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Armenia's GDP grew by 12.1% to about $4.6 billion in Q1

22.05.23 23:00
Armenia's GDP in the first quarter of 2023 grew by 12.1% compared to January-March 2022, according to the numbers, released by the National Statistical Committee (NSC).

It said in current prices the GDP at the end of the reporting period amounted to about 1.8 trillion drams (US$ 4,640,400,000). Per capita GDP in market prices amounted to 600,240 drams, or $1,529 and 1,423 euros.

Compared to the first quarter of 2022, the highest growth was posted by the information and communication sector, which surged by 60.5%, accommodation and catering services grew by 39.1%, and transport and storage services by 26.3%.

The highest growth rates were recorded also by wholesale and retail trade, repair of automobiles and motorcycles, which posted 19.6% growth, financial and insurance activities - 18.4% growth, professional, scientific and technical activities - 17.1% growth and construction - 15.2% growth.

Water supply and drainage, waste management and recycling grew by 9.7%, manufacturing – by 8.2%, education services – by 7.3%, health and social services – by 5.2%. A decline was registered in the areas of administration and related activities - 5.5% and mining industry- 3%.

Armenian government's growth projection for 2023 is 7%, inflation is set at 4% (±1.5%). Armenia's economic activity registered a 12.2% growth in the first quarter of 2023 compared to January-March 2022, ARKA reports.