Page 18 - Caucasus Outlook 2023

increased by 9.9% due to an increase in the price of food products by
13.1% and non-food products by 8.1%, with an increase in tariffs for
services by 7.5%.

Armenia increased its interest rates by 0.5 percentage points, from 10%
to an annual rate of 10.5% in November.

2.2.4 Industrial production

Armenia's industrial output in the first 10 months of 2022 amounted to
over AMD2.1 trillion in current prices, an increase of 9.9% y/y,
according to the National Statistical Committee (NSC).

The mining sector accounted for about AMD438bn, a 5.1% y/y
decrease, while the output of the processing industry grew by 18.1% to
over AMD1.4tn. Electricity, natural gas, steam and purified air supplies
amounted to about AMD267.2bn (2.6% growth), while water supply,
sewerage, waste management and recycling to about AMD23bn, (7.4%
growth).

The processing industry accounted for 65.8% of the total output. The
mining sector’s share was 20.6%, that of electricity, natural gas, steam
and purified air 12.5% and that of water supply, sewerage, waste
management and recycling 1.1%.

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