Armenia recorded significant economic growth of 7.4% in January–November 2024, Minister of Economy Gevorg Papoyan announced during a year-end press conference on January 13.
According to the data presented, exports increased by 74%, while imports grew by 41.5%. The industrial sector showed substantial progress with a 74% rise, including a 10.8% growth in manufacturing. The services sector expanded by 6.3%.
In agriculture, growth reached 1.8% during January–September 2024, while the construction sector saw a notable 14.9% increase. "The construction sector was the primary driver of growth, followed by industry," the minister emphasized.
Papoyan also noted that the economic indicators are nearing pre-pandemic levels observed in 2019.
The 2024 state budget projects Armenia’s economic growth at 7%. The Central Bank of Armenia forecasts the country's economy to grow within a range of 6.5% to 5.8% for the year.
