Armenia’s economic activity in first seven months of 2021 grows by 5.2% y/y

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Economy

25.08.2021, 17:41

Armenia’s economic activity in the first seven months of 2021 increased by 5.2% compared to the same period in 2020, according to the National Statistical Committee (NSC).

Armenia’s economic activity in first seven months of 2021 grows by 5.2% y/y

YEREVAN, August 25. /ARKA/. Armenia’s economic activity in the first seven months of 2021 increased by 5.2% compared to the same period in 2020, according to the National Statistical Committee (NSC).

It said the economic activity index in July 2021 was up 5.8% from the same month of 2020 and 7.4% up from June 2021.

According to the official data, in January-July 2021, the industrial output increased by 2.1% year-on-year to approximately 1.226 trillion drams. In July 2021 compared to July 2020, the indicator was up 1.7%, and compared to June 2021 it did not change.

The NSC said all sectors of economy expanded during the first seven months of 2021. The construction sector grew by 8.8% to about 160.6 billion drams. In July 2021 compared to July 2020, the growth was 2.2%, and compared to June 2021 - 12.1%.

The services sector (excluding trade) in January-July 2021 amounted to 1.025 trillion drams, which is 4.4% higher than in January-July 2020. In July 2021 compared to July 2020, the indicator increased by 14.4%, and compared to June 2021 - by 3.3%.

According to the statistics, the domestic trade in January-July 2021 amounted to about 1.8 trillion drams, having increased by 7.5% compared to the same period in 2020. In July 2021 compared to July 2020, the indicator increased by 5.2%, and compared to June 2021 - by 6.5%.

On July 1, then acting Prime Minister Nikol Pashinyan said the economic growth projection for 2021 had been revised upward- from the previously forecast 3.2% to 6 %. Earlier, on June 15, Armenia's Central Bank chairman Martin Galstyan said the regulator had again revised upward its economic growth forecast for 2021 to 4.6%.

The World Bank forecasts 3.4% growth for 2021, 4.3% for 2022 and 5.3% for 2023. The IMF expects 1% growth in 2021. According to S&P Global Ratings, Armenia's real GDP growth will be 2.5% in 2021 and 4.5% in 2022-2023.-0-

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