According to the Eurasian Development Bank's (EDB) Macroeconomic Review, Armenia's economy continued to show strong growth in the first half of 2024, with economic activity rising by 10.4% compared to the same period last year.
The main driver of this growth has been the industrial sector, which expanded by 18.2% from January to June. Notably, the production of precious metals and gold products increased by 3.8 times. The services sector also showed positive dynamics, growing by 4.4%, largely due to a 19% increase in financial activities.
However, EDB experts predict some slowdown in growth in the second half of the year as the boost from the expanded production of precious metals is expected to wane. The bank forecasts Armenia's economic growth to be around 7.5% for the year.
The same data for the first six months of 2024 indicates that the EAEU countries demonstrated varying levels of industrial production growth compared to the same period in 2023.
Armenia led with an 18.2% increase in real industrial output, followed by Tajikistan with an 11.5% rise. Belarus showed a 7.1% growth, while Russia's growth was 4.4%. Kazakhstan and Kyrgyzstan reported more modest results, with industrial production increasing by 2.8% and 1%, respectively.
