06.Dec .2021 20:00

Armenia’s GDP Grows by 2.7% in Q3 2021

Armenia’s GDP Grows by 2.7% in Q3 2021
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Armenia's GDP grew by 2.7% in the third quarter of 2021 compared to the same period of 2020, according to numbers, released today by the National Statistical Committee (NSC).

It said the GDP at market prices at the end of the reporting quarter amounted to a little over 1.9 trillion drams ($3.9 bln). It said also compared to the second quarter of 2021 the GDP grew by 25.2%, ARKA reports.

According to the NSS data, the largest growth in the third quarter of 2021 was posted by hotels and catering facilities, which compared to the third quarter of 2020, grew by 56.6%. Compared to the second quarter of 2021 their growth amounted to 37.7%.

Transportation and warehousing grew by 32.2% compared to the third quarter of 2020 and by 9.1% compared to the second quarter of 2021.

The highest growth rates were recorded also by health and social services, which grew by 27.5% from the third quarter of 2020 and by 7.8% from the second quarter of 2021 25%.

Administrative and related activities grew by 25% and 14.8% respectively. Real estate related activities grew by 13.2% and 11.2% respectively. Information and communications grew by 11.1% and declined 0.2% respectively.

Other areas that showed growth compared to the third quarter of 2020 include professional, scientific and technical activities (9.7%), water and wastewater management and recycling (8.5%), wholesale and retail trade, car and motorcycle repair (4.2%), electricity, gas, steam and air supply (2.1%), education (1.5%) and manufacturing (0.1%).

The largest decline in the third quarter was reported by such sectors as culture, entertainment and recreation, which fell by 33.2%. Decline was also posted by mining industry and operation of open mines - 9.4%, as well as agriculture, forestry and fishing - 7%.

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 %.