Armenia's economy showed strong growth of 9.6% in the first seven months of 2024, according to a macroeconomic review released by the Eurasian Development Bank (EDB) on September 2.
The primary contributors to this growth were trade, which increased by 21.4%, industry with a 15.7% rise, and the services sector, which grew by 4.5%.
In July, the industrial sector experienced a slight acceleration, with growth of 2.2% compared to 1.4% in the previous month. However, the growth rates in trade and services slowed down.
Additionally, from January to July, exports of goods doubled, while imports increased by 79.1%, driven by the expansion of foreign trade and active processing of precious metals.
The economic growth forecast for Armenia in 2024, as projected in the state budget, is 7%, while the Central Bank of Armenia expects the economy to grow within the range of 6.1% to 6.8%.
