rise  recorded in November 2020 alone after a 0.7% decline in October 2020.  In January-November 2019, a 0.4% rise in the index of prices for  industrial products was recorded as compared with the corresponding  period 2018, with a 0.4% decline recorded in November 2019 as  compared with November 2018, and a 0.5% rise recorded in November  2019 alone.  In monthly terms, (in November 2021), all the sectors  recorded growth except for the services sector (1.5% in October 2021  down to 1% in November 2021). Specifically, the energy sector  recorded 17.7% growth (against 5.8% last October), the construction  sector, 14.4% growth (against 4.2% last October), the industrial  sector, 13.8% growth (against 9.6% last October), the trade sector,  3.8% growth (against a 3.8% decline last October). The previous year,  in November 2020, the services sector recorded a 2.8% decline, with  all the other sectors recording growth: the industrial sector, 4%  (against 3.2% in October 2020), construction sector, 10% (against 3%  in October 2020), the trade sector, 1% (against a 13.4% decline in  October 2020), the energy sector, 1.9% (against a 1.8% decline in  October 2020). In November 2019, the following sectors recorded  growth: construction (8.9%), industry (6.9%), energy sector (1.7%),  trade (1.5%). The services sector recorded an 8.4% decline. 

In annual terms (November 2021 compared with November 2020), all the  sectors recorded growth: the services sector, 16.9%, the trade sector  and the industrial sector 15.7% each, the construction sector, 10.8%,  and the energy sector, 8.3%. The previous year (November 2020  compared with November 2019), the following sectors recorded  declines: the trade sector, 22%, the services sector, 18.6% and the  industrial sector, 6.1%. The energy sector recorded 3.1% growth, and  the construction sector, 2% growth. Earlier, (November 2019 compared  with November 2018), the energy sector recorded a 9.3% decline, with  the other sectors recording growth: the industrial sector, 13.8%, the  trade sector, 11.9%, the services sector, 11.6% and the construction  sector, 4.8%  

In absolute terms, in January-November 2021, the trade sector was the  leader (AMD 2,996 billion or $5.9bln), followed by the industrial  sector (AMD 2,105bln or $4.2bln), services sector (AMD 1,693bln or  $3.3bln), construction sector (AMD 365.8bln or $723.6mln). Electric  energy output totaled 6,848.4mln kwh, with 685.2mln kwh in November  2021 alone.   

Last January-November, Armenia's foreign grade turnover totaled AMD  3,700bln ($7.4bln), with a 16.6% annual growth. Exports reached  1,400bln ($2.7bln) (a 19.4% growth), with imports reaching AMD  2,400bln ($4.7bln). In November 2021, 8.5% growth in the foreign  trade turnover was recorded against 12.5% in October 2021, due to a  slower growth in exports (10.9% against 16.7%) and in imports (7.2%  against 10.5%). In November 2021 as compared with November 2020, the  44.6% growth in the foreign trade turnover was equally due to the  45.9% growth in imports and 42.1% growth in exports. A year earlier,  in January-November 2020, the 12.4 decline in Armenia's foreign trade  turnover was due to a 15.9% decline in imports and a 5.2% decline in  exports. In November 2020, the more rapid decline in the foreign  trade turnover, 5% against 2.9%, was due to a 2.6% decline in imports  against 2.3% growth and a slower decline in exports (9.4% against  11.1%) as compared with November 2019, a 25.9% decline in Armenia's  foreign trade turnover was recorded due to a 28.9% decline in imports  and a 19.4% decline in exports. In the corresponding pre-COVID  period, the foreign trade dynamics was as follows: in  January-November 2019, the 7.4% growth in the foreign trade turnover  was due to 9% growth in exports and 6.6% growth in imports. November  2019 alone saw 4.5% growth in Armenia's foreign trade turnover due to  8.5% growth in exports and 3.1% growth in imports. As compared with  November 2018, the 14.2% growth in Armenia's foreign trade turnover  was more due to 25.7% growth in exports than due to 9.6% growth in  imports.  In November 2021,the average AMD/USD exchange rate was AMD  477.66/$1 (against AMD 505.46/$1 in January-November 2020). 

According to the WB forecast revised last November, 5.5% GDP growth  was expected in Armenia in 2021, with 5.3% growth expected in 2022.  According to the WB October forecast, 6.1% GDP growth was expected in  Armenia in 2021, with 4.8% GDP growth expected in 2022. According to  forecast revised by the Central Bank of Armenia (CBA) in mid-December  2021, 4.2% GDP growth was expected in Armenia in 2021. Besides, 3.2%  GDP growth was budgeted in 2021, with 7% GDP growth budgeted for  2022, after the actual 7.4% decline in 2020 and 7.6% growth in 2019.


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