Armenia`s industrial sector still experiencing double-digit growth

ArmInfo. Armenia's industrial sector in January-August 2024 achieved double-digit 13.7% growth  compared to a 0.1% decline a year earlier, providing a volume of AMD  1.9 trillion ($4.8 billion).

In August alone, the industrial sector grew by 7.5% - to AMD 241.8 billion ($623 million). This is evidenced by data from the Statistical Committee of the Republic of Armenia.   The driver of growth was the manufacturing industry, which  experienced accelerated growth in double- digit figures, against  which the mining sector lingered in decline. Specifically, the mining  sector saw an increase in the annual decline rate from 5.1% to 8.1%,  resulting in a total volume of  AMD 310 billion. At the same time, in  August alone, the volume of the mining sector decreased by 0.2%,  totaling AMD 44.3 billion.

The manufacturing industry accelerated in growth from 0.8% to 20.7%,  exceeding AMD 1.3 trillion, and in just one month, production volumes  increased by 7.8% - to AMD 165.5 billion.  Moreover, in the  manufacturing industry, the highest growth rates were demonstrated by  the production of coke and oil products - 20.4 times, basic metals -  3.4 times, electrical equipment - 60.7%, furniture - 29.9%.  The most  noticeable decline was in the production volumes of machinery and  equipment - by 29.6%, motor vehicles, trailers and semi-trailers - by  24.9%, chemical industry - by 16.8% and the jewelry industry - by  16.6%.

In the manufacturing industry, food products have regained their  leadership in terms of production volumes (352.9 billion). This  pushed basic metals (339.99 billion) to second place, followed by  beverage production (AMD 139.6 billion), other non-metallic products  (122.7 billion) and cigarettes (AMD 114.2 billion).  According to  statistics, the supply of electricity, gas, steam and air  conditioning from January to August 2024, accelerated in growth  annually from 3.3% to 11.7%, amounting to AMD 227.5 billion. In  August, there was a growth of 20.1% - to AMD 28.95 billion.

Moreover, the generation, transmission and distribution of  electricity during the reporting period increased by 18% annually,  and while production and distribution of gaseous fuel through gas  supply systems decreased by 13.3%.  Revenues from water supply, waste  treatment, processing and obtaining secondary raw materials during  the reporting period slowed in annual growth from 5.9% to 5.5%,  amounting to AMD 20.9 billion. In August alone, this figure increased  by 0.9% - to AMD 2.98 billion. Moreover, the upward annual dynamics  in this segment were mainly due to a 24.6% increase in revenues from  the collection, processing and disposal of waste. It should be noted  that the average exchange rate of the dram against the US dollar in  January- August 2024 was AMD 394.08/$1, and in August - AMD  388.08/$1.