Wednesday, January 15 2025 22:44
Alina Hovhannisyan

In Armenia, service sector revenue growth slowed down by December  2024

In Armenia, service sector revenue growth slowed down by December  2024

ArmInfo.From January to November 2024, the service sector in Armenia experienced a slowdown  in its annual growth rate, dropping from 11.1% to 6.3%. Revenues during this period reached 3 trillion AMD ($7.7 billion).

According to the Statistical Committee of the Republic of Armenia, such  dynamics were due to a decline in the dominant sectors of  information/communications and transport.  

POST A COMMENT
Input digits     


News
RA Ministry of Economy negotiating with NORAD to receive consulting  support in attracting international operator for industrial zonesRA Ministry of Economy negotiating with NORAD to receive consulting  support in attracting international operator for industrial zones
Armenia must trade both with West and East - economistArmenia must trade both with West and East - economist
Deputy head of NA economic committee responds to Gold Market traders Deputy head of NA economic committee responds to Gold Market traders 
Armenian, German businesses intensify cooperation Armenian, German businesses intensify cooperation 
Armenia to start exchanging tax information with OECD from autumn  2025Armenia to start exchanging tax information with OECD from autumn  2025
Armenia received nearly half of what it contributed to EAEU common  potArmenia received nearly half of what it contributed to EAEU common  pot
5,119,225 AMD to the Children of the Regions Foundation. January`s beneficiary is the 5,119,225 AMD to the Children of the Regions Foundation. January`s beneficiary is the "Armath" educational program
Grape procurement companies to receive loan deferment due to economic  challengesGrape procurement companies to receive loan deferment due to economic  challenges
Armenia amends Vedi reservoir construction agreement with FDA  Armenia amends Vedi reservoir construction agreement with FDA  
Armenia`s admission to EU to deprive it of privileges enjoyed in  relations with EAEU - expert Armenia`s admission to EU to deprive it of privileges enjoyed in  relations with EAEU - expert 
Armenia to get EUR 66mln loan, EUR 3mln from Germany for renewable  energy developmentArmenia to get EUR 66mln loan, EUR 3mln from Germany for renewable  energy development
Armenia`s premier to attend World Economic Forum in DavosArmenia`s premier to attend World Economic Forum in Davos
ADB to fund construction of northern section of Sisian-Kajaran motor  way under North-South programme ADB to fund construction of northern section of Sisian-Kajaran motor  way under North-South programme 
Armenia joins EAEU Agreement on cooperation in property appraisalArmenia joins EAEU Agreement on cooperation in property appraisal
In Armenia, service sector revenue growth slowed down by December  2024In Armenia, service sector revenue growth slowed down by December  2024
30,916 children born in Armenia in first 11 months of 202430,916 children born in Armenia in first 11 months of 2024
Armenia`s trade turnover surpassed $14 billion in 11 monthsArmenia`s trade turnover surpassed $14 billion in 11 months
Narek Mkrtchyan: Average insecurity benefit in Armenia to increase  from 33,350 to 49,330 AMDNarek Mkrtchyan: Average insecurity benefit in Armenia to increase  from 33,350 to 49,330 AMD
Armenia`s communications revenue slowed in growthArmenia`s communications revenue slowed in growth
Cargo transportation in Armenia decreased by 10.2% in 11 months,  while passenger transportation increased by 18.1% Cargo transportation in Armenia decreased by 10.2% in 11 months,  while passenger transportation increased by 18.1%
Overchuk calls Armenia`s decision to launch EU accession process as  start of its EAEU exit   Overchuk calls Armenia`s decision to launch EU accession process as  start of its EAEU exit   
Armenia`s energy output 5.9% up by Dec 2024 as compared with Dec 2023 Armenia`s energy output 5.9% up by Dec 2024 as compared with Dec 2023 
RA State Revenue Committee explains tax bill submission procedures in  2025 RA State Revenue Committee explains tax bill submission procedures in  2025 
Armenian producers to take part in PRODEXPO-2025 exhibitionArmenian producers to take part in PRODEXPO-2025 exhibition
Armenia`s Ministry of Finance, Ministry of Economy exchange functions Armenia`s Ministry of Finance, Ministry of Economy exchange functions 
Armenia, U.S. to initiate working group to strengthen enforcement of  export controls for dual-use goodsArmenia, U.S. to initiate working group to strengthen enforcement of  export controls for dual-use goods
Foreign investments flow from offshore Jersey to Armenia resumedForeign investments flow from offshore Jersey to Armenia resumed
Armenia, Iran must continue cooperation in all fields - minister Armenia, Iran must continue cooperation in all fields - minister 
Aghasi Tavadyan: Real incomes of Armenian families experienced   growthAghasi Tavadyan: Real incomes of Armenian families experienced   growth
Ameriabank Raises $200 Million from IFC, Marking the Largest Transaction by IFC ever with a Financial Institution in ArmeniaAmeriabank Raises $200 Million from IFC, Marking the Largest Transaction by IFC ever with a Financial Institution in Armenia
ARMSWISSBANK JOINS COMMUNITY OF RESPONSIBLE BANKS AS A UNEP FI MEMBERARMSWISSBANK JOINS COMMUNITY OF RESPONSIBLE BANKS AS A UNEP FI MEMBER
Armenia, Iran to expand cooperation in industry, agriculture tourism Armenia, Iran to expand cooperation in industry, agriculture tourism 
