Monday, February 26 2024 15:44
Karine Melikyan

Armenia`s economic activity increased by 10.7% per annum in Jan 2024

Armenia`s economic activity increased by 10.7% per annum in Jan 2024

ArmInfo.Economic activity in Armenia increased by 10.7% in January 2024 compared to January 2023  (versus 10.5% growth a year earlier). In January alone, economic activity decreased by 45.1% (versus a 46.1% decline in January 2023), and the decline was recorded in all areas except the energy complex, according to the  preliminary data from the RA Statistical Committee.

According to statistical data, y-o-y growth in January was mainly  driven by the industrial sector and trade sector, and less by the  construction sector and service sector, while the energy complex  showed a decline.

In particular, the industrial sector accelerated y-o-y growth in  January from last year's 1.4% to the reported 21%, the trade sector -  from 17.7% to 19.3%, against the background of which the service  sector slowed down in growth from 25.9% to 4. 4%, which was also  observed in the construction sector, where growth slowed from 12.2%  to 9.5%. The energy complex remained in decline, with y-o-y rates  accelerating from 1.5 to 6.4%.

In January 2023 alone, the most significant decline was recorded in  the construction sector - by 86.1%, followed by the trade sector -  51.7%, the industrial sector - 43.1%, the service sector - 17.2%, and   the energy sector alone recorded a 2% a growth. A year earlier, in  January 2023, all of the listed sectors, including the energy  complex, were in decline: the construction sector - 85.9%, the trade  sector - 44.9%, the industrial sector - 41.9%, the service sector -  17.7%, energy complex - 3.8%.

The price index of industrial products increased by 2.8% per annum in  January 2024, 0.3% decline in January alone. A year earlier, in  January 2023, an increase in the price index of industrial products  was recorded by 1.6% per annum, with an increase of 3% in January  alone.

Inflation in Armenia's consumer market in January 2024 was 1.2%, with  y-o-y deflation at 0.9%, while a year earlier both the a y-o-y and  monthly indicators were inflationary - 8.1% and 1.4%, respectively.   In January 2024, the leader in absolute value is the trade sector,  with a volume of 340.8 billion drams ($841.5 million). The second  place is occupied by the service sector - 236.95 billion drams  ($585.1 million), the industrial sector ranks 3rd with a volume of  206.3 billion ($509.3 million), and due to the lack of data from the  agricultural sector which traditionally occupies the 4th place,  the  construction sector took the 4th place with a volume of 17.6 billion  drams ( $43.4 million). The volume of electricity generation amounted  to 815.7 million kWh in January 2024.

Against this background, Armenia's foreign trade turnover in January  2024 amounted to 868.8 billion drams ($2.1 billion) with a slowdown  in y-o-y growth from 93.8% to 78.8%. This was the result of a  slowdown in import growth rates from 72.5% to 61.4%, with a slight  slowdown in the already high export growth - from 2.3-fold to  2.1-fold, the absolute value of which amounted to 490.6 billion drams  ($1.2 billion) and 378.2 billion drams ($934.1 million),  respectively.

In January 2024 alone, foreign trade turnover decreased by 24.1% due  to a decline in imports by 11.2% and exports by 36.1%, against last  year's January decline of 18.3%, 28.2% and 1.1%, respectively.  The  average settlement exchange rate of the dram was 404.96 AMD/$1 in  January 2024, against 395.89 AMD/$1 in January 2023.

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