Armenia’s GDP Grows by 14.8% Year-on-Year in Third Quarter of 2022- NSC

YEREVAN — Armenia’s GDP grew by 14.8% year-on-year in the third quarter of the current year, according to the official numbers, released today by the National Statistical Committee (NSC).

In current prices, the country’s GDP amounted to about 2.4 trillion drams, while per capita GDP in current prices amounted to 802,116 drams, $1,963 and 1,949 euros.

According to the NSC, compared to the same period of 2021, the most significant growth of 59.2% was reported by information and communication sectors; financial and insurance sectors grew by 57.3%, while transportation and warehousing sectors by 41.3%.

High growth rates were reported also by wholesale and retail trade, repair of automobiles and motorcycles (20%), construction (19.9%), manufacturing (18%), administration and related activities (16.2%) and accommodation and catering (12.8%).

Professional, scientific and technical activities grew by 10.7%, culture, entertainment and recreation services by 7.8%, water and wastewater management and recycling – by 6.3%, activities related to real estate – by 5%, public administration and protection, social security services – by 4.6%, mining industry- by 2.4%, supply of electricity, natural gas, steam and quality air – by 1.2%.

The largest decline was reported by health care and social services – 7.2%. Decline was also observed in forestry and fishing sectors- 0.1%.

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