Armenia's GDP growth slowed to 5.2 per cent to about AMD 2.7 trillion in Q3 - official statistics
YEREVAN, 20 November. /ARKA/. Armenia's GDP in the third quarter of 2024, according to preliminary data, recorded a 5.2 per cent growth compared to the same period of 2023, the National Statistics Committee reported.
In the first quarter of this year, Armenia's GDP was 6.6 per cent, while in the second quarter - 6.4 per cent. In nominal terms it totalled over AMD 2.7 trillion in current prices. GDP per capita in market prices totalled 894,328 drams, or $2,306, or 2,009 euros.
Compared to the same quarter of 2023, the highest growth rates were posted by real estate-related activities -32.3%, professional, scientific and technical activities -27% and culture, entertainment and recreation - 25.7%.
Three other sectors also recorded double-digit growth rates: financial and insurance activities - 24.5 per cent, construction - 16.8 per cent and wholesale and retail trade, repair of motor vehicles and motorbikes - 14.2 per cent.
Sectors that also showed growth compared to the third quarter of last year were manufacturing at 8.9 per cent, accommodation and food services at 7.2 per cent, water supply, sewerage and waste management at 6.4 per cent, health and social services at 5.1 per cent and administrative and related activities at 0.5 per cent.
Declines were recorded in public administration and compulsory social security - 23.7%, education - 11.3%, information and communication - 10.9%, transport and warehousing - 5.9%, provision of electricity, gas, steam and air quality - 3.6%, mining and operation of open-pit mines - 3.6%, and agriculture, forestry and fisheries - 1.2%.
Armenia's economic growth in the state budget for 2024 is envisaged at the level of 7%, inflation – at 4% (±1.5%).
According to preliminary data, Armenia's economic activity in January-September 2024 grew by 8.7 per cent compared to the same period in 2023. The Central Bank of Armenia expects the country's economy to grow by 6.5-5.8 per cent in 2024 and inflation to be in the range of 2.1-2 per cent. -0-
