ArmInfo. In Armenia, economic activity growth slowed down to 7.4% per annum in January-November 2024 compared to 9.4% in the same period of 2023. This is evidenced by the final data from the RA Statistical Committee, which also shows a decline in the dynamics of exports and imports.
Based on the information in the final statistical report, the significant growth in industrial production is no longer coming from the jewelry industry, which previously experienced substantial growth, but is now facing a decline of 34.9%. The industrial sector's high growth is now supported to a greater extent by the production of basic metals, coke and petroleum products, and to some extent by the metallurgical industry, electrical equipment, furniture, and woodworking. Moreover, it is worth noting that the production of coke and liquefied petroleum products has shown the highest growth (22b.1 times in the reporting period) despite its small volume. However, the production of basic metals remains in the top three in terms of volume (424.5 billion AMD), and continues to show high growth rates (84.7%). In comparison, the food industry, which holds the top position, in terms of volume (576.8 billion drams), is experiencing weaker growth (4.2%).
According to the final statistics, the growth of economic activity in January-November 2024 was largely attributed to the trade sector - with a slowdown in growth rates from 24.3% to 18%, the construction sector - with a slowdown in annual growth rates from 15.6% to 14.9%. The industrial sector saw acceleration in growth rates from 2.1% to 7.6%. Lower growth rates were recorded during this period in the services sector at 6.3% and the energy complex at 5.9%. Both sectors had shown double-digit growth rates a year ago. There is no data available on the agricultural sector, as the information is published only in quarterly and annual reports.
According to statistical data from January to November 2024, the trade sector leads in absolute value with a volume of 5.6 trillion drams ($14.3 billion). The service sector takes second place with 3.03 trillion drams ($7.7 billion), followed by the industrial sector with 2.7 trillion ($6.8 billion). Due to a lack of data on the agricultural sector the construction sector holds the fourth position with 567.02 billion drams ($1.4 billion). In the same period, electricity generation totaled 8455 million kWh, with 893.8 million kWh generated in November alone. Economic activity growth experienced a significant slowdown in November 2024 compared to the previous year, dropping from 11.2% to 1.2%. November also showed stagnation, contrasting with a 4.6% decline in October and a 0.6% growth in November 2023. Moreover, in November 2024, the industrial sector saw a decline of 0.5% from 10.9% growth, a shark contrast to the previous year's 26.8% growth in the same month.
In annual terms (November 2023 to November 2024), almost all sectors, with the exception of the industrial sector, showed positive growth trends. The energy complex showed annual double-digit growth - 17.3%, the construction sector - 11.6%, the trade sector - 11.5% and the services sector - 10.4%. The industrial sector experienced a decline of 19%, compared to a growth of 23.8% the previous year. In the period from November 2022 to November 2023, all sectors of the economy, including the industrial sector and the energy complex, experienced growth: the trade sector - 32.1%, the construction sector - 11.4% and the services sector - 2.4%. Armenia's foreign trade turnover in January-November 2024 reached 11.1 trillion. drams ($28.2 billion), showing a slight increase in the annual growth rate to 54% from 42.4% in the same period in 2023. This is due to a slight acceleration in the annual growth rate of imports - from 41% to 41.5%, and a significant increase in export growth - from 44.7% to 73.9%. The total value of exports was 6.2 trillion and imports were 4.9 trillion drams ($15.9 billion and $12.3 billion).
In November 2024, there was a significant shift in foreign trade dynamics compared to November 2023. Foreign trade turnover declined by 27.4%, a stark contrast to 48.2% growth seen the previous year. This decline can be attributed to both exports and imports decreasing by 35% and 21.4%, respectively (from growth of 85.7% and 25% a year earlier). In November alone, exports and imports saw a reversal in dynamics from 7.5-11.3% growth to 19.6-12.8% decline. As a result, foreign trade turnover shifted from 9.7% growth to 15.6% decline.
It should be noted that since 2023, the methodology for calculating the volumes of generated electricity has changed in statistical reports. This includes accounting for electricity generated by autonomous producers also began to be taken into account. Data for the agricultural sector is only published in quarterly and annual statistical reports. (The average calculated exchange rate of the dram in January-November 2024 was AMD 392.38 drams/$1).
