The negative economic consequences of COVID-19 and the war are still seen in 2021. This is what Minister of Finance of Tigran Khachatryan said during today’s session of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly of Armenia.

And so, in January-March 2021, the economic activity indicator fell 2% compared with the same period in the previous year, and this is mainly due to the decline in the service sector. As a result, the negative contribution of industry and trade comprised 0.9% and 0.7%, respectively.

“The 3.9% fall in the industry sector was due to the decline in the manufacturing industry. At the same time, the decline in manufacturing industry is due to the 7.3% fall of external demand. The fall of the sub-sector was mainly due to the 6.2% fall of jewelry products, 3.7% fall of cigarette products and 1.8% fall of chromatic metals,” the minister said.