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.
