Armenia's economic activity grows by 9.6% in January-July 2024

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YEREVAN, August 26. /ARKA/. Armenia’snbsp; country's economic activity index recorded a 9.6% growth in January-July 2024 compared to the same period in 2023, the country’s National Statistical Committee reported onMonday./pp

In July 2024, the economic activity increased by 6.2% year-on-year and by 5.6% compared to June 2024./pp

The data indicates that all sectors of the economy showed growth during the first seven months of the year, except for the agricultural sector, which was not reported./pp

Industrial production reached 1,636,156.3 million AMD, marking a 15.7% increase compared to January-July 2023. In July, industrial output grew by 2.2% year-on-year and by 2% month-on-month./pp

The construction sector saw a 16.1% growth during the same period, amounting to 259,373.5 million AMD. In July, the construction volume rose by 17.7% year-on-year and by 11.6% compared to June./pp

Domestic trade turnover reached 3,302,151.0 million AMD in January-July 2024, a 21.4% increase over the same period last year. In July, trade turnover increased by 14% year-on-year and by 7.3% month-on-month./pp

The service sector (excluding trade) grew by 4.5% during the reporting period, reaching 1,841,048.5 million AMD. In July, the sector grew by 4.9% year-on-year, although it saw a monthly decline of 1.7%./pp

No data on the average nominal monthly salary was provided./pp

Armenia's 2024 state budget anticipates a 7% economic growth. The Central Bank of Armenia expects the economy to grow between 6.1% and 6.8% this year./pp

The Eurasian Development Bank (EDB) forecasts a 7.5% GDP growth in 2024 and 4.2% in 2025. The World Bank expects Armenia's economy to grow by 5.5% in 2024 and 4.9% in 2025. The IMF predicts a 6% growth in 2024. The EBRD forecasts a 6.2% growth in 2024 and 4.8% in 2025. The Asian Development Bank (ADB) projects a 5.7% growth for 2024 and 6% for 2025. According to Fitch Ratings, Armenia's economy will grow by 6% in 2024 and 4.9% in 2025. SP predicts a 6.2% growth for 2024, while the UN expects a 5.2% increase in 2024 and 4.8% in 2025./pp br/p