YEREVAN — Armenia’s economic activity index increased by 10.2% in the first five months of 2022 compared to the same period of 2021, the National Statistical Committee reported.

It said the economic activity in May 2022 was up 13% when compared to May 2021 and up 6.1% compared to April 2022.

According to the official data, growth was recorded in all economic sectors. The industrial output in January-May 2022 amounted to over 961 billion drams, having increased by 2.7% from January-May 2021. The output in May this year compared to May last year, increased by 2%, and by 3.2% compared to April 2022.

The construction sector grew by 11.4% to over 112 billion drams. In May 2022 compared to May 2021 the sector grew by 18.1%, and by 21% when compared to April 2022.

The services sector (without trade) in January-May 2022 amounted to over 906.6 billion drams, which is 24.9% higher than in January-May 2021. In May 2022 it was up 30.2% compared to May 2021, and 6.3% compared to April 2022.

According to the statistical data, the domestic trade in January-May 2022 amounted to over 1.4 trillion drams, having increased by 8.9% compared to the same period of 2021. In May 2022 the figure rose by 12.4% compared to May 2021, and by 9.8% compared to April 2022.

Armenian government’s growth projection for 2022 is 7%, and the inflation is set at 4% (± 1.5%).

Armenia’s Central Bank revised earlier upwards the country’s GDP growth forecast for the current year from 1.6% to 4.9%

According to the World Bank’s latest Global Economic Prospects report, Armenia’s GDP in 2022 is expected to grow by 3.5%, down 1.3 p.p. from the previous forecast, made in January.

World Bank analysts expect Armenia’s GDP to grow by 4.6% in 2023 (0.8 p.p. down from the January forecast) and by 4.9% in 2024. ($1 – 409.64 drams).

In the same period, Armenia’s foreign trade in amounted to $3.913.4 billion, which is 36.6% higher than the foreign trade in the same period of 2021.

In May 2022, the foreign trade increased by 45.5% compared to May 2021 and by 23.9% compared to April this year. In January-May 2022, the foreign trade in Armenian drams was worth 1,861.6 trillion.

Armenian exports in January-May 2022 increased by 27.5% to $1,385.5 bln compared to January-May 2021. In May 2022 they grew by 33.7% compared to May 2021 and by 19.9% compared to April this year. In Armenian drams, exports in January-May 2022 totaled 658.5 billion.

Imports during the reporting period amounted to $2,527.9 billion, registering a 42.2% increase compared to January-May 2021. In May 2022, imports rose 52.8% compared to May 2021 and 26.3% compared to April 2022. In dram equivalent, imports in the first 5 months of this year totaled 1,203.1 trillion. ($1 – 409.64 drams).

 

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

Missing French-Armenian Girl Found Dead in Bataclan Concert Hall

PARIS — 17-year-old Lola Ouzunian, who was reported missing after Saturday’s deadly…

The Case for Affirming the Independence of the Armenian Republic of Artsakh/Nagorno-Karabagh

BY DAVID BOYAJIAN In recent years, many territories’ declarations of independence have…

PM Pashinyan Slams Turkey, Calls for Artsakh Right for Self-determination in UN Speech

YEREVAN — Turkey is posing a serious threat to Armenia’s security and…

Azerbaijani Side Fails to Lead OSCE Mission to Its Front-Lines

STEPANAKERT (Armradio) — On November 8, in accordance with the arrangement reached…