According to the latest World Bank report, "Armenia Monthly Economic Update – September 2024," Armenia’s economy continues to grow, though with signs of slowing in some sectors.
For the period from January to July 2024, overall economic growth was 9.6% compared to the same period last year.
However, a slight decline in growth rates was observed in July. The economic activity index decreased from 7% in June to 6.2% in July year-on-year. This slowdown is especially noticeable in the trade sector, where growth fell from 16.2% to 14%, and in the services sector (excluding trade), where the growth rate dropped from 7.8% to 4.9%.
Despite the overall slowdown, some industries continue to show steady performance. The construction sector, for example, maintains stable growth of around 18%. Industrial production also saw a slight improvement, rising from 1.3% to 2.2%, mainly due to a 13% increase in the energy sector.
In the manufacturing sector, trends are mixed. Production of food, beverages, and jewelry declined by 5%, 4.4%, and 27%, respectively. However, this was offset by significant growth in the production of cigarettes (21%), textiles (23%), and metallurgy (74%).
The mining industry continues to face challenges, though the rate of decline slowed from 10.7% in June to 5.4% in July.
