Armenia’s Economy Grows 10.4% in First Half of 2024

YEREVAN — Armenia’s economic activity index registered a 10.4% growth in January-June 2024 compared to the same period in 2023, the country’s National Statistical Committee reported on Friday.

In June 2024, the economic activity index increased by 7.1% year-on-year and by 11.2% month-on-month.

Growth was observed across all sectors of the economy over the six months:

Industrial Production: The volume reached 1,408.1 billion drams, up by 18.2% compared to January-June 2023. In June, the annual growth was 1.4%, while a monthly decrease of 2.4% was noted.

Agriculture: The sector saw a 4% growth compared to the first half of the previous year, with a gross agricultural output of 285.8 billion drams.

Construction: The volume of construction grew by 15.7% year-on-year, totaling 202 billion drams. In June, there was an 18% annual growth and a 19.9% monthly increase.

Domestic Trade: Turnover for January-June 2024 reached 2,754.2 billion drams, 22.9% higher than the same period last year. In June, there was a 16.2% year-on-year growth and a 4.3% month-on-month increase.

Services (excluding trade): The service sector volume exceeded 1,562 billion drams, marking a 4.4% increase compared to the previous year. In June, there was a 7.8% year-on-year growth and a 5.5% monthly increase.

The report did not provide data on the average nominal monthly salary.