Armenia's eight-month economic activity in 2022 up 13.9% year-on-year- NSC

YEREVAN, September 26. /ARKA/. Armenia's economic activity in the first eight months of 2022 grew at the rate of 13.9% year-on-year, the National Statistical Committee (NSC) said today.

According to it, in August 2022 alone the growth was 18.5% compared to August 2021 and 1.5% when compared to July 2022.

The industrial output amounted to about 1.7 trillion drams, 9.2% rise against the same period of 2021. In August 2022 compared to the same month of 2021, the output was higher by 23.5%, and by 10.5% when compared to July 2022.

The construction sector grew by 14.2% to about 243.1 billion drams. Compared to August 2021, the growth in 2022 August was 16.3% and 26.5% as opposed to July 2022.

According to the statistical data, the domestic trade in the first eight months of 2022 amounted to over 2.6 trillion drams, a 13,6% year-on-year growth. In 2022 August, it was up 20% from August 2021 and up 0.9 % from July 2022.

The services sector (excluding trade) amounted to about 1.6 trillion drams, 27.1% more than in the first eight months of 2021. In August 2022, compared to August 2021, the sector increased by 25.1%, and compared to July 2022, it was down 3.3%.

The Armenian government’s growth projection for 2022 is 7%; the inflation is set at 4% (± 1.5%). According to the World Bank’s latest Global Economic Prospects report, Armenia's GDP in 2022 is expected to grow by 3.5%, down 1.3 p.p. from the previous forecast, made in January. World Bank analysts expect Armenia's GDP to grow by 4.6% in 2023 (0.8 p.p. down from the January forecast) and by 4.9% in 2024.

The International Monetary Fund (IMF) expects Armenia's GDP growth to reach 5 percent in 2022, while inflation is projected to increase temporarily before moderating by the end of the year.

The Asian Development Bank (ADB) said in its September update of the Asian Development Outlook report that it expects Armenia’s economy to grow by 7% in 2022 and to slower to 4.5% in 2023.-0-