World Bank: Armenia's economy grew by 8.8% yoy in AprilJune 17, 2022 - 15:32 AMT PanARMENIAN.Net - Economic growth in Armenia picked up in April to 8.8% year on year (yoy) from 6.7% yoy in March, the World Bank said in an update on Friday, June 17. The Bank said the increase came on top of a high base of 23% yoy growth in April 2021 and was broad-based. Growth was particularly strong in non-traded services (up by 27% yoy) and construction (up by 15.6% yoy). Trade also picked up to register 8.6% yoy growth in April, as compared to 6.6% in March. After contracting by 7% in March, industrial output grew by 1.2% yoy. In the industry sector, manufacturing registered 8% yoy growth, driven by pick up in manufactured food products. On the demand side, growth was driven by consumption, which was supported by a 3% yoy increase in real private sector wages, close to 3.5-fold yoy pick up in money transfers from Russia and increase in government spending. Cumulatively, the Economic Activity Index (EAI) registered 9.4% yoy growth in the year through April, prompting an upward revision in the growth forecast for 2022. Inflation continued to accelerate in May, reaching 9% yoy from 8.4% yoy in April. This was driven by increase in food and alcoholic beverage prices, which increased by 14.5%, and explained 60% of the total inflation. Utility and transport prices also increased sharply, by 7% and 8.6% respectively, contributing a further 20% to total inflation. Both exports and imports of goods grew significantly, by 20% and 24%, respectively, and the goods trade deficit widened by 31% yoy in April. The dram continued to appreciate significantly against the USD and, by June 6th, was 8% stronger than its pre-war level, while the state budget registered an AMD 27 billion surplus in April. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |