Armenia’s Economic Activity in 9 Months of 2022 is Up 14.1% Foreign Trade Grows 62.5%

YEREVAN — Armenia’s economic activity in the first 9 months of 2022 grew by 14.1% compared to the same period of 2021, according to the numbers, released today by the National Statistical Committee (NSC).

In September 2022 the growth, when compared to September 2021, was 14.6%, and 8.9% when compared to August 2022.

The industrial output grew by 10% to 1 trillion 882 billion drams. The growth in September 2022, compared to the same month of 2021 was 14.8%, but compared to August 2022 it was down 1.7%.

The construction sector grew by 14.3% to 300.2 billion drams. Compared to September 2021, the growth in September 2022 amounted to 14.6% and compared to August 2022 – to 8.8%.

According to the statistical data, the domestic trade turnover amounted to over 3 trillion drams having upped 14.5% from the frist 9 months of 2021. The index was up 20.7% in September 2022 when compared to September last year, and2.1% compared to August 2022.

The services sector (excluding trade) amounted to about 1.6 trillion drams, which is 27.1% higher than in the first nine months of 2021. In September 2022, compared to September 2021, the indicator increased by 26.3%, and compared to August 2022, it decreased by 4.7%.

The gross agricultural output decreased by 0.7% year-on-year to about 672.9 billion drams. No figures are available for September this year.

Armenia’s foreign trade in January-September 2022 amounted to over $9.3 billion having surged by 62.5% from the same time span in 2021. In September 2022 alone the foreign trade compared to September 2021, virtually doubled, while compared to August 2022 it was up 1.1%.

In January-September 2022, the country’s foreign trade turnover in Armenian national currency, the dram, amounted to over 4 trillion.

Armenian exports in the first nine months of 2022 compared to January-September 2021 increased by 63.8%, amounting to over $2.9 billion. In September 2022, compared to September 2021, this figure increased 2.5 times, and compared to August 2022 – by 2.9%. In dram equivalent, exports in January-September 2022 amounted to over 1.5 trillion.

Armenian imports during the reporting period amounted to about $5.8 billion, registering a 61.6% increase compared to January-September 2021. In September 2022, imports increased by 82.2% compared to September 2021, and remained unchanged compared to August 2022. In dram equivalent, imports were worth over 2.5 trillion drams. ($1 – 402.33 drams).

The World Bank said in its 2022 October Europe and Central Asia (ECA) Economic Update that it expects Armenia’s economy to grow by 7% in 2022, 4.3% in 2023 and 5.2% in 2024.

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