Thursday, August 25 2022 14:57
Karine Melikyan

Economic activity shows two-digit growth in Armenia 

Economic activity shows two-digit growth in Armenia 

ArmInfo.An increase in economic activity up to 13.1% (5.2% last year) in Armenia this January-July, was accompanied by an upward trend in exports and imports. This July  against July 2021, 19.4% economic activity was recorded (5.8% in the  corresponding period last year), with 8.5% growth recorded this July  against 17% this June, similarly to last July (7.4% against 12% last  June). 

According to the RA Statistical Committee, the increase in economic  activity this January-July was mainly due to the, services sector  (27.5%), energy sector (14.9%), construction (13.6%), trade (12.5%)  and industry (7%). Since 2019, the data on Armenia's agricultural  sector has been published on a quarterly basis. 

Last January-July, the same sectors showed growth as well:  construction (8.8%), trade (7.5%) services sector (4.4%), industry  (2.1%), energy (0.1%). 

This January-July, the index of prices for industrial products showed  a 6.3% year-on-year rise, with a 2.2% decline this July as compared  with last July, and a 4.3% decline this July alone against a 2.9%  decline this June. January-July 2021 saw a 10.1%, year-on-year rise  in the index of prices for industrial products as compared with the  corresponding period 2020, with a 10.1% rise last July against July  2020. Last July alone saw a 3.3% decline against 3.1% rise last June. 

This July, the energy sector played a decisive role in the increase  in economic activity by recording a 13.8% growth in energy output  against 6.4% growth this June and 23.2% growth last July. The  construction sector showed a 12.5% growth, the trade sector, 9.3%,  with 21.9% and 12.8% growth respectively this June. Last July, the  sectors showed 12.1% and 6.5% growth respectively. The industrial and  services sectors showed 3.2% and 0.3% declines respectively against  the respective growth of 17.1% and 8% this June. Last July, the  industrial sector showed stagnation, with a 3.3% growth in the  services sector. 

This July against last July, all the sectors recorded increase in  economic activity, with the services sector being the leader (30.6%),  followed by thee trade sector (21.3%), construction (16.8%), energy  sector (15.6%), industry (13.7%). Last July against July 2020, all  the sectors, except for the energy sector (2.2% decline) showed  growth: the services sector (14.4%), trade sector (5.2%),  construction (2.2%), industry (1.7%). 

This January-July, in absolute terms, the trade sector was the leader  - AMD 2,200bln ($4.8bln), followed by the industrial sector (AMD  1,363bln or $3bln), No data on the agricultural sector are available.  The construction sector ranked fourth - (AMD 190.6bln or $414.2mln).  This January-July, the electric energy output totaled 5,117.7 mln  kwh, with 730.4 mln kwh this July alone.  

This January-July, Armenia's foreign trade turnover totaled AMD  3,000bln ($6.4bln) - a 47.7%. year-on- year growth. It was due to a  43.9% growth in exports (up to AMD 1,100bln or $2.2bln) and a 50.1%  growth in imports (up to AMD 1,900bln or $4bln).

This July alone saw a 0.5% decline Armenia's foreign trade turnover  against a 20.2% growth this June due a 4.9% decline in exports  against a 38.2% growth this June, and 2.5% growth in imports against  10.4% growth this June. This July against July 2021, the 67.7% growth  in Armenia's foreign trade turnover was caused by an 82.2% growth in  exports and 58.8% growth in imports. 

In January-July 2021, Armenia's foreign trade turnover recorded a  15,1% growth due to a 23,2% growth in exports and a 10,6% growth in  imports. The 2.6% growth in foreign trade turnover this July was due  to 10.7% growth in imports, with exports showing a 9.1% decline. On  the other hand, in July 2021 as compared with July 2020, the 22.9%  growth in foreign trade turnover was due to the growth in exports and  imports - 23.8% and 22.4% respectively. 

This July, the average AMD/USD exchange rate was AMD 410.03/$1  against 460.06/$1 last January-July, AMD 490.87/$1AMD last July.  

According to the WB forecast revised early this July, 3.5% GDP growth  was expected in Armenia in 2022 against the previously forecast 1.2%.  Later, the Central Bank of Armenia (CBA) revised its GDP growth  forecast from 1.6% up to 4.9%. In late July, the International  Monetary Fund (IMF) revised its GDP growth forecast for Armenia for  2022 - 5% against the previous 1.5%. Last year, Armenia recorded 5.7%  GDP growth against a 7.2% decline in 2020 and 7.6% in 2019. 

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