Economic activity in Armenia in 2024 grew by 8% due to double-digit growth in two areas - WB

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Economy

24.02.2025, 16:54

Growth in Armenia's economic activity rose from 1.5 percent (yoy) in November to 4.7 percent (yoy) in December, bringing annual growth to 8 percent, according to the World Bank's “Armenia Monthly Economic Update - February 2025”.

Economic activity in Armenia in 2024 grew by 8% due to double-digit growth in two areas - WB

YEREVAN, February 24. /ARKA/. Growth in Armenia's economic activity rose from 1.5 percent (yoy) in November to 4.7 percent (yoy) in December, bringing annual growth to 8 percent, according to the World Bank's “Armenia Monthly Economic Update - February 2025”.

December growth was mainly driven by a 19.4 percent (yoy) expansion in services (excluding trade), a 12.9 percent (yoy) rise in construction, and 10.3 percent (yoy) in trade.

For the second consecutive month, industry contracted by 14.8 percent (yoy) in December, driven by a decline in manufacturing (down 18 percent, yoy) and mining (down 16.2 percent, yoy).

The decline in manufacturing was driven by a fall in production of alcoholic beverages (down almost 20 percent) and base metals (down 70 percent).

Cumulative growth in 2024 reached 8 percent (yoy), driven by double-digit growth in services and construction. After flat growth in 2023, agriculture grew 1.9 percent (yoy)in 2024.

According to Armstat, the volume of industrial production amounted to almost 3 trillion drams (an increase of 4.7% compared to January-December 2023), the agricultural sector to 958.8 billion drams (an increase of 1.6%), the construction sector to 709.5 billion drams (an increase of 14.5%), domestic trade turnover to 6.4 trillion drams (an increase of 17%), services (excluding trade) to 3.5 trillion drams (an increase of 10.6%). ($1 - 393.9 drams) -0-

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