Armenia’s Economy Grows 14.3% in First Quarter

YEREVAN — Armenia’s economic activity increased by 14.3% in the first quarter of 2024 compared to the same period in 2023, as reported by the National Statistical Committee. In March of this year, compared to March of last year, economic activity grew by 15.3%. Growth was reported in all spheres of the economy, except for the production of electricity.

The industrial output amounted to 723.7 billion drams, representing a 30.4% increase compared to the first quarter of 2023. The year-over-year increase was 33.5% in March. Total agricultural output reached about 87.3 billion drams, up 3.7%. The construction sector increased by 11.7% to 72.2 billion drams.

Domestic trade reached over 1.2 trillion drams, which is 26.5% higher than in the same period last year. The growth in March compared to March 2023 amounted to 30.4%. The services sector (excluding trade) reached over 745.6 billion drams, which is 5% higher than the same period last year. In March, the year-on-year growth amounted to 4.7%.

Data on average monthly nominal wages were not provided by the Armenian government. The growth projection for 2024 is 7%, according to the Armenian government, while the Central Bank expects the economy to grow in the range of 5.3-6.4% in 2024.

Foreign Trade Turnover Doubled in the First Quarter

Armenia’s foreign trade amounted to about $9.2 billion in the first quarter of 2024, which is 2.1 times more than in January-March 2023, according to the National Statistical Committee. In March this year, compared to March last year, this indicator increased by 2.1 times. Armenian exports increased 2.7 times, amounting to over $4.4 billion. In March, exports increased 3 times year-on-year.

Imports during the reporting period totaled over $4.7 billion, registering a 75.8% increase over the same period in 2023. In March, this indicator grew by 56.2% year-on-year. ($1 – AMD 390.04).

Employment Exceeds 741,600 in March

The number of income-generating officially registered jobs grew to 741,610 in March 2024, as reported by Armenia’s State Revenue Committee. This is 35,316 jobs or 5% higher than in the same month a year earlier.