The National Statistical Committee has published preliminary data on economic activity in Armenia in the first half of 2023. The indicator of economic activity in Armenia in January-June 2023 increased by 11.4% compared to the same period in 2022. This is evidenced by the preliminary data of the National Statistical Committee.
Thus, the double-digit growth in economic activity, which was recorded in 2022 (thanks to the influx of Russians and relatively favorable metal prices, which supported the mining sector), remains: in January-April, the growth was 12.2%, in January-May – 12.5%.
The structure of economic growth has not changed either: trade (+23.6%), services (+16.8%) and construction (+17%) dominate. Activity in the first two sectors is associated with an increase in consumption due to visiting Russians (to a lesser extent, Ukrainians and Belarusians), and in construction – with tax benefits (income tax refund) provided to mortgage payers, as well as with the fact that developers are in a hurry to start as many new projects that fall under these benefits (since they will cease to operate for Yerevan from 2025).
In industry, growth turned out to be much lower (only 1%), and electricity generation even decreased (by 2.7%) compared to the same period in 2022. Industrial statistics by industry have not yet been published, but in previous months this sector was “pulled” not by mines, but by production facilities serving construction (production of fittings and building materials).
Despite this, a very significant growth in foreign trade remains: imports increased by 73% (to $ 5 billion 633 million), and exports – by 72.8% (to $3 billion 266 million). This indicates that there are still significant volumes of intermediary trade, which is caused by well-known geopolitical reasons.
