Economic activity in Armenia shrank by 5․7% in the first seven 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. Though the state of emergency has been extended several times, most restrictions have been removed.
In July alone, the economic activity contracted by 10.2% against the same period last year.
In January-July 2020, construction and trade declined by 22.6% and 11%, respectively, while the services sector shrank by 9.3%.
Foreign trade turnover decreased by 11.3% year-on-year, exports and imports were down by 6․4% and 13․7%, respectively.