Armenia`s service sector revenue reaches nearly $7 billion by November.

ArmInfo. From January to October 2024, the annual growth of the service sector in Armenia slowed down from 12.1% to 5.8%, reaching AMD 2.734 trillion ($6.9 billion). In October alone, the volume of services provided decreased by 2.5%. According to data from the RA Statistical Committee, the significant slowdown in growth rates was caused by the decline in the dynamics of the dominant sectors of transport (from 23.8% growth to 13.7% decline) and information and communication (from 44.1% growth to 8.6% decline). The slowdown was also affected by reduced growth rates in the catering sector (from 20.1% to 7.9%), education -(from 7.4% to 4.4%), and administrative and auxiliary activities (from 6.6% to 6.3%).

At the same time, growth acceleration was recorded in the following areas: culture, entertainment and recreation - from 8.9% to 12%, healthcare - from 2.8% to 8.1%, real estate - from 5.5% to 12.6%, professional and technical activities - from 7.5% to 12.9%. In the financial sector, the dynamics of the volume of services provided went from an 8.3% decline to 21.2% growth. In terms of the volume of services provided, the financial sector occupies a leading position at AMD 836.8 billion (30.6% of the total), with the majority falling to banks.

The information and communication sector occupies the second place in terms of the volume of the services, totaling AMD 478.6 billion (17.5% of the total volume), with the telecommunications segment bearing the main burden. The transport sector takes the third place with AMD 318.6 billion (11.6% of the total volume), followed by the catering and tourism sector in for the place with AMD 288.8 billion (10.6% of the total volume). Closing out the top five in terms of the volume of services provided is the culture, entertainment and recreation sector, totaling AMD 252.5 billion (9.2% of the total volume). The average exchange rate of the AMD to the US dollar in January-October 2024 was AMD 392.72/ $ 1, and in October -AMD 387.20 / $ 1.