Armenia's GDP grew by 5.9% in 2024, amounting to about 10.1 trillion drams - official statistics
YEREVAN, February 20. /ARKA/. According to preliminary data, Armenia's GDP in 2024 registered a 5.9% increase compared to 2023. This data was published on the website of the National Statistical Committee of Armenia.
In the first quarter of last year, Armenia's GDP grew by 7.9% compared to the same period of the previous year, by 7.3% in the second quarter, by 6.1% in the third quarter, and by 3.7% in the fourth quarter.
In nominal terms, Armenia's GDP at current prices at the end of 2024 amounted to 10,127,165.9 million drams. GDP per capita at market prices was 3,338,443 drams, 8,501 dollars, and 7,857 euros.
According to the report, the largest growth in 2024 compared to 2023 was observed in real estate activities (19%), financial and insurance activities (18.1%), and professional, scientific, and technical activities (17.2%). The highest growth rates were recorded in the following industries: wholesale and retail trade, car and motorcycle repair (16.8%), culture, entertainment, and recreation (16%), construction (13.5%), information and communications (11.9%), and the supply of electricity, gas, steam, and high-quality air (10.9%).
Other areas that showed growth in 2024 compared to 2023 include accommodation and catering services (8.7%), water supply and sanitation, waste management, and recycling (5.7%), manufacturing (4.3%), administration and related activities (4%), households as employers (2%), and agriculture, forestry, and fisheries (1%).
A decline was recorded in the following sectors: public administration and defense, compulsory social security (-17.6%), mining and open-pit mining operations (-8.3%), transportation and warehousing (-6%), education (-5.2%), healthcare and social services (-2.5%). In other service sectors, the decline was 1.2%.
Figures on the Armenian economy
Economic growth in Armenia’s state budget for 2024 was projected at 7%, with inflation forecasted at 4% (±1.5%). According to preliminary data, the economic activity index for Armenia in January-December 2024 showed an 8% increase compared to the same period in 2023. In its monetary policy report for the fourth quarter of last year, the Central Bank of Armenia predicted that Armenia's GDP growth would be 6% by the end of 2024.
