Monday, April 8 2024 16:56
Alina Hovhannisyan

Armenian service sector generated revenue of $1.2 billion in first  two months

Armenian service sector generated revenue of $1.2 billion in first  two months

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.

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