Armenia`s membership in EAEU extremely important for country`s  economy - Samvel Karapetyan Armenia`s membership in EAEU extremely important for country`s  economy - Samvel Karapetyan 
In 2024, Armenia saw 7% decrease in tourist arrivals compared to 2023In 2024, Armenia saw 7% decrease in tourist arrivals compared to 2023
Yeraskh metallurgical plant to start mass production in  February-March this yearYeraskh metallurgical plant to start mass production in  February-March this year
Minister of Economy: Exiting EAEU is not on government`s agendaMinister of Economy: Exiting EAEU is not on government`s agenda
Gevorg Papoyan: Amulsar project to boost Armenia`s economy with an  extra $120 mln in annual taxesGevorg Papoyan: Amulsar project to boost Armenia`s economy with an  extra $120 mln in annual taxes
Risks of exiting EAEU are obvious: Finance MinisterRisks of exiting EAEU are obvious: Finance Minister
Gevorg Papoyan on the Gevorg Papoyan on the "Dry Port" project: We are also considering a  more detailed study for final economic impact calculations 
Armenia`s ministry of finances revises GDP growth forecast down Armenia`s ministry of finances revises GDP growth forecast down 
WB loan to be spent on modernizing three electric power substations WB loan to be spent on modernizing three electric power substations 
Head of Armenia`s State Revenue Committee, U.S. ambassador to Armenia  highlight importance of creating more effective mutual trade  environment Head of Armenia`s State Revenue Committee, U.S. ambassador to Armenia  highlight importance of creating more effective mutual trade  environment 
Government`s economic policy success - minister Government`s economic policy success - minister 
Armenia`s public funds to meet CB-set requirements Armenia`s public funds to meet CB-set requirements 
What economic growth would Armenia record but for re-exportWhat economic growth would Armenia record but for re-export
IRI Chief Customs Officer: Iran`s largest share of exports within  EAEU belongs to Russia, Armenia and KazakhstanIRI Chief Customs Officer: Iran`s largest share of exports within  EAEU belongs to Russia, Armenia and Kazakhstan
Armenian interbank foreign exchange market inactive in first week of  2025Armenian interbank foreign exchange market inactive in first week of  2025
In Armenia, wine production decreased by 27.1% over 11 months, while  cognac production increased by 4.9%In Armenia, wine production decreased by 27.1% over 11 months, while  cognac production increased by 4.9%
By December 2024, the industrial sector saw an increase in its growth  rateBy December 2024, the industrial sector saw an increase in its growth  rate
In 2024, Armenia`s inflation rate  was 1.5%  In 2024, Armenia`s inflation rate  was 1.5%  
In Armenia, economic activity growth slowed down from 9.4% to 7.4% in  January-November 2024In Armenia, economic activity growth slowed down from 9.4% to 7.4% in  January-November 2024
Armenia`s unemployment rate rose from 12% to 13.3%  Armenia`s unemployment rate rose from 12% to 13.3%  
Armenia`s Trade Unions Head: Changes in working hours will not impact  the country`s economic growth Armenia`s Trade Unions Head: Changes in working hours will not impact  the country`s economic growth 
Armenia`s premier reports 400% increase in Armenia-EU passenger  traffic over last 7 yearsArmenia`s premier reports 400% increase in Armenia-EU passenger  traffic over last 7 years
Mayler company to invest AMD 12bln in Yegipatrush ski resort in 2025Mayler company to invest AMD 12bln in Yegipatrush ski resort in 2025
WB to help Armenia implement water programmeWB to help Armenia implement water programme
Overchuk: EAEU and EU are incompatible. Yerevan will have to make a  choiceOverchuk: EAEU and EU are incompatible. Yerevan will have to make a  choice
In January, Armenia will submit its proposed amendments to the  intergovernmental agreement on television broadcasting to the Russian  side In January, Armenia will submit its proposed amendments to the  intergovernmental agreement on television broadcasting to the Russian  side 
Mkhitar Hayrapetyan: The way Armenia uses satellite images does not  concern our Spanish partnersMkhitar Hayrapetyan: The way Armenia uses satellite images does not  concern our Spanish partners
In 2024, Syunik Airport operated 71 flights between Yerevan and KapanIn 2024, Syunik Airport operated 71 flights between Yerevan and Kapan
Read more
Exchange rates
17.01.2025
RUB3.890.01
USD398.940.84
EUR410.951.50
GBP486.630.87
CAD276.83-0.17
JPY25.610.04
CNY54.430.13
CHF437.630.88


Experts
Are all funds protected in Russian banks?Are all funds protected in Russian banks?
Expert: SMR technologies are still futuristicExpert: SMR technologies are still futuristic
Armenian Banks: About HSBC, Ardshinbank and Conducting Business in the New Environment of Sanction RestrictionsArmenian Banks: About HSBC, Ardshinbank and Conducting Business in the New Environment of Sanction Restrictions
Read more

Commented
The sale of HSBC Bank Armenia to Ardshinbank to be completed on  November 29, 2024The sale of HSBC Bank Armenia to Ardshinbank to be completed on  November 29, 2024
Armenian government approves 2024-2040 demographic strategy Armenian government approves 2024-2040 demographic strategy 

Company bonds
UCO CJSC "GLOBAL CREDIT"1
UCO CJSC "GLOBAL CREDIT"3
UCO CJSC "GLOBAL CREDIT"4
UCO CJSC "GLOBAL CREDIT"5
UCO CJSC "GLOBAL CREDIT"7
"National Mortgage Company"2A
"National Mortgage Company"2B
UCO CJSC “FINCA” 1
UCO CJSC “FINCA” 2