Economic activity in Armenia increased by 8% in 2024

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31.01.2025, 15:12

Armenia's economic activity in January-December 2024 registered an increase of 8% compared to the same period in 2023, the National Statistical Committee reports.

Economic activity in Armenia increased by 8% in 2024

YEREVAN, January 31. /ARKA/. Armenia's economic activity in January-December 2024 registered an increase of 8% compared to the same period in 2023, the National Statistical Committee reports.

In December 2024, compared to December 2023, the economic activity increased by 4.7%, and compared to November of the same year - by 22.7%.

Growth was registered in all sectors of the economy. The industrial output amounted to about 3 trillion drams, increasing by 4.7% compared to January-December 2023.

In December, the decline over the previous December was 14.8%, and over the preceding month it was an increase of 17.7%.

The total agricultural output in 2024 amounted to 958.8 billion drams, an increase of 1.6% compared to 2023.

The construction sector in January-December last year, compared to the same period in 2023, increased by 14.5% and amounted to 709.5 billion drams. In December, this figure increased by 12.9% year-on-year and by 72.2% month-on-month.

The domestic trade turnover last year reached about 6.4 trillion drams, which is 17% higher than in the previous year. At the same time, in December, compared to December 2023, the growth was 10.3%, and compared to November of the same year - 24.3%.

According to statistics, the services sector (excluding trade) reached over 3.4 trillion drams, which is 10.6% higher than the same indicator of the previous year. In December, the growth was 19.4% yoy , and 17.1% mom.

The economic growth of Armenia in the state budget for 2024 is envisaged at 7%, and in the budget for 2025 - 5.1%.

Armenia's service sector grew by 10.8% in January-October 2025, reaching 3.33 trillion drams

The turnover of the service sector in Armenia for the period of January to October 2025 was recorded at 3,332,456.5 million drams (at current prices), reflecting a 10.8% increase compared to the same period in 2024, as reported by the Statistical Committee.

10.12.2025 18:13

Domestic trade in Armenia for 10 months amounted to 5.32 trillion drams, an increase of 3.2%

The domestic trade turnover in Armenia from January to October 2025 reached 5,323,923.2 million drams (at current prices), reflecting a 3.2% increase compared to the same period in 2024, as reported by the Statistical Committee.

10.12.2025 17:52

Trade turnover between Armenia and Azerbaijan should encompass all types of goods – Simonyan

The trade turnover between Armenia and Azerbaijan ought to cover all varieties of goods, according to Alen Simonyan, Speaker of the Armenian National Assembly.

10.12.2025 14:58

Construction volume in Armenia increased by 20.6% in the first 10 months, exceeding 551 billion drams

The volume of construction work in Armenia from January to October 2025 amounted to 551,434.5 million drams (in current prices), an increase of 20.6% compared to January to October 2024, according to the Statistical Committee of the Republic of Armenia.

09.12.2025 14:45

Copper and molybdenum concentrate production in Armenia drop over 10-month period

In Armenia, the production of copper concentrate fell by 9.1%, totaling 235,036.6 tons from January to October 2025, in comparison to the same period in 2024, as reported by the Statistical Committee.

08.12.2025 15:32

Armenia Appreciates US Support in Improving Border Customs Control

Armenia appreciates the support from its American partners in enhancing its border customs control infrastructure and building the skills of customs officers, stated Eduard Hakobyan, the Chairman of the State Revenue Committee, during a meeting with Kern Chasney, Regional Advisor for the U.S. Department of State's Export Control and Border Security (EXBS) Program, and Zachary Barter, Director of the Office of International Narcotics and Law Enforcement Cooperation (INL) at the U.S. Embassy in Armenia.

08.12.2025 14:54

Eurasian Development Bank expects price growth in Armenia in 2025 to remain close to Central Bank's target

The Eurasian Development Bank (EDB) forecasts that consumer price growth in Armenia will remain close to the Central Bank 's target of 3±1% this year.

08.12.2025 12:34

Industrial output in Armenia up 3% over the first 10 months, reaching 2.4 trillion drams

Industrial output in Armenia in January-October 2025 amounted to 2,408,950.1 million drams (at current prices), a decrease of 3% compared to January-October 2024, according to the Statistical Committee.

08.12.2025 12:02