26.Nov .2021 00:00

Armenia’s Economic Activity Expands by 4.3% in 10 Months of 2021

Armenia’s Economic Activity Expands by 4.3% in 10 Months of 2021
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Armenia's economic activity grew by 4.3% in the first 10 months of 2021 compared to the same time span of 2020, according to the numbers, released by the National Statistical Committee (NSC).

The economic activity index in 2021 October when compared to October 2020 was up 3.6%, but compared to September 2021 it was down 4.9%, NSC said. It said also that all sectors of the economy showed growth, except electricity consumption, ARKA reports. 

According to the official data, industrial output in the first 10 months of 2021 grew by 1.1% from the same time span of 2020 to about 1.9 trillion drams. In October 2021 compared to October 2020, the output was up 3.9% and compared to September 2021 it was up 9.6%.

The construction sector saw 5.9% growth compared to January-October 2020 to 305.7 billion drams. In October 2021 compared to October 2020 it grew by 3.6%, and by 4.2% compared to September 2021.
 
The services (excluding trade) amounted to more than 1.5 trillion drams, which is 6.4% higher than in January-October 2020. In October 2021 compared to October 2020, the sector increased by 4.6%, and compared to September 2021 - decreased by 1.5%.

According to the statistical data, the domestic trade turnover in January-October 2021 amounted to more than 2.6 trillion drams, having increased by 7% compared to the same period in 2020. At the same time in October 2021 compared to October 2020, the domestic trade increased by 12.7%, and compared to September 2021 - decreased by 3.8%.

The International Monetary Fund (IMF) said in its latest World Economic Outlook report for October 2021 that it expects Armenia's economy to grow 6.5% in 2021 and 4.5% in 2022.

The forecast is up from 1% growth forecast made by the IMF in its previous report released in April, which predicted also a 3.5% growth for 2022.
The World Bank has revised its forecast for Armenian economic growth to 6.1 percent, up from 3.4 percent in April 2021. Earlier, Armenia's government also revised upward its previous forecast of 3.2% to 6 %.