ArmInfo. Armenia's economic activity increased in January- December 2021 by 5.8% per annum, against a 7.5% decline in 2020 and a 7.8% growth in 2019. The growth driver was restored by the service sector, the trade sector, the construction sector and the industrial sector, while the energy complex and the agricultural sector went into decline. This is evidenced by the final data of the RA Statistical Committee.
In December 2021 alone, an increase in economic activity was recorded by 24.1% (against 27.7% growth in December 2020) with a y-o-y growth of 9.9% (against a y-o-y decline of 8.8% in December 2020 against December 2019), while in 2019 both December and y-o-y dynamics were upward - 24.9% and 10.7%, respectively.
The growth of economic activity in January-December 2021 came mainly from the service sector - by 7.8%, the trade sector - by 7.5% and the construction sector - by 7.4%, to a lesser extent from the industrial sector - by 3.3 %. At the same time, the energy complex and the agricultural sector turned towards a decline by 0.6% and 1.1%, respectively. A year earlier, in January-December 2020, a significant decline was shown by the service sector and the trade sector - 14.7% and 14%, respectively, the construction sector was slightly less - by 9.5%, and the industrial sector was in a 0.9% decline, at the same time, the energy complex and the agricultural sector went up by 1.2% and 1.4%, respectively. Two years earlier, in January- December 2019, the highest growth was shown by the service sector, the industrial sector and the trade sector - 15%, 9% and 8.9%, respectively, against the backdrop of a modest growth in the construction sector by 4.6%, with a decline in the energy complex by 1.9% and the agricultural sector by 4.2%.
The price index of industrial products in January-December 2021 compared to the same period in 2020 increased by 9.9%, in December 2021 against December 2020 - by 9%, and in December 2021 alone - by 1.8%, against an increase of 2.4%, 4.6% and 2.6%, respectively, in the same periods of 2020 and growth of 0.5%, 1.4% and 2.6%, respectively, in the same periods of 2019.
On a monthly terms (for December 2021), without data on the agricultural sector, all other areas showed growth: the construction sector - 76%, trade and the energy complex - 20.6% each, the service sector - 12%, the industrial sector - 6.8%. A year earlier, in December 2020, growth was also observed in these areas: construction - 77.7%, trade - 34.6%, services - 16.3%, energy complex - 15.9%, industry - 14.4%. Two years earlier, in December 2019, growth was also observed in these areas: construction - 85%, trade - 27.7%, energy complex - 24.7%, services - 21%, industry - 14.7%.
On a y-o-y terms (December 2021 to December 2020), without data on the agricultural sector, growth was observed in other areas: energy complex - 12.8%, services - 12.3%, construction - 8.8%, industrial sector - 7.9%, trade - 3.6%. A year earlier, in December 2020 by December 2019, these areas were in decline: the service sector - 22.6%, trade - 17.4%, the industrial sector - 5.8%, the energy complex - 4.2%, construction - 3 %. Two years earlier, in December 2019 by December 2018, these areas were in growth: the service sector - 16.6%, the energy complex - 14%, the industrial sector and trade - 6.4% each, construction - 4.9%.
According to statistical data, in January-December 2021, in absolute terms, the leadership is held by the trading sector with a volume of 3.4 trillion drams ($6.7 billion). The industrial sector occupied the second place - 2.4 trillion ($4.7 billion), the services sector held the third place - 1.9 trillion drams ($3.7 billion), the fourth - the agricultural sector - 933 billion drams ($1.9 billion), and the fifth - the construction sector - 470.1 billion drams ($933.1 million). The volume of electricity generation in January-December 2021 amounted to 7674.9 million kWh, of which 826.5 million kWh. in December alone.
At the same time, Armenia's foreign trade turnover in January-December 2021 amounted to 3.5 trillion drams ($7.1 billion) with a reversal of y-o-y dynamics from a 13.2% decline to a 17.7% increase. In its structure, the volume of exports and imports reached double-digit growth, while a year earlier both items were in decline, and in 2019, with almost as much modest growth as now. Thus, the volume of exports came out of a 3.9% decline by 19.1% growth (against 9.4% growth in 2019), amounting to 1.5 trillion drams ($3 billion), and imports from 17.7% the recession by 16.9 growth (against 10.8% growth in 2019), amounting to 2.7 trillion drams ($5.4 billion).
At the same time, Armenia's foreign trade turnover in January-December 2021 amounted to 3.5 trillion drams ($7.1 billion) with a reversal of y-o-y dynamics from a 13.2% decline to a 17.7% increase. In its structure, the volume of exports and imports reached double-digit growth, while a year earlier both items were in decline, and in 2019, with almost as much modest growth as now. Thus, the volume of exports came out of a 3.9% decline by 19.1% growth (against 9.4% growth in 2019), amounting to 1.5 trillion drams ($3 billion), and imports from 17.7% the recession by 16.9 growth (against 10.8% growth in 2019), amounting to 2.7 trillion drams ($5.4 billion).
The average settlement rate of the dram in December 2021 was 485.14 AMD / $1, and in January- December 2021 - 503.77 AMD / $1, against 518.91 AMD / $1 in December 2020 and 489.01 AMD / $1 - in January -December 2020. According to the World Bank forecast for January this year, Armenia's GDP growth in 2021-2022 is expected to slow from 6.1% to 4.8%. The IMF, in its November forecast, also predicted a slowdown in Armenia's GDP from 5.5% in 2021 to 5.3% in 2022. And according to the December forecast of the Central Bank of the Republic of Armenia, Armenia's GDP growth will accelerate from 4.2% in 2021 to 5.3% in 2022. According to statistics, the state budget of the Republic of Armenia for 2021 provides for a 3.2% GDP growth, and for 2022 - a 7% GDP growth. And this is after the actual decline in GDP in 2020 by 7.4%, and the pre-Covid GDP growth in 2019 by 7.6%.
