Armenia's GDP grew by 5.5% in the first half of 2017. In contrast, the construction volume in the country in the first seven months of 2017 decreased by 9% compared to the same period in 2016, this according to figures recently published by the National Statistical Service.
In January-July 2017, 143,859 billion drams was spent on construction in Armenia, and investors are allocating less for construction.
In particular, the state budget, international loans, Hayastan All-Armenian Fund, organizations and foreign investors have reduced their funds for construction.
Funding by foreign investors for construction has dropped 3.3 times. Locally financed construction amounts to 39 of the 143 billion AMD spent.
The National Statistical Service has also published the data about the types of construction in January-July.
Accordingly, around 30% of the total construction is for real estate.
Transportation related construction comes in second, around 18 billion drams for seven months, followed by construction for electricity, gas, steam and air conditioning.
Construction for healthcare and social services is still not popular. It’s 1.1% of the overall construction volume in January-July 2017.