Armenian services sector grows by 20% in January-May 2023 to over 1.7 trillion drams

YEREVAN, July 7. /ARKA/. Armenia's service sector upped by almost 20% in the first five months of 2023 as opposed to the same months of 2022 to over 1.7 trillion  drams (in current prices), the National Statistical Committee (NSC) reported.

In May 2023 alone the sector grew by 12.3% from May 2022 to over 251 billion drams. But compared to April 2023, it was down 1.1%.

According to NSC, financial and insurance services accounted for 26.0 % of the total having grown by 4.7% y-o-y to over 315 billion drams.

Information and communication services grew by 58.7% to about 254.2 billion drams (21.7% of the total). Transport services grew by 35.8% to over 149.4 billion drams (12.8% of the total).

Hotel and catering services grew by 23.8% to over 112.4 billion drams (9.6% of the total), while health and social services grew by 3% to over 56 billion drams (4.8% of the total).

Scientific and technical services grew by 14.3% to about 51 billion drams (4.4% of the total), real estate-related services fell by 0.6% to over 37.1 billion drams (4% of the total), administrative and related services grew by 3.6% to over 34.2 billion drams (2.7% of the total) and education services grew by 11% to over 31.2 billion drams (2.7% of the total). ($1 - 386.28 drams) -0-.