Economic activity in Armenia falls 4.7% in 1st H 2020, but increases 14.8% in June

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YEREVAN, July 28. /ARKA/. Armenia’s economic activity indicator shed 4.7% in January-June 2020, compared to the same period a year earlier, the National Statistical Committee reports.

In June 2020 compared to June 2019, it sank 7.5%, but compared to May 2020, the indicator increased by 14.8%.

In January-June of this year, the country’s industrial output amounted to approximately 895 952.1 million drams, showing a1.5% year-on-year increase. Instead, in June 2020 compared to the same month a year before, the indicator went 2.4% down, but in June compared to May 2020, it increased by 6.3%.

Growth in the first half of the year was also registered in the agricultural sector, the output here increased by 1.7% in January-June 2020, compared to the same period a year before, and amounted to 239 967.3 million drams.

Other areas, in the first half of the year, faced a decline, although they all showed growth on a monthly basis.

Thus, the volume of the service sector (excluding trade) in January-June 2020 amounted to 585 439.2 million drams (an increase of 0.1%), while in June compared to May the indicator decreased by 11.2%, and in June to June 2019 – by 15.9%.

The largest decline in a half-year context and at the same time the highest monthly growth was registered in the construction sector. The volume of construction in the first half of 2020, compared to the same period of 2019, shrank 23.4% to 105 779.6 million drams, while in comparison with May, in June the construction enjoyed a 21.6% growth, while compared to June 2019 year, there was also a decline of 23.3%.

The turnover of domestic trade in January-June 2020 amounted to 1,262,458.8 million drams (11.1% decline), while compared to the previous month, the indicator increased by 14.3%, and in June 2020 compared to June 2019 decreased by 12.4%.

The National Statistical Committee says Armenia’s GDP grew 3.8% in the first quarter of 2020, compared to the same period in 2019, reaching 1 trillion 241 billion drams in absolute terms.

According to the new forecast of the central bank, economic growth in 2020 will be minus 4%, against an earlier forecast of 0.7% growth. Earlier, the regulator predicted that the country’s economic growth would recover in 2021 to 7.2%.

According to the National Statistical Committee, Armenia’s GDP growth in the first quarter of 2020 amounted to 3.8%, compared to the same period in 2019, reaching 1 trillion 241 billion drams.

On April 29, the National Assembly of Armenia approved the revision of budgetary indicators because of the spread of COVID-19. Taking into account the unfavorable impact of the coronavirus, the budget forecast for GDP was lowered to a decline of 2% from the 4.9% growth projected earlier for the current year, and the deficit was increased to AMD 340 billion or 5% of GDP from the previous 2.3%. ($ 1 – AMD 485.29). –0–

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