Armenia's industrial sector showed a significant growth of 18.2% in the first half of 2024, reaching a volume of 1.4 trillion drams (approximately $3.5 billion). Despite a monthly decline of 2.4%, production volumes stood at 225.1 billion drams ($580.1 million). According to the Statistical Committee of Armenia, this growth was driven by an acceleration in the manufacturing sector, despite a decline in the mining industry.
The mining sector saw a year-on-year decline of 9.2%, amounting to 219.8 billion drams, although there was a 7.1% increase in June. Meanwhile, the manufacturing industry accelerated its annual growth rate from 4.3% to 27.7%, reaching a volume of 1 trillion drams, despite a 5.2% decrease in June.
Key drivers of growth in the manufacturing sector included a 20.4-fold increase in the production of coke and liquefied petroleum products and a 3.8-fold increase in the production of basic metals. There was also a notable increase in the production of electrical equipment by 63.9%, furniture by 38.2%, wooden products by 24.7%, textiles by 12.9%, and finished metal products by 10%.
However, there were declines in the production of machinery by 49.8%, machinery and equipment by 26.3%, computers and electronics by 11.2%, and the chemical industry by 17.9%. Leading industries by production volume in the manufacturing sector included basic metals, food products, beverages, and cigarettes.
Electricity, gas, steam, and air conditioning supplies increased by 13% in the first half of 2024, reaching 172.5 billion drams, with a 1.3% growth in June. Electricity production rose by 21%, while gas production declined by 13.6%. Revenues from water supply and waste treatment increased by 5.3% year-on-year, reaching 14.9 billion drams.
