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Armenia’s economic activity in 2016 grew 0.5 percent

Staff Writer | January 26, 2017
In 2016 Armenia's economic activity index, according to preliminary figures of the National Statistical Service (NSS), increased by 0.5% from the previous year.
Economy in Armenia   The National Statistical Service:
The 4.8% economic activity index, reported for the first six months of 2016, reduced to 0.4% for January-October.

However, in November, the economic activity index increased by 2.6%, when compared to November of 2015, and as a result the figure rose to 0.6% for the first 11 months of 2016.

In December 2016 the growth decreased by 0.1% when compared to 2015 December.

The growth in 2016 was secured by industry, trade and services. Thus, the industrial output during the reporting period amounted to 1.429 trillion drams, a 6.7% rise from 2015; services grew by 7.1% to 1.265.2 trillion drams and the domestic trade turnover saw a 1 percent rise amounting to 2. 233.6 trillion drams.

The agricultural output declined by 5.2% to a little more than 907.5 billion drams, while the volume of construction declined further by 10.8% to 397.7 billion drams.

The country’s foreign trade turnover in 2016 was worth about $5.075.3 billion, an increase of 7.4%. from the previous year

According to NSS, in December 2016 consumer prices decreased by 1.1% year-on-year and the average deflation was 1.4%. The government’s projection of GDP for last year was 2.2%. The inflation forecast was 4% (± 1.5%).