Armenia: Services grew by 25% in 2022 through May

Armenia: Services grew by 25% in 2022 through May

PanARMENIAN.Net - Economic Activity Index (EAI) in Armenia registered a 10.2% year-on-year growth in 2022 through May, the Ministry of Economy reports.

Growth was particularly strong in non-traded services (24.9% yoy) and construction (up by 11.4% yoy). Trade also picked up to register 8.9% yoy growth in the reporting period, while industrial output grew by 1.2% .

Both exports and imports of goods grew significantly, by 27.5% and 42.2%, respectively, and the goods trade deficit widened by 31% yoy in April.

The World Bank said earlier that Economic growth in Armenia picked up in April to 8.8% year on year (yoy) from 6.7% yoy in March.

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