Armenia’s mining industry soars 50,4% in 2015: report

PanARMENIAN.Net - The year 2015 saw a significant drop in a number of vital economic indicators in Armenia: exports decreased by 3,9%, imports fell by 26,5%, with the domestic trade turnover shrinking by 8%.

Although these developments left a negative impact on almost all sectors of the country’s industry, some branches managed to register dramatic growth, Armenia’s National Statistical Service said in a report.

The volume of industrial production in January-December 2015 amounted to AMD 1327 billion, up by 5,2% from the year-earlier period.

Production in 2015 amounting to AMD 221 billion, Armenia’s mining industry accounted for the major part of overall industrial production, climbing 50,4% against the 2014 results. Manufacturing, on the other hand, dropped 5,6% to total AMD 821 billion.

In particular, food production fell by 9% to total AMD 288 billion, beverage industry dropped 19.7% to AMD 102 billion, while electrical equipment manufacturing declined by 32.4% to about AMD 4,7 billion.

Against the backdrop of this general slowdown, manufacturing of tobacco products has increased by 49.1% to AMD 94 billion, with production of jewelry also soaring 61% to over AMD 18 billion.

Also, furniture industry, pharmaceutical manufacturing, as well as production of chemical substances and chemical products have grown considerably.