ArmInfo. In Armenia, economic activity in January-October 2022 accelerated growth to 14.5% per annum (from 4.3% a year earlier), far exceeding the pre-Covid 7.1% growth (in the same period in 2019). This is accompanied by impressive growth in exports and imports. This is evidenced by the final data of the RA Statistical Committee, according to which the service sector continues to be the driver of economic growth to a greater extent.
In October this year to October 2021, economic activity accelerated growth to 17.5% (from 3.6% a year earlier), also surpassing the pre-Covid growth of 7.7%. At the same time, in October 2022 alone, economic activity declined by 2% from September growth by 8.9%, which was also observed in 2021 - from September 12.6% growth to October 4.9% decline and into pre-Covid period (in October 2019) - from September 7.8% growth to October 4.7% decline.
At the same time, inflation continues to grow: in January-October 2022, compared to the same period in 2021, it reached 8.7%; by October 2021 increased to 9.5% (with 0.3% inflation in October alone), from levels recorded in 2021 in the periods under review - 6.9% in January-October, 9.1% in October against October 2020 (with inflation 0.7% for October alone). The growth of economic activity in January-October 2022 was largely determined by the service sector - by 27.9%, and to a lesser extent by the energy complex - by 16.8%, the trade sector - by 15.5%, the construction sector - by 14.4%, and the industrial sector - by 9.9%. For the agricultural sector, data are published only on quarterly terms. A year earlier, in January- October 2021, only the energy complex was in decline - by 3.1%, while all other industries, as now, showed growth, but relatively modest: the trade sector - by 7%, the service sector - by 6.4 %, the construction sector - by 5.9%, the industrial sector - by 1.1%.
The price index of industrial products increased in January-October 2022 compared to the same period in 2020 by 3.4%, in October 2022 compared to October 2021 it decreased by 2.9%, and in October 2022 alone growth slowed down to 0.7% from September 2.9%. A year earlier, in the same periods, the industrial products price index showed a more noticeable increase and only the monthly dynamics repeated the current picture: in January-October 2021 compared to the same period in 2020 - an increase of 9.9%, in October 2021 against October 2020 - an increase of 10.8 %, and for October 2021 alone growth slowed to 0.2% from 2.7% in September.
On monthly terms (for October 2022), a deterioration in dynamics was observed in the trading sector - up to a 1.9% decline from a September 2.1% growth. And other sectors remained in growth: the construction sector - with a slowdown to 6.2% from September 8.8%, the service sector - with a slowdown to 4.4% from September 4.7%, and the industrial sector and the energy complex - respectively by 5.2% and 2.6% growth from the September 1.7% and 12.4% decline. A year earlier, in October 2021, the trade sector and the service sector declined - by 3.8-1.5%, while other sectors showed growth: the industrial sector - by 9.6%, the energy complex - by 5.8%, the construction sector - by 4.2%.
On y-o-y terms (October 2022 to October 2021), all sectors showed growth, and at an accelerating pace, and even the energy complex managed to recover from the recession to double-digit growth. In particular, the service sector accelerated its growth rate to 34.9%, the trade sector- up to 23.1%, the construction sector - up to 15.1%, the industrial sector - up to 9.7%, and the energy complex managed to recover from the recession by 15.7% growth. A year earlier, in October 2021 by October 2020, the only decline was observed in the energy complex - by 6.2%, while other sectors showed growth: the service sector - by 14.6%, the trade sector - by 12.7%, the industrial sector - by 3.9%, construction - by 3.6%.
According to statistical data in January-October 2022, the leadership in absolute terms is held by the trading sector with a volume of 3.4 trillion drams ($7.7 billion). The industrial sector ranks 2nd with a volume of 2.13 trillion drams ($4.8 billion), the service sector ranks 3rd - 2.07 trillion drams ($4.7 billion). And due to the lack of data on the agricultural sector , the construction sector ranks 4th - 360.8 billion drams ($812.9 million). The volume of electricity generation in January-October 2022 amounted to 7198 million kWh, of which 673.9 million kWh - in October.
Against this background, the ay-o-y growth of Armenia's foreign trade turnover sharply accelerated in January-October 2022 from 13.6% to 66.4%, amounting to 4.7 trillion drams ($10.9 billion). In its structure, such a sharp acceleration of rising rates was observed both in exports - from 16.9% to 71.2%, and in imports - from 11.8% to 63.5 reaching 1.8 trillion drams ($4.1 billion) and 2.9 trillion drams ($6.8 billion) respectively. In October 2022, the growth of foreign trade turnover accelerated from 1.1% to 4.4%, due to the recovery of imports from stagnation by 6.1% growth while export growth slowed down from 2.9% to 1.9%. And in October 2022, compared to October 2021, a significant increase in foreign trade turnover by 91% was provoked by an increase in exports 2.2-fold and imports by 74.4%, while in the same period in 2021 (in October to October 2020 ) foreign trade turnover showed a much modest growth of 24.1% coming more from imports - by 29.4% than from exports - by 14.7%.
The average settlement rate of the dram in October 2022 was 402.73 AMD/$1, and in January-October 2022 - 443.81 AMD/$1, against 479.25 AMD/$1 - in October 2021 and 508.24 AMD/$1 - in January- October 2021.