Armenia revises GDP Figures for 2023 and Q1 2024

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YEREVAN, August 20. /ARKA/. The National Statistical Committee of Armenia has revised the annual and quarterly GDP figures for 2023, as well as the GDP figure for the first quarter of 2024./pp

According to the committee, these revisions are mainly due to adjustments made by a respondent in April 2024, affecting data from November and December 2023, as well as the first three months of 2024, due to the reclassification of economic activities./pp

As a result of the revision, the GDP figure for 2023 was reduced by 52,046.6 million drams, bringing the total to 9,453,175.0 million drams. The volume index decreased by 0.4 percentage points to 108.3%. Similarly, the GDP figure for the first quarter of 2024 was reduced by 48,290.8 million drams, totaling 1,922,939.6 million drams, with the volume index dropping by 2.6 percentage points to 106.6%./pp

Armenia's economic growth for 2023 was initially projected at 7% in the state budget./pp

Preliminary data from the National Statistical Committee indicated that Armenia's GDP grew by 8.7% in 2023 compared to 2022. In nominal terms, Armenia's GDP at current prices for 2023 was 9,502,778.6 million drams./pp

For the first quarter of 2024, preliminary data showed a GDP growth of 9.2% compared to January-March 2023. The nominal GDP at current prices for this period was 1,971,230.4 million drams./pp br/p