Decline in key subgroups of manufacturing industry in Armenia in July offset by growth in three sectors – WB

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YEREVAN, September 24 /ARKA/. In July, the economic activity index in Armenia is eased to 6.2 percent (yoy), from 7 percent (yoy) in June, the World Bank says in its Armenia monthly economic update for September 24.br/pp

Trade growth eased to 14 percent (yoy) in July from 16.2 percent (yoy) in June. Growth in services (other than trade) also fell, to 4.9 percent (yoy) in July from 7.8 percent (yoy) in June./pp

Over the same period, construction continued to grow at approximately 18 percent (yoy). Growth in industry improved slightly, from 1.3 percent (yoy) in June to 2.2 percent (yoy) in July, driven mainly by greater electricity and energy growth (13 percent, yoy)./pp

Manufacturing growth remained low at 2.5 percent, with contraction in most major production sub-items: food, beverages, and jewelry products went down by 5 percent (yoy), 4.4 percent (yoy), and 27 percent (yoy), respectively./pp

This was compensated by growing production in cigarettes (21 percent, yoy), textiles (23 percent, yoy), and base metals (74 percent, yoy). Mining continued to decline, but at a slower rate of 5.4 percent (yoy) in July compared with 10.7 percent in June. Cumulatively, economic activity grew 9.6 percent (yoy) in January July. -0-/p