Armenia’s Economic Activity Up 13.2% Year-on-Year in First 4 Months of 2024

YEREVAN – Armenia’s economic activity registered a 13.2% growth in January-April 2024 compared to the same period in 2023, the National Statistical Committee reports.
According to the official data, the growth was registered in all sectors of the economy. No data was available on agrarian sector.

The industrial output amounted to 229,6 billion drams, up 26.8% compared to January-April 2023. The  construction sector increased by 13.7% compared to the same period of 2023 and amounted to 107.8 billion drams.

The turnover of domestic trade grew to over 1.7 trillion drams, which is 26.7% higher than in the same period of last year.
According to the statistical data, the volume of services (excluding trade) reached over 1 triillion drams, which is 3.9% higher than the same indicator of the past year.  The statistical service did not provide data on average monthly gross salary.

Armenia’s economic growth in the state budget for 2024 is envisaged at the rate of 7%. The Central Bank of Armenia expects the country’s economy to grow in the range of 5.3-6.4% in 2024.

Armenia’s foreign trade turnover grew up to $13.7 billion in the first quarter of 2024, showing a 140% increase compared to the same period of 2023.

April’s figure grew by 0.6% compared to March 2024 and by 170% compared to April 2023.

Exports from Armenia grew by 180% in Q1 2024, compared to the same period of 2023, standing at $5.99 billion, or 2,396.5 billion AMD. The exports in April, however, showed a monthly decrease by 16.5%.

Armenia’s imports grew by 110% to $7.73 billion in the same period. The imports in April showed a monthly increase by 15.6%.