ArmInfo.Service sector of Armenia provided revenue in the amount of 473.1 billion drams in Jan-Feb 2024 ($1.2 billion), slowing down in y-o-y growth from 23.5% to 5.2%. This is evidenced by data from the RA Statistical Committee, according to which in February alone, the service sector showed a decline of 0.3% - to 236.2 billion drams ($584.2 million).
Such a noticeable slowdown in y-o-y growth is due to a decline in the volume of services provided in the dominant areas - transport, information and communications.
In particular, the dynamics of services in the transport sector turned from 26% growth towards a 15.4% decline, and in the information and communications sector - from 49% growth towards a 0.2% decline. In addition, a noticeable slowdown in the y-o-y growth of the volume of services provided was recorded in the areas of catering and tourism - from 22.9% to 6.9%, education - from 13% to 6.3%, in the financial sector - from 30.3% to 16 .5%, in the segment of professional and scientific activities - from 28.5% to 12.6%.
An acceleration in the y-o-y growth of the volume of services provided was observed in the areas of administrative and support activities - from 4.7% to 5.4%, and healthcare - from 1.6% to 10.3%. Improved dynamics were recorded in the sphere of culture, entertainment and recreation - with an increase of 3.2% from a 1.6% decline, as well as in the real estate market - from a 6.7% decline to 8.8% growth. The financial sector leads in terms of the volume of services provided - 148.8 billion drams (31.5% of the total volume). The second place in terms of volume of services is occupied by the sector of information and communications - 90.7 billion drams (19.2% of the total volume). The third place is occupied by the transport sector - 51.4 billion drams (10.9% of the total). Fourth place - catering and tourism - 42.9 billion drams (9.1% of the total). And the top five in terms of the volume of services provided is closed by the sector of culture, entertainment and recreation - 42.5 billion drams (9% of the total volume). The average settlement exchange rate of the dram was 404.61 AMD/$1 in Jan-Feb 2024, and 404.27 AMD/$1 in February alone.
