Service sector in Armenia grew by 10.6% last year, to 3.5 trillion drams

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Economy

07.02.2025, 11:20

The volume of the service sector in Armenia for 2024 amounted to 3,467,516.3 million drams (at current prices), reflecting an increase of 10.6% compared to the same period in 2023, according to the National Statistical Committee of Armenia.

Service sector in Armenia grew by 10.6% last year, to 3.5 trillion drams

YEREVAN, February 7. /ARKA/. The volume of the service sector in Armenia for 2024 amounted to 3,467,516.3 million drams (at current prices), reflecting an increase of 10.6% compared to the same period in 2023, according to the National Statistical Committee of Armenia.

In December 2024, this figure stood at 347,424.3 million drams, showing an increase of 19.4% compared to December 2023 and a 17.1% increase compared to November 2024.

In the overall structure of the service sector, the largest share (29.8%) belongs to financial and insurance activities, with the volume of this segment reaching 1,034,871.7 million drams at the end of 2024, marking a 22.3% increase compared to 2023. The share of the information and communication sector is 20.3% (volume: 702,841.4 million drams, growth of 11.5%), while the transport sector represents 10.9% (volume: 378,911.2 million drams, decline of 11.9%). Accommodation and catering organizations make up 10% (volume: 348,155.8 million drams, growth of 8.7%), and culture, entertainment, and recreation account for 8.8% (volume: 304,955.7 million drams, growth of 11.8%).

The share of professional, scientific, and technical activities is 5% (volume: 171,912.0 million drams, growth of 12%), healthcare and social security of the population constitutes 4.5% (volume: 157,215.7 million drams, growth of 7.2%). The real estate sector represented 4% of the total services market (volume: 136,589.8 million drams, growth of 12.6%), administrative and auxiliary activities accounted for 3.4% (volume: 117,671.3 million drams, growth of 6.4%), and the education sector made up 2.4% (volume: 84,134.1 million drams, growth of 5.2%). ($1 = 396.83 drams)

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