Armenia's economic activity in October 2022 ups 17.5% - minister

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Economy

25.11.2022, 13:07

Armenia's economic activity in October 2022 was 17.5% up from the same month of 2021, Economy Minister Vahan Kerobyan said today in a Facebook post.

Armenia's economic activity in October 2022 ups 17.5% - minister

YEREVAN, November 25. /ARKA/. Armenia's economic activity in October 2022 was 17.5% up from the same month of 2021, Economy Minister Vahan Kerobyan said today in a Facebook post.

According to him, the 10-month index was up 14.5% from the year ago.

"The economy has recovered quickly after the September shock," he wrote without elaborating.

According to the official numbers, released last week by the National Statistical Committee (NSC), Armenia's GDP grew by 14.8% year-on-year in the third quarter of the current year. Compared to the same period of 2021, the most significant growth of 59.2% was reported by information and communication sectors; financial and insurance sectors grew by 57.3%, while transportation and warehousing sectors by 41.3%.

High growth rates were reported also by wholesale and retail trade, repair of automobiles and motorcycles (20%), construction (19.9%), manufacturing (18%), administration and related activities (16.2%) and accommodation and catering (12.8%).

Armenian government's initial growth projection for 2022 is 7%, while inflation is set at 4% (±1.5%).

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