Armenia economic activity shrank 4.9% during March

Armenia economic activity shrank 4.9% during March

PanARMENIAN.Net - Economic activity in Armenia shrank by 4.9% in March year-on-year, data from the National Statistical Service reveals.

Economic activity in the country has contracted as a result of a lockdown imposed in mid-March in a bid to curb the Covid-19 outbreak.

In the reporting period, construction and trade declined by 26.2% and 9.9%, respectively, while the industrial sector contracted by 14%.

Foreign trade turnover decreased by 16% year-on-year, exports were down by 17․2%.

Armenia has extended the state of emergency in the country by May 14 and restricted the movement of citizens.

So far, 1808 cases have been reported in the country, 848 people have recovered, 29 have died from the virus.

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