The sharp increase in the production of jewelry compensated for the decline and slowdown in other key sectors of Armenia's industry in 2023. This is being prepared in the macroeconomic review by the Eurasian Development Bank (EDB) for the week.
According to the bank's report, strong business activity in Armenia in 2023 was maintained primarily in the service and trade sectors due to the expansion of output in the information technology, air transportation, and catering industries.
"In November and December 2023, positive dynamics were restored in the industry after several months of decline. The several-fold increase in the production of jewelry compensated for the decline and slowdown in other key sectors of the industry," notes EDB analysts.
Construction grew by 14.8%, maintaining stability against the backdrop of high levels of mortgage lending. "Tourist activity also remained high: from January to December 2023, the number of tourists visiting the country increased by 39.1% (compared to 90% in 2022)," the bank's report says.
Domestic demand strengthened throughout the year due to the overall increase in consumer lending (+20.3% year-on-year) and a decrease in consumer prices in the country.
