The main drivers of economic activity in Armenia in January 2024 compared to the same period last year were industry (+21.0%), trade (+19.3%), and services (+4.4%). This is highlighted in the forthcoming macroeconomic review from the Eurasian Development Bank (EDB) for the week.
In January 2024, Armenia's economic activity increased by 10.7%, with the role of industry emphasized. The sector contributed 4 percentage points to the growth in economic activity in January, primarily due to the processing of gold jewelry, according to EDB analysts.
The same factor, according to the bank's review, explains the 2.1-fold increase in exports.
Earlier, BMG reported that in January 2023, Armenia witnessed impressive growth in its foreign trade turnover. Exports increased by 2.1 times to over $930 million, while imports rose by 61.4% to $1.2 billion.
