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NEWS » Economy » Armenia’s economic activity shows 10.4% growth in H1 2024
Economy

Armenia’s economic activity shows 10.4% growth in H1 2024

26.07.2024, 17:24
Armenia's economic activity index registered a 10.4% growth in January-June 2024
Armenia’s economic activity shows 10.4% growth in H1 2024

YEREVAN, July 26. /ARKA/. Armenia's economic activity index registered a 10.4% growth in January-June 2024 compared to the same period in 2023, the country’s National Statistical Committee reported on Friday.

In June 2024, the economic activity index increased by 7.1% year-on-year and by 11.2% month-on-month.

Growth was observed across all sectors of the economy over the six months:

  • Industrial Production: The volume reached 1,408.1 billion drams, up by 18.2% compared to January-June 2023. In June, the annual growth was 1.4%, while a monthly decrease of 2.4% was noted.

  • Agriculture: The sector saw a 4% growth compared to the first half of the previous year, with a gross agricultural output of 285.8 billion drams.

  • Construction: The volume of construction grew by 15.7% year-on-year, totaling 202 billion drams. In June, there was an 18% annual growth and a 19.9% monthly increase.

  • Domestic Trade: Turnover for January-June 2024 reached 2,754.2 billion drams, 22.9% higher than the same period last year. In June, there was a 16.2% year-on-year growth and a 4.3% month-on-month increase.

  • Services (excluding trade): The service sector volume exceeded 1,562 billion drams, marking a 4.4% increase compared to the previous year. In June, there was a 7.8% year-on-year growth and a 5.5% monthly increase.

The report did not provide data on the average nominal monthly salary.

Economic Forecasts for Armenia

The state budget for 2024 projects an economic growth of 7%. Various institutions have provided the following forecasts for Armenia's economic growth:

  • Central Bank of Armenia: 5.3-6.4% growth in 2024.

  • Eurasian Development Bank (EDB): 5.7% in 2024 and 5.3% in 2025.

  • World Bank: 5.5% in 2024 and 4.9% in 2025.

  • International Monetary Fund (IMF): 5% growth in 2024.

  • European Bank for Reconstruction and Development (EBRD): 6.2% in 2024 and 4.8% in 2025.

  • Asian Development Bank (ADB): 5.7% in 2024 and 6% in 2025.

  • Fitch Ratings: 6% in 2024 and 4.9% in 2025.

  • Standard & Poor's (S&P): 6.2% in 2024.

  • United Nations (UN): 5.2% in 2024 and 4.8% in 2025.

(Conversion rate: $1 = 388.40 drams)



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