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Armenia's GDP growth slowed to 9.1% in Q2

Central bank of Armenia
22.08.23 14:18

Armenia's GDP growth in the second quarter of 2023 was 9.1% compared to the same period of 2022, according to the National Statistical Committee (NSC). In the first quarter of this year, GDP growth was 12.1%.

In nominal terms, at the end of the second quarter the country’s GDP in current prices amounted to over 2.1 trillion drams ($5.5 billion). GDP per capita in market prices amounted to 716,830 drams, 1,852 US dollars and 1,701 euros.

According to the NSC, the largest growth of 65.5% was posted by information and communication sector. Culture, entertainment and recreation services grew by 34.7%, accommodation and catering grew by 27.3% year-on-year.

High growth rates were recorded also by wholesale and retail trade, repair of motor vehicles and motorcycles - 25.4%, transportation and warehousing - 23%, construction - 21.6%, activities related to real estate - 15.4% and water supply and disposal, management and waste treatment - 10.6%.

Public administration and protection, compulsory social security upped by 4.1%, processing industry by 2.2% and professional, scientific and technical activities by 1.3%.

Decline was registered in financial and insurance activities - 19%, mining industry - 9.8%, health care and social services - 5.8%, supply of electricity, natural gas and steam - 5.1%, education - 0.9%, and agriculture, forestry and fishing - 0.6%.

Armenia's government growth projection for 2023 is set at 7%, and inflation is set at 4% (±1.5%), ARKA reports.

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