Armenia: Economic Activity Shrank 7.2% In January-November

Economic activity in Armenia shrank by 7.2% in the first eleven months of 2020 year-on-year, data from the National Statistical Service reveals.

Economic activity in the country has contracted as a result of a lockdown imposed in mid-March in a bid to curb the Covid-19 outbreak, as well as the war in Nagorno-Karabakh.

In November alone, the economic activity contracted by 10.3% against the same period last year.

In January-November 2020, construction and trade declined by 11.2% and 13.5%, respectively, while the services sector shrank by 13.6%.

The National Statistical Committee also revealed that the country’s GDP in the third quarter of 2020 registered a preliminary decline of 9.1% year-on-year.