World Bank names drivers for doubling of industrial growth in Armenia in September

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Economy

20.11.2024, 18:09

Armenia's economic growth reached 7 percent (yoy) in September, up from 5.6 percent (yoy) in August, according to World Bank's «Armenia Monthly Economic Update – November 2024».

World Bank names drivers for doubling of industrial growth in Armenia in September

YEREVAN, November 20. /ARKA/.Armenia's economic growth reached 7 percent (yoy) in September, up from 5.6 percent (yoy) in August, according to World Bank's «Armenia Monthly Economic Update – November 2024».

Double-digit growth continued in construction (14.7 percent, yoy), trade (13.4 percent, yoy), and services, excluding trade, (11.6 percent, yoy).

Industrial growth doubled to 4.6 percent (yoy) in September, compared with 2.1 percent (yoy) in August, mainly due to growth in manufacturing (6.5 percent, yoy), electricity and energy (9.4 percent, yoy), and water and sanitation (7.1 percent, yoy).

Mining contracted by 5.6 percent (yoy), similar to August. Cumulatively, from January to September, the Economic Activity Index grew 8.7 percent (yoy). -0-

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