Tuesday, January 11 2022 19:35
Alina Hovhannisyan

Service sector of Armenia reached 7.3% growth by December 2021

Service sector of Armenia reached 7.3% growth by December 2021

ArmInfo.In Armenia, the service sector in January-November 2021 increased volumes by 7.3% (against a 13.6% decline a year earlier), exceeding 1.6 trillion  drams ($ 3.3 billion). According to the RA Statistical Committee,  this is due to the improvement in the dynamics of services provided  in almost all areas.

In particular, the y-o-y dynamics of the volume of services in the  sectors of catering and tourism changed from  47.7% decline to 61.1%  growth, education - from  11.4% decline to 9% growth, healthcare -  from 6.7% decline to 44.6% growth, real estate - from 13.3% decline  to 24.6% growth, transport - from 34.8% decline to 28.1% growth,  administrative and auxiliary activities - from 44.9% decline to 19.4%  growth, professional and scientific activities - from 10.4% decline  to 21.6% growth. At the same time, the volume of services in the  field of culture, entertainment and recreation accelerated the y-o-y  decline from 13.5% to 33.6%.

According to the source, the volume of services provided by the  information and communications sector remained in growth - with an  acceleration of rates from 7.2% to 12.7%, and the financial sector -  with a slowdown from 7% to 2.3%.

The financial sector is the leader in terms of the volume of services  provided - 429.3 billion drams (25.4% of the total). The second place  in terms of the volume of services is taken by the sector of  information and communication - 292.9 billion drams (17.3% of the  total volume). The third place is taken by the sector of culture,  entertainment and recreation - 212.2 billion drams (12.5% of the  total). The fourth place is taken by the transport sector - 198.4  billion drams (11.7% of the total). The five leaders in terms of the  volume of services provided are closed by the catering and tourism  sector- 116.3 billion drams (9.7% of the total).  

In January-November 2021, the average exchange rate of the dram to  the US dollar amounted to 505.46 AMD / $ 1.