ArmInfo. Armenia continues recording high economic growth, Armenia's Premier Nikol Pashinyan stated at a Cabinet meeting on June 29.
Referring to the preliminary data on May 2023 by the Statistical Committee of Armenia, he reported a 12.5% year-on-year growth in
economic activity this January-May (against 10.2% last January-May), with a high growth in exports and imports. 13.7% growth in economic activity was recorded this May against 13% last May, with a 7.7% growth recorded during this May alone (against 6.1% last May and 3.4% this April).
This January-May, the economic activity growth was mainly due to the trade sector (24.5%), services sector (19.9%), construction (16.7%), industry (3%), whereas the energy sector recorded a 3.1% decline. last January-May, the economic growth was due to the services sector (24.9%), energy sector (13.1%), construction (11.4%), trade (8.9%) and industry (2.7%).
This May against last May, all the economic sectors, except for the energy sector (which recorded a 2% decline against an 8.2% growth), recorded economic activity growth: trade (28.6% against 12.4%) construction (18.4% against 18.1%), services sector (12.3% against 30.2%) and industry (5.3% against 2%).
The premier pointed out a 1.3% reduction in inflation. Specifically, this January-May 2023, the index of prices for industrial products showed a 1.6% decline. This May as compared with last May it showed a 3.6% decline, and last May alone, a 3.5% decline.
Last January-May as compared with January-May 2021, the index of prices for industrial products showed a 9.6% rise, with a 5% rise recorded last May as compared with May 2021. Last May alone, it showed a 3.1% decline. This January-May against last January-May, the consumer price index showed a 5.2% rise, with a 1.3% rise this May as compared with last May. This May alone, it showed a 1.8% decline. The corresponding periods of the previous year, higher inflation was recorded: 7.7% in January-May, 9% in May and 0.1% during one month.
This January-May, Armenia's foreign trade turnover totaled AMD 2,900bln ($7.3bln), with an 86.9% growth. Exports totaled $2.7bln (a 93.3% growth), with imports totaling $4.6bln (an 83.3% growth).
Mr Pashinyan reported record-setting figures in Armenia's banking system: the deposit portfolio totaled AMD 5,147.288bln
