According to the World Bank's monthly economic review, Armenia's economic growth slowed to 1.2% year-on-year in November 2024, down from 4.2% in October. This deceleration was primarily driven by a sharp decline in the industrial sector.
The report highlights a 19% year-on-year drop in industrial output, with manufacturing falling by 24.4% and mining by 6.9%. The production of non-ferrous metals saw the steepest decline, plummeting by 70%. Meanwhile, other key manufacturing industries, such as food, tobacco, and beverages, continued to grow.
The services sector showed strong performance, with growth accelerating from 5.2% in October to 10.4% in November. Construction and trade also maintained double-digit growth rates. Overall, economic growth for January-November 2024 reached 7.4% year-on-year, driven by an 18% increase in the trade sector.
