The pace of economic activity growth in Armenia has significantly increased, reaching 16.3% in February 2024 compared to 10.7% in the previous month. This information is contained in the monthly review of Armenia's economic development presented by the World Bank.
The acceleration of growth was driven by a sharp increase in production volumes in industry and trade. In particular, growth in manufacturing, the main branch of the industrial sector, increased from 39% in January to 54% in February.
This was due to an increase in production volumes of gold and precious stones by 12.2 times. There was also a recovery in growth in the mining industry after a contraction recorded in January.
The construction sector also showed a return to growth, reaching 11.7% in February after a slight decrease in the previous month.
The trade sector, the second most significant, expanded by 28.3%, mainly due to wholesale trade, including exports.
The growth of the services sector, excluding trade, was 6%, compared to 4.4% in the previous month.
BMG wrote that the economic growth forecast for 2024, included in Armenia's budget, is 7%. The Central Bank expects growth in the range of 5.3-6.4%, the Eurasian Economic Union - 5.7%, and the World Bank forecasts growth at 4.7%.
