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Armenia’s first half-economic activity up 11.4% year-on-year

25.07.23 17:26
Armenia's economic activity was up 11.4% year-on-year in the first half of 2023, according to the numbers, released by the National Statistical Committee (NSC).

It said the growth in June 2023 alone was up 9.9% when opposed to the previous month, while compared to June 2022 the growth amounted to 6.8%.

According to the NSC, the growth was reported by virtually all sectors of economy, except for electric power production and industrial goods price index.

The industrial output in the first six months of 2023 amounted to over 1 trillion 167.5 billion drams, having increased by 1% compared to January-June 2022. In June 2023 alone, the output was down 7.4% compared to June 2022.

The gross agricultural output totaled about 278.6 billion drams, up 2% year-on-year. The construction sector, compared to January-June 2022, grew by 17% to about 174.2 billion. In June 2023, the growth when compared to June 2022 was 18.1%.

According to the statistical data, the domestic trade turnover in January-June grew to 2 trillion 281 billion drams, up 23.6% from the same period of 2022. On an annualized basis, the domestic trade turnover was up 20.3% in June 2023.

The services sector (without trade) reached 1 trillion 431 billion drams, 16.8% higher than in the first half of 2022. At the same time, in June of the current year compared to June of the last year, the growth was 4%. No figures were available on average gross monthly wages.

Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%). The European Bank for Reconstruction and Development (EBRD) expects Armenia's economy to grow by 4% in 2023 and by 4.8% in 2024.

The Asian Development bank said Armenia's economic growth will slow down to 6.5% in 2023 and to 5.5% in 2024 depending on domestic and external demand and the International Monetary Fund (IMF) said in its latest World Economic Outlook report for April 2023 that it expects Armenia's economy to grow by 5.5% in 2023, ARKA reports.