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.
