Economic activity in Armenia increases by 8.7% over 9 months

YEREVAN, October 25. /ARKA/. According to preliminary data from the Armenian National Statistical Committee, Armenia’s economic activity indicator rose by 8.7% in January-September 2024 compared to the same period in 2023.

In September 2024, economic activity grew by 7% year-on-year and by 6.6% compared to August 2024.

According to available data, all economic sectors saw growth in the first nine months of this year, though information on the average monthly nominal salary is not provided.

During the reporting period, the volume of industrial production reached 2,123,520.8 million drams, up by 12.6% compared to January-September 2023. In September alone, growth was recorded at 4.6% year-on-year and 1.6% month-on-month.

Gross agricultural output for January-September increased by 1.8%, totaling 628,664.6 million drams. September data on agricultural growth is not provided.

Construction volume for the first nine months of 2024 increased by 15.9% year-on-year to 406,371.7 million drams. In September, this sector recorded a 14.7% increase year-on-year and a 5.7% rise compared to August.

Reaching 4,418,461.8 million drams from January to September, trade turnover rose by 19.5% compared to the same period last year. In September, trade turnover grew by 13.4% year-on-year but declined by 0.5% month-on-month.

The volume of services amounted to 2,444,300.9 million drams for the reporting period, a 5.9% increase from last year. In September, services saw an 11.6% year-on-year increase, though a month-on-month decline of 2.5% was noted.

Figures and forecasts for the Armenian economy

The state budget for 2024 envisages economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to be in the range of 6.5-5.8%. -0-