Joghavorut: Economic Decline Gains New Momentum

«Joghavorut» newspaper reports: The economic decline caused by the coronavirus pandemic and the state of emergency is picking up new momentum. Although the decline in the economy had slowed down somewhat in previous months, the data for July is not very encouraging.

According to information obtained by the newspaper from the Statistical Committee of the Republic of Armenia, in July of this year, compared to the same period last year, the economic activity index of Armenia decreased by 10.2 percent. Moreover, when examining specific sectors of the economy, it becomes clear that the most significant declines have occurred in the industry and services sectors, while the internal trade turnover in Armenia in July 2020, compared to the same month of 2019, decreased by 10.4 percent. In the first seven months of this year, the trade turnover amounted to 1.518 trillion drams, which is an 11 percent decrease compared to the same period in 2019.

It is also worth noting that the 3.9 percent economic growth registered in Armenia in the first quarter of this year was followed by a significant decline in the second quarter. In the second quarter, compared to the same period last year, the economic decline amounted to 13.7 percent.