Armenia's service sector surged by 22.9% in the first three months of 2023 as opposed to the same months of 2022 to 675.2 billion drams ($1.7 billion), the National Statistical Committee (NSC) reported.
In March 2023 alone the sector grew by almost 22% to about 248 billion drams ($644 million). Compared to the previous month the growth in March 2023 was 15.9%.
According to NSC, financial and insurance services accounted for 27.5 % of the total having grown by 18.5 % y-o-y to about 186 billion drams ($483 million).
Information and communication services grew by 54.3% to about 143 billion drams or $372 million (21.2% of the total). Transport services grew by 34.2% to about 88 billion drams or $ 229 million (13% of the total).
Entertainment, culture and recreation services grew by 2.6% to over 64 billion drams or $166 million (9.5% of the total). Catering and hotel services grew by 26.2% to over 63 billion drams or $163.7 million (9.4% of the total), while health and social services grew by 1% to 32.2 billion drams or $84 million (4.8% of the total).
Scientific and technical services grew by 25.6% to over 28.5 billion drams or $74 million (4.2% of the total), real estate-related services fell by 5.8% to over 27.6 billion drams or $72 million (4.1% of the total), administrative and related services grew by 1.5% to about 19 billion drams or $49 million (2.8% of the total) and education services grew by 13.6% to over 18.1 drams or $47 million (2.7% of the total), ARKA reports.
