Economic activity in Armenia increased by 8.1% in 10 months

YEREVAN, November 25. /ARKA/. According to preliminary data, Armenia's economic activity in January-October 2024 increased by 8.1% compared to the same period in 2023, reports the National Statistical Committee of the country.

Moreover, in October of this year, compared to October of last year, the economic activity increased by 4.2%, but  compared to September of 2024, it was down 4.6%.

Growth for the first ten months  was recorded in all sectors of the economy; data on the agricultural sector and the average monthly nominal salary are not provided.

During the reporting period, the industrial production amounted to 2,398,982.7 million drams, marking an increase of 11.7% compared to January-October 2023. At the same time, in October, the growth was 5.3% compared to the same month last year, and 10.9% compared to the previous month.

The construction sector increased by 15.5% compared to the same period in 2023, totaling 484,545.9 million drams. In October, this figure grew by 13.5% year-on-year and by 3.3% month-on-month.

At the same time, the domestic trade turnover reached 4,990,023.3 million drams, which is 18.8% higher than the figure for the same period last year. Additionally, in October, compared to October 2023, the growth was 13.7%, and compared to September of the same year, it was 2.1%.

According to statistics, the services sector (excluding trade) reached 2,734,696.9 million drams, which is 5.8% higher than the same figure last year. In October, the growth was 5.2% year-on-year, while a decline of 2.5% was recorded month-on-month.

Figures and forecasts for the Armenian economy

The state budget for 2024 projects economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economy to grow in 2024 within a range of 6.5-5.8%. The draft state budget for 2025 projects economic growth at 5.6%.

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