Armenia's service sector grows 6.3%, exceeds 3 trillion drams

YEREVAN, January 15. /ARKA/. The volume of the service sector in Armenia for January-November 2024 amounted to 3,026,624.6 million drams (in current prices), reflecting a 6.3% increase compared to the same period in 2023, according to the National Statistical Committee of the country.

In November 2024, the service sector volume reached 291,927.7 million drams, a 10.4% increase compared to November 2023 and a 0.5% increase compared to October 2024.

In the overall structure of the service sector, the largest share (30.4%) is held by financial and insurance activities, which amounted to 920,731.0 million drams, showing a 20.4% increase compared to the same period last year. The volume of the information and communication sector (share - 17.8%) was 539,136.1 million drams, a decline of 6.3%; transport (share - 11.5%) reached 347,099.9 million drams, a decline of 12.6%; accommodation and catering (share - 10.5%) amounted to 317,832.1 million drams, an increase of 8.1%; and culture, entertainment, and recreation (share - 9.2%) reached 279,992.8 million drams, an increase of 12.8%.

The professional, scientific, and technical activities sector (share - 4.9%) grew by 12.6% to 148,364.4 million drams, while healthcare and social security (share - 4.7%) increased by 7.7% to 142,746.6 million drams. The real estate sector (share - 4.1%) grew by 12% to 123,433.7 million drams, administrative and auxiliary activities (share - 3.5%) rose by 6.4% to 105,631.8 million drams, and education (share - 2.5%) grew by 4.9% to 75,042.3 million drams. ($1 = 397.78 drams)