In November 2024, industrial production in Armenia dropped by 19% compared to the same month last year, amounting to $695.9 million. This marks the most significant contraction in the industrial sector in recent periods, despite overall economic activity growing by 7.4% from January to November. These figures were reported by the Statistical Committee of Armenia.
According to the data, the total industrial output for the first 11 months of 2024 reached $6.78 billion, reflecting a 7.6% increase compared to the same period in the previous year. However, there was a 0.5% decline in November compared to October.
A more positive trend was observed in the construction sector, where the volume of work increased by 14.9% year-on-year to $1.44 billion for January-November. In November alone, the sector grew by 11.6% year-on-year, reaching $209.3 million.
Trade turnover also showed strong growth, rising by 18% to $14.22 billion in the first 11 months. In November, the turnover reached $1.56 billion, an 11.5% increase compared to the same month last year. Meanwhile, the volume of services (excluding trade) grew by 6.3% to $7.68 billion, with a 10.4% year-on-year increase recorded in November.
The consumer price index for the first 11 months was 0.2% higher than last year, with a 1.4% year-on-year increase in November. Producer prices for industrial goods rose by 3.4% from January to November, with a 6.1% increase in November compared to the same month in 2023.
Electricity production increased by 4.5% to 7.99 billion kWh during the first 11 months of 2024. Notably, in November, electricity output surged by 21.3% year-on-year, reaching 859.6 million kWh.
