Armenia's economic activity ups 14.3% year-on-year in first quarter

YEREVAN, April 25. /ARKA/. Armenia's economic activity upped 14.3% in the first quarter of 2024 compared to the same period of 2023, the National Statistical Committee reports.

In March of this year compared to March of last year, the economic activity grew by 15.3%. Growth was reported by all spheres of economy, except for the production of electricity.

The industrial output amounted to 723.7 billion drams, having increased by 30.4% compared to the first quarter of 2023. The year-over-year increase was 33.5% in March.

Total agricultural output totaled about 87.3 billion drams, up 3.7%. The construction sector increased by 11.7% to 72.2 billion drams.

Domestic trade reached over 1.2 trillion drams, which is 26.5% higher than in the same period last year. The growth in March compared to March 2023 amounted to 30.4%.

The services sector (excluding trade) reached over 745.6 billion drams, which is 5% higher than the same period last year. In March, the year-on-year growth amounted to 4.7%.

The data on average monthly nominal wages were not provided by. Armenian government's growth projection for 2024 is 7%. The Central Bank expects the economy to grow in the range of 5.3-6.4% in 2024. -0-