Armenia's economic activity down 5.7% in January-July
14:17 • 07.09.20
Armenia's economic activity index dropped by 5.7% from January until July, with a drastic decline being observed in trade, and the development sector.
The lowering dynamics is 10.2% compared to last July, official records released by the Statistical Committee reveal.
But the index shows a positive growth compared to June 2020, when the economic indicators saw a 14.8% increase against May.
The growth is attributed to the relatively high economic activity after the gradual easing of the coronavirus-linked lockdown restrictions.
The decline in the development sector was 22.6% compared to the first seven months of last year. The trade turnover dropped by 11.3% against the same period, with the foreign trade, export and import volumes having reduced by 11.3%, 6.4% and 13.7%, respetively. The activity in the services sector dropped by 9/3% over the period.
A slight increase of 1.3% was observed in industrial manufacturing. Electric power production grew by 3.4%, with the rise in the average nominal salary reaching the ceiling 5%.
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