Armenian finance minister highlights key drivers of economic growth in 2024

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Economy

13.01.2025, 14:28

The 8.7% growth in economic activity in Armenia in January-September 2024 is attributed to growth in the sectors of essential services, trade, and industry, said Finance Minister Vahe Hovhannisyan.

Armenian finance minister highlights key drivers of economic growth in 2024

YEREVAN, January 13. /ARKA/. The 8.7% growth in economic activity in Armenia in January-September 2024 is attributed to growth in the sectors of essential services, trade, and industry, said Finance Minister Vahe Hovhannisyan.

He noted that while the high growth rate seen at the start of the year has gradually slowed, it has remained at a relatively high level.

"The growth was driven by a sharp increase in the production of jewelry and basic metals, as well as the consumption and economic activity of forcibly displaced compatriots from Nagorno-Karabakh," Hovhannisyan said.

According to Armenian Statistical Committee, the volume of industrial production in the first nine months of 2024 amounted to 2.1 trillion drams, reflecting a 12.6% increase compared to January-September 2023. Domestic trade turnover reached 4.4 trillion drams, up by 19.5%, and the services sector (excluding trade) amounted to 2.4 trillion drams, an increase of 5.9%.

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