Armenia’s economic activity slows to 5.6 percent in August 2024 - WB

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YEREVAN, October 21. /ARKA/. In August 2024 , growth in Armenia’s economic activity slowed to 5.6 percent (yoy), down from 6.2 percent (yoy) in July. According to World Bank’s Armenia monthly economic update – October 2024./pp

Construction and trade continued to grow in double digits (16.5 percent, yoy, and 14.9 percent, yoy, respectively)./pp

Growth in services (other than trade) was also high in August, at 9.5 percent (yoy), nearly doubling July’s 4.9 percent (yoy); this was driven by financial, insurance, hotel, and professional services. Industry continued to grow at the modest rate of 2.1 percent; a 5.5 percent (yoy) contraction in mining was offset by a 3.8 percent (yoy) growth in manufacturing due to greater food and cigarette production in August./pp

Cumulatively, the Economic Activity Index grew 9 percent (yoy) from January to August./pp

According to Armenia's National Statistical Committee, the industrial output in January-August 2024 totalled AMD 1.9 trillion, increasing by 13.7% compared to the same period of 2023./pp

The mining sector and operation of open pits amounted to 310 billion drams (8.1% decrease compared to the same period of 2023), while manufacturing industry upped by 20.7%nbsp;to nbsp;nbsp;AMD 1.3 trillion. ($1 - AMD 387.16) -0-./p