In October 2024, Armenia's economic activity index increased by 4.2% compared to the same period last year, while the figure for the first 10 months of the year reached 8.1%. However, a 4.6% decline was observed in October compared to the previous month.
According to the Statistical Committee, all key economic sectors showed year-on-year growth during this period. Trade saw the highest increase, rising by 13.7%. The construction sector grew by 13.5%, industry by 5.3%, and the services sector by 5.2%.
Armenia's foreign trade turnover in October 2024 rose by 12.9% compared to the same month in 2023. Exports increased by 23.1%, while imports grew more moderately, by 6.6%.
The country’s consumer market recorded an annual inflation rate of 0.6% during the reporting period.
Earlier, BMG reported that Armenia's economic activity grew by 8.7% during January–September 2024 compared to the same period last year.
Meanwhile, the 2024 state budget projected economic growth at 7%, with inflation set at 4% (±1.5%). S&P forecasts a 6.2% growth for Armenia's economy in 2024, while the UN expects the economy to expand by 5.2% in 2024 and 4.8% in 2025.
