Armenian economist Suren Parsyan expressed concern over Armenia's current economic indicators in an interview with BMG. He noted that the growth rate of economic activity has slowed significantly in recent months due to a decrease in jewelry production and re-exports.
"The modest 1.8% growth in the agricultural sector is particularly alarming, especially considering the substantial government spending in recent years, which has essentially been squandered on agricultural support," Parsyan emphasized.
He predicts that the economic situation will worsen in November and December, as the current administration has failed to find an alternative to the growth in the jewelry industry seen since last November.
Previously, BMG reported that Armenia’s economic activity grew by 8.7% year-on-year for January–September 2024, according to the Statistical Committee.
The highest growth rates were recorded in the retail trade sector (19.5%), construction (15.9%), and industry (12.6%). The services sector grew by 5.9%, while agriculture showed only a 1.8% increase.
The government budgeted for 7% economic growth in 2024, with an inflation target of 4% (±1.5%). Meanwhile, S&P forecasts Armenia’s economy to grow by 6.2% in 2024, and the UN projects growth at around 5.2%.
