Armenia’s construction sector up 15.6% in January-November 2023

YEREVAN, January 11. /ARKA/. Armenia’s construction sector grew by 15.6% in the first 11 months of 2023 from the first 11 months of 2022 to about 493 billion drams (in current prices), according to the National Statistical Committee (NSC).

It said in November alone, the sector grew by 11.47% or 74.5 billion drams compared to November 2022. 

The NSC said 112.5 billion drams worth construction was financed by the government, up 0.3% from the first 11 months of 2022. About 29.6 billion drams worth construction was financed by communities, up 45.4% year-on-year. Over 4.5 billion drams worth construction was financed by humanitarian organizations, up 9.7% year-on-year.

Also, 256.6 billion drams worth construction was financed by organizations, up 22.56% and about 89.7 billion drams worth construction was financed by individuals, up 12%.

Besides, about 5.5 billion drams worth construction was financed by World Bank loans, 834 million drams worth construction was financed by the EBRD, over 4.4 billion drams worth construction was financed by the European Investment Bank, about 9.9 billion drams worth construction was financed by the Asian Development Bank’s loans and over 2 billion drams worth construction was financed by the German KfW bank. ($1 – 405.48 drams) -0-