ArmInfo.The service sector sharply accelerated growth in Armenia, in H1 2022, from 2.7% to 26.9%, as a result of which its volume exceeded 1.1 trillion drams ($2.4 billion). This is evidenced by the data of the RA Statistical Committee, according to which in June alone, the volume of services provided increased by 8% (against 3.9% a year earlier), amounting to 226.7 billion drams ($536.4 million).
This sharp increase in y-o-y growth was mainly provoked by the airlines, hotels, banks, rental and leasing segments that significantly increased the volume of services provided. Growth was also recorded in almost all other areas, but relatively modestly.
In particular, the volume of services provided by airlines increased 2.6-fold, by hotels - by 64.5%, by banks - by 52.7%, by rental and leasing segments - by 51.3%. The IT sector increased the volume of services provided by 51.9%. Travel agencies and tour operators increased the volume of services provided by 34.2%, the volume of services in the field of sports, entertainment and recreation has grown almost as much, bars and other similar catering establishments record a slightly smaller increase in services - by 31.1%, and casinos that do not differ in large volume services, increased them by 70.5%. The insurance sector increased the volume of services by 32.6%.
The leadership in terms of the volume of services provided is held by the financial sector - 30.1% or 341.7 billion drams, of which 270.1 billion drams are provided by banks. The second place is occupied by the sector of information and communication -193.3 billion drams (17.1%), with the main volume falling on the telecommunications segment (114.3 billion). The third place in terms of volume of services is occupied by the transport sector - 133.4 billion drams (11.8%). The fourth place is occupied by the sector of culture, entertainment and recreation - 125.3 billion drams (11.1% of the total). The top five in terms of the volume of services provided is closed by the catering and tourism sector - 102.2 billion drams (9%).
And the volumes of the sectors leading in terms of growth in services are much smaller: the hotel business - 20.2 billion, airlines - 15.6 billion, the rental and leasing segment - 3.6 billion. As for banks, they are leading both in terms of the volume of services provided and in terms of their growth.
It should be noted that the average settlement rate of the dram against the US dollar in January-June 2022 was 468.24 AMD/$1, and in June - 422.69 AMD/$1.