ArmInfo. In Armenia, the price index of industrial products began to rise. Thus, in January-April 2024, the price index for industrial products totaled 100.7% (versus 98.9% in the same period in 2023). This was observed against the backdrop of a sharp acceleration in the y-o-y growth of the industrial sector from 2.4% to 26.8% in January-April 2024, providing volumes of 953.3 billion drams ($2.4 billion).
According to the preliminary data from the RA Statistical Committee, in April 2024, compared to April 2023, the price index of industrial products increased to 103.7%, while in April 2023, compared to April 2022, a decrease to 96.7% was recorded. In April 2024, compared to April 2023, the industrial sector showed an increase in volumes of 16.3%, while a year ago it was in decline by 0.8%.
It is noteworthy that during these periods under review, deflation was recorded in the Armenian consumer market. In particular, in January-April 2024, compared to the same period in 2023, deflation was 1.1%, and in April 2024 compared to April 2023, deflation was recorded at 0.7%, against inflation of 6.2% and 3.2%, respectively during the same periods a year ago. Moreover, deflation in the consumer market was mainly supported by a decrease in food prices: in January-April 2024 compared to the same period in 2023 - by 4.5%, and in April 2024 compared to April 2023 - by 3.3%, while a year earlier, during the same periods, an increase in food prices was recorded - by 6.5% and 1.8%, respectively.
It is worth noting that this is accompanied by an acceleration in the growth of economic activity in Armenia from 12.2% to 13.2% per annum in January-April 2024, and the growth slowdown from 12.1% to 10.4%, in April 2024 by April 2023. In parallel, in January-April 2024 there is an acceleration of the already high y-o-y growth rate of foreign trade turnover from 99.4% to 2.4-fold, as a result of accelerated growth of both exports - from 2.1-fold to 2.8-fold, and imports from 93.9% to 2.1-fold. An acceleration in the growth rate of foreign trade turnover was also observed in April 2024 compared to April 2023 -from 83.5% to 2.7-fold, which was due to the acceleration of y-o-y growth of both exports - from 81.3% to 2.9-fold, and imports - from 84.7% to 2.6-fold. (The average settlement exchange rate for the dram in January-April 2024 was 400.16 AMD/$1).
