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Armenia's GDP grows by 13% in second quarter of 2022

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BM.GE
23.08.22 13:30
706
In the second quarter of 2022 Armenia's GDP grew by 13% as opposed to the same period of 2021, according to the numbers released by the National Statistical Committee (NSC).

At market Armenia's GDP at the end of the reporting period stood at bout 1.9 trillion drams. Per capita GDP was 641,105 drams, $1,424 or 1,336 euros in current prices.

According to the NSC, the highest growth rate of 667.2% in the second quarter of this year were posted by the financial and insurance sector, information and communication sector grew by 30.3%, while the construction sector saw 30.2% growth.

Other sectors contributing to the GDP growth were accommodation and catering - 28.5%, transport and warehousing - 23.8%, administration and related activities - 22.7%, professional, scientific and technical activities - 17.9%, and education - 13.9%.

Retail trade, auto and motorcycle repair contributed 13.3%, culture, entertainment and recreation - 12.3%, manufacturing - 9.6%, public administration and protection, compulsory social security - 5.9%, supply of electricity, gas, steam and quality air - 4.7%, activities related to real estate - 3.6%, health care and social services - 2.7%, and water supply and drainage, waste management and recycling - 0.3%.

The largest decline of 9% was reported by the mining industry. Agriculture, forestry and fishing dropped by 1.5%.

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.

The International Monetary Fund (IMF) expects Armenia's GDP growth to reach 5 percent in 2022, while inflation is projected to increase temporarily before moderating by the end of the year, ARKA reports.