According to Armenia’s Statistical Committee, the country’s economic activity rose by 8.7% from January to September 2024, compared to the same period last year. In September, growth reached 7% year-over-year and 6.6% from August.
Positive trends were observed across all key economic sectors. Industrial output reached $5.47 billion, up by 12.6% over nine months, with the industrial sector growing by 4.6% year-over-year in September.
The agricultural sector showed a more modest increase of 1.8%, amounting to $1.62 billion. Construction recorded a 15.9% growth, reaching $1.05 billion.
The most dynamic growth was in the domestic trade sector, with turnover reaching $11.39 billion, a 19.5% increase from the previous year. The services sector (excluding trade) grew by 5.9%, reaching $6.3 billion.
September saw slight declines in some sectors compared to the previous month: trade decreased by 0.5%, and services by 2.5%, possibly indicating seasonal fluctuations.
Earlier, BMG reported that the 2024 state budget set economic growth at 7% and inflation at 4% (±1.5%). S&P forecasts a 6.2% growth for Armenia’s economy in 2024, while the UN expects a 5.2% increase in 2024 and a 4.8% rise in 2025.
