Seven-month economic activity in Armenia up 10.4% year-on-year

YEREVAN, August 25. /ARKA/. Armenia's economic activity in the first seven months of 2023 was up 10.4% as opposed to the same time span in 2022, according to the numbers, released by the National Statistical Committee (NSC) .

It said the growth in July 2023 alone was up 7.6% from the previous month of June and up 6% when compared to July 2022. According to the official data, all sectors of economy, except for power generating facilities, reported growth.

The country’s industrial output in January-July 2023 grew by 0.5% yoy to about 1.4 trillion drams. The output in 2023 July alone was down 2.4% from July 2022, according to the National Statistical Committee.

The construction sector grew by 17.2% to 222.5 billion drams. The growth in 2023 July alone was up 17.8% compared to 2022 July.

The domestic trade turnover in January-July amounted to over 2.76 trillion dram, which is 23% higher than in the same period of 2022. On an annualized basis, the domestic trade turnover in July 2023 was up 20.4%y.

The service sector (excluding trade) grew to about 1.7 trillion drams in January-July 2023, which is 14.9% higher than in the first seven months of 2022.

The Armenian government’s growth projection for 2023 is 7%, while inflation is expected to be 4% (±1.5%). In June 2023, the CPI was down 0.5% compared to June last year, while compared to May this year, the price decline amounted to 1.4%. -0-