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NEWS » Economy » Armenia’s economic expansion in 2021 amounts to 5.8 percent
Economy

Armenia’s economic expansion in 2021 amounts to 5.8 percent

31.01.2022, 12:48
Armenia's economic activity in 2021 grew by 5.8% year-on-year, according to preliminary figures, released today by the National Statistical Committee (NSC).
Armenia’s economic expansion in 2021 amounts to 5.8 percent

YEREVAN, January 31. /ARKA/. Armenia's economic activity in 2021 grew by 5.8% year-on-year, according to preliminary figures, released today by the National Statistical Committee (NSC).

The growth in December 2021 compared to December 2020 was 9.9%, and 24.1% when compared to November 2021, the NSC said.

According to the official data, the industrial output in 2021 upped by 3.3% year-on-year to 2.386 trillion drams. In December 2021 compared to December 2020 it increased by 7.9% and by 6.8% when compared to November 2020.

The construction sector in 2021 saw 7.4% growth amounting to about 471 billion drams. At the same time, compared to November 2021 the sector grew by 6% in December 2021 and by 8.8% compared to December 2020.

According to the statistical data, Armenia’s domestic trade in January-December 2021 grew to about 3.4 trillion drams having upped by 7.5% from 2020. Compared to November 2021 the growth in December 2021 was 20.6% and 3.6% compared to December 2020.

The services (excluding trade) amounted to about 1.9 trillion drams, which is 7.8% higher than in January-December 2020. The services sector increased by 12.3% in December 2021 compared to December 2020, and by 12% compared to November 2021.

Armenia's GDP grew by 2.7% in the third quarter of 2021 compared to the same period of 2020, according to the National Statistical Committee (NSC). The GDP at market prices at the end of the reporting quarter amounted to a little over 1.9 trillion drams. Compared to the second quarter of 2021 the GDP grew by 25.2%.

The International Monetary Fund (IMF) said in its latest World Economic Outlook report for October 2021 that it expected Armenia's economy to grow 6.5% in 2021 and 4.5% in 2022.

The forecast was up from 1% growth forecast made by the IMF in its previous report released in April, which predicted also a 3.5% growth for 2022.

The World Bank has revised its forecast for Armenian economic growth to 6.1 percent, up from 3.4 percent in April 2021. Earlier, Armenia's government also revised upward its previous forecast of 3.2% to 6 %. -0- 

 

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