Economic Activity in Armenia Declines by 1.7%

The economic activity indicator has decreased by 1.7% in the January-April period of this year compared to the same time last year in 2019. This is stated in the data published by the National Statistical Committee of the Republic of Armenia.

The volume of industrial production has increased by 4.2%. However, the volume of construction decreased by 21.9% compared to the same period last year. The turnover in trade fell by 8.6% in January-April, while the volume of services offered increased by 0.1%.

In January-April 2020, the consumer price index grew by 0.1%, and the industrial production price index also increased by the same amount. Electricity production volume grew by 10.3%.

The average monthly nominal salary in Armenia increased by 9.3% in January-April, amounting to 191,623 drams. Specifically, the average monthly salary in the public sector increased by 9.1%, while in the private sector, it rose by 8.8%.

The volume of foreign trade in January-April of this year, compared to the same period last year, saw a decrease of about 10.4%, with exports down by 8.1% and imports decreased by 11.5%.

The exchange rate of the dram against the US dollar was 483.90 during January-April 2020. The decline in economic activity is attributed to the coronavirus pandemic, which has led to economic downturns in almost all countries worldwide.