Armenia's economic activity rises by 9.6% in first seven months of 2024

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YEREVAN, September 2. /ARKA/. Economic activity in Armenia increased by 9.6% from January to July 2024, driven by growth in the trade (+21.4% year-on-year), industry (+15.7% year-on-year), and services (+4.5% year-on-year) sectors, according to a macroeconomic review published by the Eurasian Development Bank (EDB) on September 2./pp

The review noted that industrial activity accelerated slightly in July, reaching +2.2% year-on-year, up from 1.4% the previous month. However, growth rates in trade and services showed signs of slowing./pp

During the same period, exports of goods rose 2.2 times year-on-year, while imports increased by 79.1% year-on-year, largely due to increased external trade and processing of precious metals./pp

The Armenian government has forecasted a 7% economic growth rate for 2024 in its state budget. The Central Bank of Armenia anticipates a growth range of 6.1% to 6.8% for the country's economy in 2024./p br br