Real estate and scientific-technical activities in Armenia showed the highest growth, while public administration and education experienced significant declines.
Economic growth in Armenia continues to slow in 2024. According to the country’s Statistical Committee, GDP grew by 5.2% in the third quarter compared to the same period last year, lower than the growth rates of the first (6.6%) and second (6.4%) quarters.
The nominal GDP for the reporting period reached $7.1 billion. Per capita GDP amounted to $2,306.
The sectors leading growth included real estate operations (+32.3%), scientific-technical activities (+27%), and culture and entertainment (+25.7%). Significant growth was also recorded in the financial sector (+24.5%), construction (+16.8%), and retail trade (+14.2%).
However, several key industries saw considerable declines. The largest drop occurred in public administration and social security (-23.7%), education (-11.3%), and the information and communication sector (-10.9%). Declines were also recorded in the transportation sector, energy, and mining.
Earlier, BMG reported that Armenia's economic activity for January-September 2024 increased by 8.7% compared to the same period last year.
Meanwhile, the 2024 state budget projected economic growth of 7% and inflation at 4% (±1.5%). S&P forecasts a 6.2% economic growth for Armenia in 2024, while the UN expects the Armenian economy to grow by 5.2% in 2024 and 4.8% in 2025.
