28.Jul .2021 23:30

Armenia’s Economic Activity in 1H21 Up 5% YOY

Armenia’s Economic Activity in 1H21 Up 5% YOY
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In the first half of 2021 Armenia’s economic activity expanded by 5% compared to the same period in 2020, the National Statistical Committee (NSC) reported.
 
It said the economic activity index in June 2021 was up 8% when compared to June 2020 and up 12% compared to May 2021, ARKA reports. 
 
According to the official data, the industrial output increased by 2.1% compared to the first half of 2020 to more than one trillion drams. In June 2021, compared to June 2020, the output increased by 1.3%, and dropped by 0.9% when compared to May 2021.
 
According to the NSC, all sectors of economy posted growth. Thus, the construction sector in January-June 2021 grew by 10.8% compared to the same period in 2020 amounting to about 126 billion drams. In June 2021 compared to June 2020, the growth was 1.3%, and 21.9% when compared to May 2021.
 
The services sector (excluding trade) amounted to about 862 billion drams, which is 2.7% higher than in January-June 2020. In June 2021 compared to June 2020, it increased by 12%, and by 3.9% compared to May 2021.
 
The agricultural sector was said to have increased by 6.8% compared to the same period in 2020 amounting to about 278 billion drams.
 
According to statistics, the domestic trade in January-June 2021 amounted to about 1.5 trillion drams, having increased by 8% compared to the same period in 2020. In June 2021 it increased by 10.3% from June 2020 and by 7.2% from May 2021.
 
Armenian government’s economic growth projection for 2021 was revised upward from the previously forecast 3.2% to 6 %. Armenia's Central Bank also revised upward its economic growth forecast for 2021 to 4.6%.
 
The World Bank forecasts 3.4% growth for 2021, 4.3% for 2022 and 5.3% for 2023. The IMF expects 1% growth in 2021.
 
According to S&P Global Ratings, Armenia's real GDP growth will be 2.5% in 2021 and 4.5% in 2022-2023.