Page 32 - Caucasus Outlook 2024

metres.
Since 2009, as part of a gas-for-electricity swap deal, Armenia has also been receiving natural gas from Iran, which is converted into electricity and then shipped back to Iran at a rate of 3 kWh of electricity for one cubic metre of natural gas.
In August 2023, Armenia and Iran signed a document to extend the gas-for-electricity swap agreement and increase gas imports to Armenia, as well as electricity exports to Iran. The agreement has been extended until 2030. (Exchange rate: $1 - AMD 405.95)
3.2.5 Construction
The amount of construction work completed increased by 15.6% YoY in January-March, driven by funding from both companies (+32.4% YoY) and individuals (+22.5% YoY). Residential construction accounts for over half of the sector's work (+65.8% YoY), due to the significant growth in mortgage lending (+28.6% YoY).
According to the National Statistical Committee (NSC), Armenia's construction sector experienced a 17% growth in the first nine months of 2023 compared to the same period in 2022, reaching 349.3 billion drams (in current prices).
In September alone, the sector surged by 15.7%, or 65.7 billion drams, compared to September 2022. The NSC reported that the government financed about 72.3 billion drams worth of construction, a decrease of 13.3% from the first nine months of 2022.
Communities financed construction worth 21 billion drams, a 71.7% increase from the previous year. Humanitarian organisations financed construction worth 3.6 billion drams, a 39% increase from the previous year.
3.2.6 Major Sectors & Companies
At the start of the year, nearly all sectors of the Armenian economy experienced significant growth. In January-April, the services sector experienced a YoY growth of 22.2%. The software and banking sectors were the main contributors to this growth, with an increase of 88.7% YoY and 29.5% YoY respectively in January-March. Additionally, the construction and manufacturing industries have also shown strong growth since the beginning of the year, with manufacturing growing by 8.1% YoY in the same period. The mining industry faced a 3.2% YoY decline.
32 Central Asia & Caucasus Outlook 2021 www.intellinews.com