Economic Activity in Armenia Grew by 11.2 Per Cent Year-on-Year in 5 Months

YEREVAN — Economic activity in Armenia grew by 11.2 per cent in January-May 2024 compared to the same period in 2023, the National Statistical Committee reports.

In May this year, economic activity grew by 5.2 per cent compared to May last year, and by 2 per cent compared to April of the same year.

According to official data, all sectors of the economy showed growth in the first five months of this year. There are no data on the agricultural sector,

During the reporting period, the volume of industrial production rose to about AMD 1.2 trillion, increasing by 22% compared to January-May 2023. At the same time, the year-on-year growth in May was 6.9 per cent, while a 0.2 per cent decrease was recorded compared to the previous month.

The construction sector grew by 14.9% to 150.7bn drams compared to the same period in 2023. In May, the figure rose 18.1% year-on-year and 20.1% month-on-month.

Domestic trade volume rose to more than 2.2 trillion drams, 24.6% more than in the same period last year. At the same time, the growth was 17.6 per cent in May compared to May 2023 and 1.4 per cent compared to April of the same year.

The services sector (excluding trade) grew to about 1.3 trillion drams, 3.7 per cent higher than in the same period last year. The year-on-year growth was 2.8 per cent in May.

The Statistics Committee did not provide data on average monthly nominal wages.

Armenia’s economic growth is envisaged at 7 per cent in the state budget for 2024. The Central Bank expects the economy to grow in the range of 6.1-6.8 per cent in 2024.

Foreign Trade Increases 2.2 Times in January-May, Up to $16.3bn.

Armenia’s foreign trade in January-May 2024 more than doubled year-on-year to over $16.3 billion, the National Statistical Committee reported.

It said in May of this year compared to May of last year, the country’s foreign trade increased by 2.3 times, and compared to April of the same year by 48.5%.

Exports from Armenia in January-May 2024 compared to the same period of 2023 grew 2.5 times, to over $7 billion. In May, 12-month exports grew 2.5 times, and by 57.4% from the previous month.

Imports totaled over $9.2 billion, registering an almost 2-fold growth compared to the same period of 2023. In May, 12-month imports were up 2.2 times and up 43.1 per cent compared to the previous month. ($1 – 388.20 drams).