ArmInfo. In Armenia, the growth of economic activity in January- February 2024 accelerated to 13.6% per annum (from 10.9% in the same period in 2023). The growth driver was the industrial sector. As preliminary data from the RA Statistical Committee indicate, this was accompanied by a noticeable acceleration in the upward dynamics of exports and imports.
Despite the fact that the preliminary statistical report does not provide for the disclosure of more detailed information, nevertheless, judging by the data of previous months, it can be assumed that high growth in the industrial sector comes to a greater extent from the jewelry industry, and to a slightly lesser extent from the leather industry, woodworking industry, production of electrical equipment, furniture, finished metal products.
According to statistics, the growth in economic activity in January-February 2024 was largely determined by the industrial sector - with a sharp acceleration in annual rates from 1% to 28.9%, and to a slightly lesser extent by the trade sector - with an acceleration in rates from 18% to 24.1% . A slowdown in growth during this period was recorded in the construction sector - from 13.2% to 10.8% and in the services sector - from 23.5% to 5.2%. The energy complex remained in decline, with the pace accelerating from 0.2% to 4.9%. The dynamics of the agricultural sector are not given in this statistical report.
According to statistical data for January-February 2024, in absolute terms, the leadership is held by the trade sector with a volume of 749.1 billion drams ($1.9 billion). The second place in terms of volume is occupied by the service sector - 473.1 billion drams ($1.2 billion), the third is the industrial sector - 461.6 billion ($1.1 billion), the fourth position, due to the lack of data from the agricultural sector, is occupied by the construction sector - 41.6 billion drams ($102.7 million). The volume of electricity generation in January-February 2024 amounted to 1594.4 million kWh, of which in February alone - 778.7 million kWh.
At the same time, in February 2024 by February 2023, economic activity also accelerated in growth to 16.3% (from 11.3% a year earlier), and in February alone the dynamics went from a 45.1% decline to 11.2%. -th growth (against the dynamics for February 2023 from a 46.1% decline to a 6.5% increase). Moreover, in February 2024, the industrial sector emerged from a 43.1% decline to a double-digit growth of 18.9% (versus the dynamics of a 41.9% decline to a 2.3% growth in February 2023). The same reversal of dynamics was observed in the construction and trade sectors - from an 86.1-51.7% decline to a 35.5-21% increase, while the services sector remained in decline with a slowdown from 17.2% to 0 .3%. The dynamics in the energy complex worsened in February - from 2% growth to 4.5% decline.
On an annual basis (February 2024 to February 2023), all sectors showed an upward trend, except for the energy complex, which was in decline (3.1%). In particular, the industrial sector showed the highest annual growth - by 36.4%, followed by the trade sector - 28.3%, the construction sector - 11.7%, and the service sector - 6%. A year earlier, in February 2023 by February 2022, all these areas showed growth: the service sector - by 21.2%, the trade sector - by 18.2%, the construction sector - by 13.9%, the energy complex - by 1.3%, industrial sector - by 0.7%.
Against this background, Armenia's foreign trade turnover in January-February 2024 exceeded 2.1 trillion. drams (over $5.3 billion), accelerating in annual growth to 2 times (from 77.7% in the same period in 2023). This is due to a more noticeable acceleration in the annual growth of exports - from 96.4% to 2.6 times, than imports - from 67.4% to 73.2%, the absolute value of which amounted to 1.04 trillion and 1.1 trillion drams ($2.6 billion and $2.8) respectively.
In February 2024, compared to February 2023, foreign trade turnover increased 2.2 times due to a jump in exports by 2.9 times and an increase in imports by 79.9%, which was observed at a slightly restrained pace a year earlier in February 2023 compared to February 2022, when the growth of foreign trade turnover by 79.5% came from an increase in exports by 2.1 times and imports by 62.3%.
From 2023, the methodology for calculating the volumes of generated electricity has changed in statistical reports; in particular, the volumes of electricity generated by autonomous producers also began to be taken into account. For the agricultural sector, data is published only in quarterly and annual statistical reports. (The average settlement exchange rate of the dram was 404.61 dr/$1 in January-February 2024).
