Armenia's growth in economic activity in August driven by non-trade services sector- World Bank

YEREVAN, November 1. /ARKA/. Growth in Armenia's economic activity soared to 10.9 percent in August (yoy, in real terms), compared to 6 percent (yoy) in July, the Wold Bank said in 'Armenia Monthly Economic Update – October 2023.'

The WB says this was primarily driven by the non-trade services sector, which experienced a sharp increase in growth, from 5.8 percent in July (yoy) to 13.8 percent (yoy) in August,

Growth in the domestic trade sector accelerated from 17.8 percent in July (yoy) to 23.5 percent in August (yoy) .

However, industrial output contracted further (from –2.4 percent in July to –3.7 percent in August, yoy) due to a drop of about 10 percent (yoy) in the manufacturing sector, mainly from contraction in production of food and alcoholic beverages and a slow pace of growth in the mining sector (2.8 percent, yoy).

Construction growth eased slightly, while remaining high at 17.5 percent (yoy). Cumulative growth in the first eight months of the year reached 10.4 percent (yoy).

According to Armenia's National Statistical Committee, the economic activity in January-September 2023 registered growth of 9.7% compared to January-September 2022. In September 2023 alone, the growth amounted to 5.6% against September last year and 3.7% against August this year. -0-