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National Statistical Service of Armenia has released macroeconomic data for the first half of 2015. The data shows considerable growth in several sectors, raising hopes that Armenia could avoid an economic recession, despite predictions made by international organizations since early 2015. There was 14.5% growth in agriculture this year as compared with the same period of 2014.

The gross agricultural output amounted to 235.5 billion drams in the first half of 2015. The rich apricot harvest contributed to a bigger agricultural output this year, while the weather is good for other crops as well so the agricultural output index is expected to exceed last year’s figures. About 161 thousand tons of fruit and berries were harvested as of early August, including 103 thousand tons of apricots, which was by 14 thousand tons more than last year. Armenian Ministry of Agriculture said that as of July 27 about 20,000 tons of apricots were exported from Armenia compared with just 1,791 tons throughout 2014, and cherry exports amounted to 2,038 tons compared with 370 tons last year.

Exports of cucumbers, herbs and cabbage this year were several times as much as exports in 2014, showing that agricultural sector’s growth is not limited to an increased output of only one product. Industrial output grew by 5.1% in the first half of 2015, but the increase in construction sector was insignificant. Out of other macroeconomic indicators, the commodity turnover experienced a decline, with imports and exports dropping by 1.3% and 28.2% respectively. The decline in imports was conditioned by a fall in the purchasing power, a tendency reported in all post-Soviet countries this year due to the depreciation of national currencies and the deterioration of the economic situation in Russia. The sharp drop in imports as compared to exports led to a reduction of the negative balance of trade, which in turn stabilized somewhat the national currency. In conclusion, it should be noted that the positive trends in several sectors, along with 4.2% increase in economic activity may help Armenia avoid an economic recession this year if those trends continue until the end of the year.