IT industry tops $1 billion, data show

PanARMENIAN.Net - Turnover of the Armenian IT industry in 2023 increased one and a half times, amounting to 420.1 billion drams ( $1.037 billion at the current exchange rate), according to data released by the National Statistical Committee for January-December 2023.

As previously noted, the growth of the IT industry in the country was facilitated by the influx of Russian companies, including branches of foreign corporations, which were transferred from Russia to Armenia.

In 2023, imports of goods by postal and courier services increased by more than 80%. In absolute terms, over 3,5 million parcels were imported, which means more than one for each resident of the country on average. Export shipments also increased, but only by 22% – to approximately 144 thousand.

As for other service-related industries, significant growth continued in the restaurant and hotel segment, which grew by almost 19%, amounting to 311.5 billion drams or $769 million.