By December 2024, the industrial sector saw an increase in its growth  rate

ArmInfo. By December 2024, the industrial sector of Armenia had accelerated its annual growth rate from 2.1% to 7.6%, surpassing the volume of 2.6 trillion AMD ($6.8 billion). However, in November alone, the industry showed a  decline of 0.5% to 274.1 billion AMD ($704.8 million). This is  evidenced by data from the Statistical Committee of the Republic of  Armenia.  Such annual growth can be attributed to the increased  growth in the manufacturing industry, while the mining sector  experienced a deeper decline. 

Specifically, from January to November 2024, compared to the same  period in 2023, the mining and open- pit mining industry saw a  decline accelerate from 5.7% to 8%, totaling 429.5 billion AMD. In  November alone, production dropped by 11.4% to 35.2 billion AMD.  The  manufacturing industry saw a significant increase in its annual  growth rate, jumping from 3.7% to 10.8%, reaching a total of 1.9  trillion AMD. Of this amount, 204 billion AMD were generated  in  November, marking a slight monthly decline of 0.5%.  Within the  manufacturing industry, noticeable decreased in  production volumes  were observed in January- November 2024. Specifically, there was a  34.9% decrease in jewelry production, a 16.4% decrease in the  chemical industry, a 16.8% decrease in other non-metallic mineral  products, and a 12.6% decrease in machinery. 

Significant growth was noted in the production of coke and petroleum  products - 22.1 times, basic metals - by 84.7%, electrical equipment  - by 60.4%, computers, electronic and optical equipment - by 41%,  woodworking industry - by 25.9%, and furniture production - by 19.9%.  In terms of production volumes, the leaders in the manufacturing  industry are food products (576.7 billion AMD), basic metals (424.5  billion AMD), beverages (201.9 billion AMD), cigarettes (176.6  billion AMD) and other non-metallic mineral products (173.3 billion  AMD). According to statistics, the supply of electricity, gas, steam  and air conditioning increased  by 12.6% in January-November 2024  compared to the same period in 2023 (against a 5.7% increase a year  earlier) reaching 311 billion AMD. In November alone, there was a  17.1% increase, totaling 32.5 billion AMD.

Moreover, the generation, transmission and distribution of  electricity from January to November showed an annual increase of 18%  , while gas production and distribution of gaseous fuel through gas  supply systems decreased by 10.4% per year.  Revenues from water  supply, waste treatment, processing and the production of secondary  raw materials increased by 5.7% annually in January-November,  reaching 28.9 billion AMD.  This growth was slightly lower that the  5.9% increase  observed the previous year.  However, there was a  decline in revenue in November, with a decrease of 8.2% to 2.5  billion AMD. It should be noted that the average exchange rate of the  dram to the US dollar in November 2024 was AMD 388.97/$1, and in  January-November 2024 - AMD 392.38/$1.