Armenia’s economic activity slows to 5.6 percent in August 2024 - WB

YEREVAN, October 21. /ARKA/. In August 2024 , growth in Armenia’s economic activity slowed to 5.6 percent (yoy), down from 6.2 percent (yoy) in July. According to World Bank’s Armenia monthly economic update – October 2024.

Construction and trade continued to grow in double digits (16.5 percent, yoy, and 14.9 percent, yoy, respectively).

Growth in services (other than trade) was also high in August, at 9.5 percent (yoy), nearly doubling July’s 4.9 percent (yoy); this was driven by financial, insurance, hotel, and professional services. Industry continued to grow at the modest rate of 2.1 percent; a 5.5 percent (yoy) contraction in mining was offset by a 3.8 percent (yoy) growth in manufacturing due to greater food and cigarette production in August.

Cumulatively, the Economic Activity Index grew 9 percent (yoy) from January to August.

According to Armenia's National Statistical Committee, the industrial output in January-August 2024 totalled AMD 1.9 trillion, increasing by 13.7% compared to the same period of 2023.

The mining sector and operation of open pits amounted to 310 billion drams (8.1% decrease compared to the same period of 2023), while manufacturing industry upped by 20.7% to   AMD 1.3 trillion. ($1 - AMD 387.16) -0-.