Armenia's service sector grows 5.8% to 2.7 trillion drams

YEREVAN, December 9. /ARKA/. The volume of the service sector in Armenia in January-October 2023 amounted to 2,734,696.9 million drams (at current prices), increasing by 5.8% compared to the same period in 2022, according to the National Statistical Committee of the Republic.

Moreover, in October 2023, this indicator amounted to 290,396.0 million drams, showing an increase of 5.2% compared to October of the previous year, but a decline of 2.5% compared to September of the same year.

In the overall structure of the service sector, the largest share (30.6%) is accounted for by financial and insurance activities. The volume of this segment for the first ten months amounted to 836,794.6 million drams, reflecting a 21.2% increase compared to the same period of the previous year.

The volume of the information and communication sector (share - 17.5%) amounted to 478,669.5 million drams, showing a decline of 8.6%; transport (share - 11.6%) totaled 318,633.3 million drams (a decrease of 12.7%); accommodation and catering (share - 10.6%) reached 288,828.1 million drams (an increase of 7.9%); and culture, entertainment, and recreation (share - 9.2%) stood at 252,482.2 million drams (an increase of 12%).

The professional, scientific, and technical activities sector (share - 4.9%) grew by 12.9% to 133,489.0 million drams, while the healthcare and social security sector (share - 4.7%) saw an increase of 8.1% to 129,071.3 million drams. The real estate sector (share - 4.1%) grew by 12.6% to 111,302.1 million drams, administrative and support activities (share - 3.5%) increased by 6.3% to 94,910.6 million drams, and the education sector (share - 2.4%) grew by 4.4% to 66,510.3 million drams. ($1 = 401.31 drams)