When it comes to Armenia’s GDP, commerce and services are the two largest contributors.
While we still have to wait for the National Security Service to publish its 2017 GDP growth figures, data from the first three quarters show that commerce and services have led the way.
In 2017, the output of Armenia’s service sector totaled AMD 1.453 trillion, up14.4% from 2016.
Financial services (which includes insurance) led the way, followed by culture/entertainment, information/communications, and transportation.
Here’s the 2017 breakdown:
Financial/insurance – AMD 302 billion (+20.6)
Culture/entertainment – AMD 285bn (+22.3%)
Information/communications – AMD 234bn (+5.3%)
Transport – AMD 195bn (+5.3%)
Housing/public – AMD 112bn (+19.4)
Education – AMD 53bn (+0.2%)
Health/social security – AMD 57bn (+18.7%)
Real estate – AMD 50bn (+8%)
Scientific/technical – AMD 70bn (+4.4%)
Administrative – AMD 67bn (+10,7%)
Other – AMD 28n (+6.5%)
Of interest is the fact the bulk of the 22.3% growth in the culture/entertainment sector can be traced to the country’s casino and gaming parlors.
276 billion of the sector’s 285 billion output was due to betting and related services.
Revenues enjoyed by gaming establishments and bookmakers increased by 22.5% in 2017. (Casino revenues amounted to AMD 66bn (-4.9%), while bookmakers saw revenues of AMD 209bn (+34.8%).
86% of all service sector revenues were generated in Yerevan, Armenia’s capital.