Armenia Registers 5.9% Economic Growth in 2024

YEREVAN — Armenia’s economy grew by 5.9% in 2024, surpassing the 10 trillion dram threshold, Economy Minister Gevorg Papoyan has announced.

The minister highlighted this achievement, contrasting it with the 2013-2017 period, when no economic growth was recorded. According to preliminary data, Armenia’s GDP in 2024 increased by 5.9% compared to 2023. This data was published on the website of the National Statistical Committee of Armenia.

In the first quarter of 2024, Armenia’s GDP grew by 7.9% compared to the same period in the previous year, 7.3% in the second quarter, 6.1% in the third quarter, and 3.7% in the fourth quarter. In nominal terms, Armenia’s GDP at current prices at the end of 2024 amounted to 10,127,165.9 million drams. GDP per capita at market prices was 3,338,443 drams, 8,501 dollars, and 7,857 euros.

According to the report, the largest growth in 2024 compared to 2023 was observed in real estate activities (19%), financial and insurance activities (18.1%), and professional, scientific, and technical activities (17.2%). The highest growth rates were recorded in the following industries: wholesale and retail trade, car and motorcycle repair (16.8%); culture, entertainment, and recreation (16%); construction (13.5%); information and communications (11.9%); and the supply of electricity, gas, steam, and high-quality air (10.9%).

Other sectors that experienced growth in 2024 compared to 2023 include accommodation and catering services (8.7%), water supply and sanitation, waste management, and recycling (5.7%), manufacturing (4.3%), administration and related activities (4%), households as employers (2%), and agriculture, forestry, and fisheries (1%).

A decline was recorded in the following sectors: public administration and defense, compulsory social security (-17.6%); mining and open-pit mining operations (-8.3%); transportation and warehousing (-6%); education (-5.2%); and healthcare and social services (-2.5%). In other service sectors, the decline was 1.2%.

Figures on the Armenian Economy

Economic growth in Armenia’s state budget for 2024 was projected at 7%, with inflation forecasted at 4% (±1.5%). According to preliminary data, the economic activity index for Armenia in January-December 2024 showed an 8% increase compared to the same period in 2023. In its monetary policy report for the fourth quarter of last year, the Central Bank of Armenia predicted that Armenia’s GDP growth would reach 6% by the end of 2024.