Armenian GDP growth in 2024 revised to 5.9%

After undergoing revision, Armenia's GDP growth in 2024 from the previous year has been corrected to 5.9%.

In nominal terms, Armenia’s GDP has therefore exceeded 10.127 trillion drams (approx. $25.676 billion) by the end of 2024, Caliber.Az reports citing data from the country's Statistical Committee.

The highest growth last year was recorded in the following sectors:

Real estate (+19%)
Financial and insurance activities (+18.1%)
Wholesale and retail trade of automobiles (+16.8%)
Construction (+13.5%)
Information and communication (+11.9%)
Electricity supply (+10.9%)

Declines were observed in:

Mining and open-pit operations (-8.3%)
Transportation and warehousing (-6%)
Education (-5.2%)
Healthcare and social services (-2.5%)

Earlier, the Statistical Committee had provided a preliminary estimate of 8% GDP growth for 2024 while the 2024 state budget had projected GDP growth at 7%. The target for 2025 is set at 5.1%.

By Nazrin Sadigova