The National Statistical Committee of Armenia has released preliminary data on the country's economic activity for January-July 2024.
According to the report, the Economic Activity Index (EAI) increased by 9.6% compared to the same period in 2023. In July 2024, a year-on-year growth of 6.2% was recorded, with a 5.6% increase compared to June of the current year.
Industrial production during this period reached 1,63 trillion drams (about $4.2 billion), marking a 15.7% rise. The construction sector grew by 16.1%, amounting to 259.3 billion drams (approximately $666.5 million). Significant growth was observed in the domestic trade sector, where turnover increased by 21.4%, reaching 3.3 trillion drams (about $8.5 billion). The services sector, excluding trade, also demonstrated positive dynamics, increasing by 4.5% to 1.8 trillion drams (over $4.6 billion).
In July 2024, compared to the same month last year, industrial output grew by 2.2%, construction by 17.7%, domestic trade by 14%, and the services sector by 4.9%. However, on a monthly basis, there was a slight decline of 1.7% in the services sector.
The Statistical Committee did not provide data on the agricultural sector.
BMG reminds that Armenia's economic growth for 2024 is projected at 7% in the state budget, with inflation targeted at 4% (±1.5%).
The Economic Activity Index (EAI) is an aggregate monthly indicator reflecting changes in the real output volume across all sectors of Armenia's economy. Unlike GDP, which is measured quarterly and annually and accounts for added value, the EAI focuses on the production volumes of goods and services. It is calculated at previous year's prices, allowing for the assessment of real economic changes both in relation to the previous month and the same period of the previous year. The EAI does not include net taxes on products and indirectly measured financial intermediation services, which are considered in GDP calculations.
