The Eurasian Development Bank (EDB) has noted a substantial revision in Armenia's GDP growth figures for the first quarter of 2024 in its latest macroeconomic review. According to updated data from Armenia's Statistical Committee, the economy grew by 6.6% year-on-year from January to March, significantly lower than the initial estimate of 9.2%.
Despite this adjustment, Armenia's overall economic development trend remains positive. The EDB reports that GDP growth for the first half of 2024 reached 6.5% compared to the same period last year. The revision of quarterly figures is attributed to the reclassification of economic activities within the precious metals production sector.
EDB analysts emphasize that the main drivers of growth in the first half of the year were the increase in trade volumes, the activation of the financial sector, the rise in real estate transactions, and growth in manufacturing. The contribution of domestic demand was particularly notable, with household consumption up by 7.6% and investments rising by 13.1% year-on-year.
Earlier, BMG reported that Armenia’s Statistical Committee had announced a revision of the country’s gross domestic product (GDP) figures for 2023 and the first quarter of 2024. The adjustments were linked to the reclassification of economic activities and the updating 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 AMD 9.45 trillion (approximately USD 24.3 billion), which is AMD 52 billion (USD 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 revised. GDP for this period decreased by AMD 48.3 billion (over USD 124 million) to AMD 1.922 trillion (over USD 4.9 billion). The volume index dropped by 2.6 percentage points, standing at 106.6%.
Armenia's economic growth is projected at 7% in the 2024 state budget, with inflation targeted at 4% (±1.5%).
