World Bank names main factor for slowdown in Armenia's economic activity growth in October

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Economy

20.12.2024, 17:18

Economic activity growth in Armenia slowed to 4.2% (year-on-year) in October from 7% in September, led by the services sector (excluding trade), which slowed from 11.6% (year-on-year) in September to 5.2% in October, mainly due to slowdown in hotel services, according to World Bank's 'Armenia Monthly Economic Update – December 2024.'

World Bank names main factor for slowdown in Armenia's economic activity growth in October

YEREVAN, December 20. /ARKA/. Economic activity growth in Armenia slowed to 4.2% (year-on-year) in October from 7% in September, led by the services sector (excluding trade), which slowed from 11.6% (year-on-year) in September to 5.2% in October, mainly due to slowdown in hotel services, according to World Bank's 'Armenia Monthly Economic Update – December 2024.'

The WB notes that double-digit growth in construction and trade was maintained at about 14% in each sector. The industrial growth rate increased to 5.3% in October from 4.6% in September, mainly due to electricity and energy (21.8%). The manufacturing industry grew by 6.6%. Mining industry decreased by 10.1%. In total, the economic activity index from January to October increased by 8.1%.

The economic growth of Armenia in the state budget for 2024 is envisaged at 7%, and in the budget for 2025 – at 5.1%. According to the Central Bank, Armenia's GDP growth is expected to be at the level of 6% in 2024. The forecast for 2025 is within 7.1-4.8%.

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