According to preliminary data from Armenia's Statistical Committee, the country's gross domestic product (GDP) increased by 6.4% in the second quarter of 2024 compared to the same period in 2023. In nominal terms, the GDP reached 2.289 trillion drams (approximately $5.8 billion).
Per capita, this figure amounted to 750,873 drams, equivalent to $1,930 or €1,793.
The report highlights significant growth in sectors such as real estate activities (19.7%), wholesale and retail trade, and vehicle and motorcycle repair (19.6%). The construction sector and professional, scientific, and technical activities also showed substantial increases, both growing by 17.9%.
Other sectors also performed well: financial and insurance activities rose by 17%, while the supply of electricity, gas, and steam increased by 13.1%.
The accommodation and food service industry saw a growth of 9.8%, administrative and support activities increased by 8.9%, and manufacturing grew by 8.6%. Positive results were also noted in sectors such as water supply, sewerage, waste management (7.2%), agriculture (5.2%), and education (2.2%).
However, some industries experienced a decline. The most significant decrease was in the mining and quarrying sector, which fell by 15.1%. The information and communication sector dropped by 14.1%, public administration and social protection decreased by 7.4%, and the transportation and storage sector declined by 6.9%.
BMG reminds that the Armenian government has set a budget forecast for 2024 with an economic growth target of 7% and inflation within 4% (±1.5%).
Earlier, the Eurasian Development Bank predicted a slowdown in economic growth in the second half of the year, as the impact of increased precious metals production is expected to diminish. However, the bank still forecasts a 7.5% economic growth for Armenia by the end of the year.
Meanwhile, the World Bank has maintained its previously upgraded GDP growth forecast for Armenia at 5.5% in 2024 and 4.9% in 2025.
