Manufacturing sector grows by 27.7% in Armenia in H1 2024

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YEREVAN, August 7. /ARKA/. Armenia's manufacturing sector reported a production volume of 1,000,827.2 million drams for the first half of 2024, marking a 27.7% increase compared to the same period in 2023, the National Statistical Committee of Armenia reported on Wednesday./pp

In June 2024, the production volume was 158,278.0 million drams, reflecting a 3.1% year-over-year increase but a 5.2% decline from May 2024./pp

The sector's largest share in the overall structure over the six months was in the production of basic metals, accounting for 30.5%. This segment experienced a significant growth of 3.8 times, producing goods worth 305,303.6 million drams./pp

Food production ranked second with a 24.7% share, despite a 1.5% decline, yielding 246,843.4 million drams. Beverage production came third with a 10% share, showing a slight decrease of 0.5% and totaling 99,707.6 million drams./pp

Other notable sectors included the production of other non-metallic mineral products (8.5% share, down 5.9%, 85,450.1 million drams) and tobacco products (8.1% share, up 6.2%, 80,846.2 million drams)./pp

Rubber and plastic products, and printing activities each accounted for 2.1% of the manufacturing structure. Rubber and plastic products saw a 7.9% increase, reaching 21,201.5 million drams, while printing activities declined by 8%, totaling 20,566.2 million drams./pp

Clothing production held a 2% share (down 4.1%, 19,681.4 million drams), paper products 1.6% (up 3%, 15,762.9 million drams), electrical equipment 1.4% (up 63.9%, 14,371.1 million drams), fabricated metal products 1.2% (up 10%, 12,144.6 million drams), chemicals 0.9% (down 17.9%, 8,664.0 million drams), and furniture 0.8% (up 38.2%, 8,250.0 million drams)./pp

Pharmaceutical products and preparations and machinery manufacturing each had a 0.6% share. Pharmaceuticals increased by 5.5% to 6,016.8 million drams, while machinery manufacturing declined by 26.3%, totaling 5,731.2 million drams./pp

Repair and installation of machinery and equipment (0.5% share, down 24.7%, 4,937.4 million drams) and computer, electronic, and optical products (0.3% share, down 11.2%, 3,533.2 million drams) followed./pp

Textiles (0.2% share, up 12.9%, 2,529.8 million drams) and leather products (0.2% share, up 5.8%, 2,054.6 million drams), as well as wood processing (0.1% share, up 24.7%, 1,244.4 million drams) and coke and refined petroleum products (0.1% share, up 20.4 times, 614.3 million drams), were also part of the manufacturing sector./pp

Other unspecified products accounted for 3.5% of the production structure./pp

Overall, the industrial production volume in Armenia for January-June 2024 was 1,408,107.2 million drams (current prices), up 18.2% compared to the same period in 2023./p br