Armenia's GDP grows by 6.4% in Q2 2024
YEREVAN, August 20. /ARKA/. Armenia's GDP grew by 6.4% in the second quarter of 2024 compared to the same period in 2023, the country’s National Statistical Committee reported on Tuesday.
The nominal GDP for the reporting period amounted to 2,289,185.6 million drams. GDP per capita at market prices stood at 750,873 drams, or approximately $1,930 and €1,793.
The report highlighted significant growth in several sectors compared to the second quarter of 2023. Real estate activities saw the highest increase at 19.7%, followed closely by wholesale and retail trade, and the repair of motor vehicles and motorcycles at 19.6%. The construction and professional, scientific, and technical activities sectors each recorded a growth of 17.9%.
Other notable double-digit growth figures were observed in the financial and insurance activities sector (17%) and the supply of electricity, gas, steam, and air conditioning (13.1%).
Additional sectors that experienced growth compared to the same quarter last year included accommodation and food service activities (9.8%), administrative and support service activities (8.9%), manufacturing (8.6%), activities of households as employers (7.5%), water supply, sewerage, waste management, and remediation activities (7.2%), agriculture, forestry, and fishing (5.2%), education (2.2%), and arts, entertainment, and recreation (0.6%).
However, declines were recorded in several industries, including mining and quarrying, which fell by 15.1%, information and communication, down by 14.1%, public administration and defense, compulsory social security, which decreased by 7.4%, transportation and storage (6.9%), and healthcare and social work activities, which declined by 3.1%.
Armenia's economic growth for 2024 is projected at 7% in the state budget, with inflation set at 4% (±1.5%). Preliminary data indicates that Armenia's economic activity increased by 10.4% in the first half of 2024 compared to the same period in 2023. The Central Bank of Armenia expects the country's economy to grow between 6.1% and 6.8% in 2024, with inflation forecasted to be within the range of 0.9% to 1.3%.
