Armenia`s ICT sector revenue exceeded $680 million for year

ArmInfo.Information and telecommunications technology (ICT) revenue accelerated the y-o-y growth rate from 2.8% to 7.4%, providing a revenue volume of 344.7  billion drams (about $684.3 million).

According to the data of the RA Statistical Committee, the services  sector dominates in the indicated total volume, which accounts for  88.8% or 306.1 billion drams (y-o-y growth of 10.9%), of which the  largest part is represented by information technology - 167.7 billion  drams (growth by 17.8% per annum), and the telecommunications segment  accounts for 132.1 billion drams, which is 3.9% higher than the  indicator of a year ago.

The manufacturing segment traditionally accounted for the smallest  part - 2.4 billion drams alone (or 0.7%), with a yo-y growth of 8.9%.

On y-o-y terms, revenue in the field of ICT in the trade sector  decreased by 15.5% to 36.2 billion drams.  The revenue of the ICT  sector in 2020 amounted to 318.1 billion drams, with an increase of  2.8% over the year. It should be noted that over the past 10-15  years, the ICT industry has shown y-o-y growth of 10- 15%.

The average settlement rate of the dram in December 2021 was 485.14  AMD/$1, and in January-December 2020 - 503.77 AMD/$1, against 518.91  AMD/$1 in December 2020 and 489.01 AMD/$1 in January- December 2020.