Monday, September 26 2022 14:41
Karine Melikyan

Armenia`s economic activity increased by 13.9% in 8 months of 2022

Armenia`s economic activity increased by 13.9% in 8 months of 2022

ArmInfo.The growth of Armenia's economic activity in January-August 2021 accelerated to 13.9% per annum (from 4.9% a year earlier), accompanied by high  growth in exports and imports. From August this year to August 2021,  economic activity accelerated growth to 18.5% (from 2.3% a year  earlier), while on a monthly terms it continued to slow down growth  from July 8.5% to August 1.5%, which was also observed in 2021 - from  July 7.5%to August 2.1%.

According to the preliminary data of the RA Statistical Committee,  the growth of economic activity in January-August 2022 was largely  determined by the following sectors: the service sector - by 27.1%,  the energy complex - by 16.6%, the construction sector - by 14.2%,  the trade sector - by 13.6%, and to a lesser extent, the industrial  sector - by 9.2%. Data on the agricultural sector are published only  quarterly in the reports of the Statistical Committee, starting from  2019. A year earlier, in January-August 2021, only the energy complex  (1.5%) decreased by 1.5%, while all other industries showed growth:  the construction sector - by 7.3%, the trade sector - by 7.1%, the  service sector - by 5.3%, the industrial sector - by 1%. The  industrial products price index increased in January-August 2022  compared to the same period in 2021 by 5.1%, in August 2022 compared  to August 2021 it decreased by 3.5%, and in August 2022 alone it  slowed down the decline to 1.8% from July 4.3%. A year earlier, in  January-August 2021 compared to the same period in 2020, the price  index of industrial products increased by 9.8%, in August 2021  compared to August 2020 it increased by 7.9%, while  in August 2021  alone slowing down the decline to 0.4 % from July 3.3%.

On a monthly term (for August 2022), economic activity continued to  grow due to high growth rates in the following sectors: the  construction sector - by 26.5% (against July 12.5%), as well as the  industrial sector - by 10.5% (with the exit from July 3.2% decline),  and even the energy complex, despite a slowdown in growth to 2.7%  from 13.8% in July. At the same time, the service sector lingered in  the decline - with an acceleration of rates to 3.3% from 0.3% in  July, and the trade sector reversed its dynamics in August towards a  0.9% decline from a July 9.3% growth. A year earlier, in August 2021,  the construction sector also gave a decisive impetus to the growth of  economic activity - accelerating to 27.8% from 12.1% in July, while  other areas, with the exception of the energy complex, which was in  an 8.8% decline, showed meager growth: the service sector - by 1%  (against July 3.3%), the industrial sector - by 0.6% (against July  stagnation), the trade sector - by 0.2% (against July 6.5%).

On a y-o-y terms (August 2021 to August 2020), all industries showed  an upward trend, and the energy complex and the industrial sector  managed to get out of the recession and provide a tangible increase  in volumes. In particular, the energy complex showed the highest  y-o-y growth - by 30.1%, followed by the growth rate of the service  sector - 25.1%, the industrial sector - 23.3%, the trade sector - 20%  and the construction sector - 16.3%. A year earlier, in August 2021  by August 2020, the improvement in growth dynamics was demonstrated  by the service sector - by 10.8%, the trade sector - by 5% and the  construction sector - by 2.3%, while the energy complex and the  industrial sector lingered in the decline with acceleration rates up  to 12.2% and 5.2% respectively.

According to statistical data in January-August 2022, in absolute  terms, the leadership is held by the trading sector with a volume of  2.6 trillion drams ($5.7 billion). The industrial sector ranks second  in terms of volume- 1.65 trillion ($3.6 billion), the service sector  ranks third - by 1.59 trillion drams ($3.5 billion), and due to the  lack of data on the agricultural sector the construction sector ranks  fourth -by 243.1 billion drams ($536.3 million). The volume of  electricity generation in January-August 2022 amounted to 5867.6  million kWh, of which 749.9 million kWh in August alone.

At the same time, Armenia's foreign trade turnover in January-August  2022 amounted to 3.5 trillion drams ($7.8 billion) with a y-o-y  increase of 56.2% (against 12.7% growth a year earlier). In its  terms, the growth of both exports and imports significantly  accelerated - up to 52.9% and 58.2% per annum, respectively (from  21.8% and 7.7% a year earlier), reaching 1.3 trillion and 2.2  trillion drams ($2.9 billion and $4.9 billion). In August 2022 alone,  foreign trade turnover increased by 17.6% as a result of an increase  in exports by 17.5% and imports by 17.7%, while in August 2021,  foreign trade turnover was in decline by 4.7% due to the decline  imports by 8.2% with a meager growth in exports by 1.4%. In August  2022, compared to August 2021, foreign trade turnover increased  2.1-fold, and exactly the same increase was recorded both in exports  and imports, while there was a decrease in foreign trade turnover in  last year's y- o-y dynamics (August 2021 compared to August 2020) -by  0.1% due to the subsidence of import volumes by 7.3% with an increase  in exports by 13.9%.

The average settlement rate of the dram in August 2021 was 405.75 AMD  / $1, and in January-August 2021 - 453.27 AMD / $1, against 491.73  AMD / $1 - in August 2020 and 514.38 AMD / $1 - in January- August  2020

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