The Statistical Committee of Armenia has announced a revision of the country's Gross Domestic Product (GDP) figures for 2023 and the first quarter of 2024. The adjustment is attributed to the reclassification of economic activities and the refinement of data for the final months of 2023 and the beginning of 2024.
According to the updated data, Armenia's GDP for 2023 amounted to 9.45 trillion drams (approximately $24.3 billion), which is 52 billion drams ($133 million) less than the initial estimate. The GDP volume index decreased by 0.4 percentage points and now stands at 108.3%.
The figures for the first quarter of 2024 were also adjusted. GDP for this period decreased by 48.3 billion drams (over $124 million) to 1.922 trillion drams (over $4.9 billion). The volume index dropped by 2.6 percentage points, now reaching 106.6%.
Despite the adjustment, Armenia's economic growth remains significant. Initially, the state budget for 2023 projected a growth rate of 7%, but even after the revision, the actual growth stands at 8.3%, surpassing expectations.
