In the first eight months of 2024, Armenia demonstrated the highest industrial production growth among EAEU countries, reaching an impressive rate of 13.7%.
According to the statistical department of the Eurasian Economic Commission, Armenia showed the most significant industrial production growth among EAEU member states from January to August 2024. Despite an overall slowdown in production in the country, Armenia achieved a growth rate of 13.7%, significantly outpacing its partners in the union.
Following Armenia, Belarus posted a 7.1% growth, Russia 4.5%, Kazakhstan 3.0%, and Kyrgyzstan 0.7%. Overall, industrial production growth across the EAEU was 4.5%.
It is noteworthy that Armenia experienced uneven development across various industrial sectors. The volume of the mining sector, including quarrying and mineral extraction, declined by 8.1%. However, this was offset by a significant increase in the manufacturing sector, which grew by 20.7%. This growth was largely driven by the increased processing of gold, which is subsequently re-exported to other countries.
Other EAEU countries also saw growth in manufacturing: Russia recorded an 8.1% increase, Belarus 7.3%, and Kazakhstan 4.9%. In Kyrgyzstan, the figure remained almost unchanged, with a slight decrease of 0.4%.
