A 42.2% increase in imports aggravates Armenia's negative foreign trade balance and severely harms local producers, pushing them out of the domestic market.
This year exports increased by 27.5%. Against this background, exporters and businessmen issued a statement saying that the devaluation of the dollar is a major blow to their economic activity.
During the 5 months of this year, Armenia's economic activity was 10.2%. This growth was mainly due to construction and services. In January-May 2022, compared to the same period of the previous year, the industrial sphere increased by 2.7%, construction - by 11.4%, trade - by 108.9%, services - by 24.9%.
The growth was caused by external factors, in particular by the inflow of Russian tourists, increase of money transfers, as well as high prices for metals on the world market. Growth in the construction sector, on the other hand, was driven by road paving and mortgage lending.
At the same time, the national debt is increasing. It turns out that asphalt programs are financed by debt, the economic efficiency of which is very low.