ArmInfo. In Armenia, the growth of economic activity in January-April 2024 accelerated to 13.2% per annum (from 12.2% in the same period of 2023). But unlike last year, now the driver of growth is not only the trade sector, but also the industrial sector. As evidenced by the final data of the RA Statistical Committee, this was accompanied by continued high growth rates of exports and imports.
Judging by the industrial sector data indicated in the final statistical report, the high growth in industrial production no longer comes from the jewelry industry, which in previous periods showed exponential growth, but is now in decline. In particular, the high growth of the industrial sector is now supported to a greater extent by the production of basic metals, electrical equipment, and to a slightly lesser extent by the production of fabricated metal products, furniture, wood processing, tanning and metallurgical industries. Moreover, it is the production of basic metals that now leads in the industrial sector not only in terms of impressive growth rates at several times, but also in volume, whereas previously the first position was held by the food industry, which was cost by the protracted recession by losing its primacy.
According to statistics, the growth in economic activity in January-April 2024 was mainly determined by the trade sector - with an acceleration of the rate from 23.2% to 26.7% and the industrial sector - with a sharp acceleration of the annual rate from 2.4% to 26.1% . The construction sector, from 16.8% to 13.7%, and the service sector, from 22.2% to 3.9%, also maintained growth, with a clear slowdown in pace.
Against this background, the annual dynamics of the energy complex slightly improved - with a 0.4% increase from a 3.3% decline. Data on the agricultural sector is not provided in this statistical report, since it is published only quarterly.
According to statistical data for January-April 2024, in absolute value the leadership is held by the trade sector with a volume of over 1.7 trillion. Drams ($4.3 billion). The second place in terms of volume is occupied by the service sector - 1.01 trillion. drams ($2.5 billion), third - industrial sector - 953.3 billion ($2.4 billion), and the fourth position, due to the lack of data on the agricultural sector, is occupied by the construction sector - 107.8 billion drams ($269.3 million). The volume of electricity generation in January- April 2024 amounted to 3051.5 million kWh, of which in April alone - 668 million kWh.
However, in April 2024, compared to April 2023, economic activity slowed down in growth to 10.4% (from 12.1% a year earlier), and in April alone it turned towards a 0.1% decline from 10.4% in March. -th growth (against growth slowdown in April 2023 from 10.9% to 3.4%). Moreover, in April 2024, the industrial sector found itself in a double-digit decline of 13.1%, after a March slowdown in growth from 18.9% to a stagnant 0.2%, while in April 2023 growth was recorded with a slowdown in rates from 6% to 1.6%. Along with the industrial sector, the energy sector (15.4%) and the service sector (2.8%) were in decline in April, while the construction sector (15.8%) and the trade sector (1.4%) showed growth with a strong slowdown.
On an annual basis (April 2024 to April 2023), all sectors showed an upward trend, and even the energy complex managed to emerge from recession into growth. In particular, the largest annual growth was shown by the trade sector - by 27.2%, followed by the growth rate of the construction sector - 17.8%, the industrial sector - 16.6%, the energy complex - 7.2% and the service sector - 0.8 %. A year earlier, in April 2023 by April 2022, the industrial sector and the energy complex were in decline by 0.8% and 8%, respectively, and other sectors showed higher growth: the trade sector - by 28.9%, the service sector - by 20.4% , construction sector - by 19.3%.
Against this background, Armenia's foreign trade turnover in January-April 2024 reached 5.5 trillion. drams ($13.7 billion), accelerating the already high annual growth rate to 2.4 times (from 99.4% in the same period in 2023). This is due to the acceleration of high annual growth rates in both exports - from 2.1 times to 2.8 times, and imports - from 93.9% to 2.1 times, the absolute value of which amounted to 2.4 trillion and 3.1 trillion drams ($5.99 billion and $7.7 billion), respectively.
In April 2024, compared to April 2023, foreign trade turnover accelerated in growth from 83.5% to 2.7 times, which was due to the acceleration of annual growth of both exports - from 81.3% to 2.9 times, and imports - from 84 .7% to 2.6 times.
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 calculated dram exchange rate was 400.16 dr/$1 in January-April 2024).
