Armenia’s Economic Activity Rises by 8.7% Over Nine Months

YEREVAN – Preliminary data from Armenia’s National Statistical Committee reveals an 8.7% increase in the country’s economic activity indicator for January–September 2024 compared to the same period in 2023.

In September 2024, economic activity grew by 7% year-on-year and by 6.6% compared to August 2024.

All economic sectors recorded growth in the first nine months, though information on the average monthly nominal salary remains unavailable.

During this period, industrial production volume reached 2,123,520.8 million drams, a 12.6% increase from January–September 2023. In September, industrial production rose 4.6% year-on-year and 1.6% month-on-month.

Gross agricultural output for January–September increased by 1.8%, totaling 628,664.6 million drams. September-specific data for agricultural growth was not provided.

Construction volume for the first nine months of 2024 grew by 15.9% year-on-year, reaching 406,371.7 million drams. In September, construction recorded a 14.7% increase year-on-year and a 5.7% rise from August.

Trade turnover from January–September reached 4,418,461.8 million drams, marking a 19.5% increase from the previous year. In September, trade turnover grew by 13.4% year-on-year but dipped by 0.5% month-on-month.

The volume of services reached 2,444,300.9 million drams in the reporting period, a 5.9% year-on-year increase. In September, services saw an 11.6% annual increase but a 2.5% month-on-month decline.

Armenian Economic Growth Projections

The 2024 state budget anticipates economic growth in Armenia at 7%. The Central Bank of Armenia forecasts growth between 6.5% and 5.8% for the year.

Foreign Trade Turnover Surges by 73.5% to $23.7 Billion

Armenia’s foreign trade turnover for January–September 2024 exceeded $23.7 billion, a 73.5% increase compared to the same period in 2023, as reported by the National Statistical Committee.

In September 2024, foreign trade increased by 22.4% year-on-year but dropped 13% compared to August. In Armenian drams, foreign trade turnover surpassed 9.3 trillion.

Exports in January–September 2024 more than doubled year-on-year, reaching approximately $10.6 billion. September exports increased by 38.9% year-on-year but decreased by 13.1% month-on-month, amounting to roughly 4.2 trillion drams.

Imports totaled over $13.1 billion, a 54.2% increase from the same period in 2023. In September, imports rose by 11.9% year-on-year but decreased by 12.9% month-on-month, amounting to about 5.2 trillion drams. (Exchange rate: $1 = 387.25 drams)