Armenia’s economy continued to grow in January-August 2024, although the pace of growth has somewhat slowed.
According to the country's Statistical Committee, economic activity increased by 9% in the first eight months of this year compared to the same period in 2023, despite the observed slowdown in growth dynamics.
The industrial sector showed significant progress, growing by 13.7% and reaching a production volume of nearly $4.87 billion. The construction sector also demonstrated impressive growth of 16.2%, with total work amounting to $847.9 million.
The most notable results were seen in domestic trade, which increased by 20.4%, reaching a turnover of $9.74 billion. The services sector also continued to expand, showing a 5.2% increase with a total volume of $5.5 billion.
The Armenian government maintains an optimistic outlook, expecting annual economic growth of around 7%. However, the country’s Central Bank remains more cautious, forecasting growth in the range of 5.8-6.5%.
