Armenia’s construction industry reports 14.5% growth in 2024

YEREVAN, February 6. /ARKA/. Armenia's construction industry amounted to about 709.5 billion drams (in current prices) in 2024, showing a 14.5% growth compared to 2023, the National Statistical Committee reports.

In December last year, the industry grew by 142.5 billion drams, which is 12.9% more than in December of the previous year.

The government financed construction in the amount of 182.2 billion drams (25.7% of the total), an increase of 14.8% compared to the previous year.

Communities financed construction in the amount of 35 billion drams, a decline of 10.8%. About 5.5 billion drams worth construction was financed through humanitarian aid, a decline of 0.3%.

Organizations financed construction in the amount of 343 billion drams, an increase of 11.1%, and about 144 billion drams worth construction was financed by individuals, an increase of 33.8%.

World Bank loans were used to finance construction in the amount of 7.1 billion drams, loans from the European Bank for Reconstruction and Development were used to finance construction in the amount of 6.8 billion drams, loans from the European Investment Bank were used to finance construction in the amount of 6.7 billion drams, loans from the Asian Development Bank were used to finance construction in the amount of 25 billion drams and loans from the German Development Bank were used to finance construction in the amount of 3.8 billion drams.

The majority of construction work was carried out for real estate construction (319 billion drams). About 115 billion drams were used to finance the construction of transport facilities and more than 87 billion drams were used to finance the construction of electricity, gas, steam and air conditioning facilities. ($1 - 396.83 drams) -0-