Armenia’s economic activity shows 10.4% growth in H1 2024
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YEREVAN, July 26. /ARKA/. 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./pp
In June 2024, the economic activity index increased by 7.1% year-on-year and by 11.2% month-on-month./pp
Growth was observed across all sectors of the economy over the six months:/pul li p
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. /p /li li p
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. /p /li li p
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. /p /li li p
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. /p /li li p
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. /p /li/ulp
The report did not provide data on the average nominal monthly salary./ph3Economic Forecasts for Armenia/h3p
The state budget for 2024 projects an economic growth of 7%. Various institutions have provided the following forecasts for Armenia's economic growth:/pul li p
Central Bank of Armenia: 5.3-6.4% growth in 2024. /p /li li p
Eurasian Development Bank (EDB): 5.7% in 2024 and 5.3% in 2025. /p /li li p
World Bank: 5.5% in 2024 and 4.9% in 2025. /p /li li p
International Monetary Fund (IMF): 5% growth in 2024. /p /li li p
European Bank for Reconstruction and Development (EBRD): 6.2% in 2024 and 4.8% in 2025. /p /li li p
Asian Development Bank (ADB): 5.7% in 2024 and 6% in 2025. /p /li li p
Fitch Ratings: 6% in 2024 and 4.9% in 2025. /p /li li p
Standard Poor's (SP): 6.2% in 2024. /p /li li p
United Nations (UN): 5.2% in 2024 and 4.8% in 2025. /p /li/ulp
(Conversion rate: $1 = 388.40 drams)/pp br/pp br/p