EDB revises Armenia's Q1 2024 GDP growth

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YEREVAN, August 26. /ARKA/. The Eurasian Development Bank (EDB) highlighted a significant revision of Armenia's GDP for the first quarter of 2024 in its latest macroeconomic review./pp

According to the report, Armenia's GDP growth for the first half of 2024 was 6.5% year-on-year. The Statistical Committee of Armenia revised the GDP growth for Q1 2024, now estimating a 6.6% year-on-year increase for January-March, down from the previously reported 9.2% year-on-year growth. This revision is attributed to the reclassification of economic activities within the precious metals production sector./pp

Analysts noted that the economic growth in the first half of 2024 was driven by increased trade, financial activities, real estate operations, and growth in the manufacturing sector./pp

Household consumption (+7.6% year-on-year in January-June) and investments (+13.1% year-on-year in January-June) provided substantial support to the economy, the report stated./pp

Armenia's 2024 state budget projects economic growth at 7%, with inflation targeted at 4% (±1.5%). Preliminary data shows that the country's economic activity index grew by 10.4% in January-June 2024 compared to the same period in 2023. The Central Bank of Armenia anticipates economic growth in 2024 to be within the range of 6.1-6.8%, with year-end inflation expected between 0.9-1.3%./pp br/p