Service sector in Armenia grows by 4.4% in H1 2024, driven by financial and insurance activities

YEREVAN, August 9. /ARKA/. The volume of services in Armenia for the first half of 2024 amounted to 1,562,050.8 million AMD, reflecting a 4.4% increase compared to the same period in 2023, a report by the National Statistical Committee of Armenia revealed on Friday.

In June 2024 alone, the service sector reached 282,861.9 million AMD, marking a 7.8% growth compared to June of the previous year and a 5.6% increase compared to May 2023.

A closer look at the service sector reveals that the largest contribution came from the financial and insurance activities sector, which accounted for 30.8% of the total services. This segment achieved a volume of 480,725.0 million AMD in the first six months, representing a robust 19% increase over the same period in the previous year.

Other notable sectors include information and communication, which, despite holding a 17.8% share, saw an 8.3% decline to 278,646.3 million AMD. The transport sector, contributing 11% to the total, experienced a significant drop of 16.8%, amounting to 172,037.5 million AMD. In contrast, the accommodation and food service activities sector grew by 8.2%, reaching 158,745.2 million AMD, making up 10.2% of the total services.

The culture, entertainment, and recreation sector also saw an uptick, with a 4.6% increase to 141,203.5 million AMD, accounting for 9% of the total services.

Professional, scientific, and technical activities, making up 5.1% of the service sector, recorded a 14.4% increase to 80,319.8 million AMD. The healthcare and social services sector, with a 4.9% share, grew by 8.9% to 76,961.1 million AMD.

The real estate sector, representing 4.2% of the total, increased by 11.5% to 65,106.7 million AMD, while administrative and support services rose by 8.8% to 52,968.2 million AMD, making up 3.4% of the sector. Lastly, the education sector, which holds a 2.7% share, grew by 7.9% to 41,549.4 million AMD.