Armenia's GDP grows by 6.4% in Q2 2024

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YEREVAN, August 20. /ARKA/. Armenia's GDP grew by 6.4% in the second quarter of 2024 compared to the same period in 2023, the country’s National Statistical Committee reported on Tuesday./pp

The nominal GDP for the reporting period amounted to 2,289,185.6 million drams. GDP per capita at market prices stood at 750,873 drams, or approximately $1,930 and €1,793./pp

The report highlighted significant growth in several sectors compared to the second quarter of 2023. Real estate activities saw the highest increase at 19.7%, followed closely by wholesale and retail trade, and the repair of motor vehicles and motorcycles at 19.6%. The construction and professional, scientific, and technical activities sectors each recorded a growth of 17.9%./pp

Other notable double-digit growth figures were observed in the financial and insurance activities sector (17%) and the supply of electricity, gas, steam, and air conditioning (13.1%)./pp

Additional sectors that experienced growth compared to the same quarter last year included accommodation and food service activities (9.8%), administrative and support service activities (8.9%), manufacturing (8.6%), activities of households as employers (7.5%), water supply, sewerage, waste management, and remediation activities (7.2%), agriculture, forestry, and fishing (5.2%), education (2.2%), and arts, entertainment, and recreation (0.6%)./pp

However, declines were recorded in several industries, including mining and quarrying, which fell by 15.1%, information and communication, down by 14.1%, public administration and defense, compulsory social security, which decreased by 7.4%, transportation and storage (6.9%), and healthcare and social work activities, which declined by 3.1%./pp

Armenia's economic growth for 2024 is projected at 7% in the state budget, with inflation set at 4% (±1.5%). Preliminary data indicates that Armenia's economic activity increased by 10.4% in the first half of 2024 compared to the same period in 2023. The Central Bank of Armenia expects the country's economy to grow between 6.1% and 6.8% in 2024, with inflation forecasted to be within the range of 0.9% to 1.3%./pp br/p