7.6% economic activity growth in Armenia in Jan-Sept, 2025 

ArmInfo.  In Armenia, economic activity growth slowed to 7.6% annually in January-September 2025 (from 8.7% in the same period of 2024). Moreover, the industrial  sector, which was one of the growth drivers a year earlier, is  weakening the pace of economic growth with the current downturn.  According to preliminary data from the RA Statistics Committee, this  is accompanied by a deterioration in the foreign trade trend from  significant growth to a significant decline.

According to statistics, the slowdown in economic activity growth in  January-September 2025 was largely due to a deterioration in the  annual dynamics of the industrial sector, from 12.6% growth to 5.7%  decline, and a significant slowdown in trade growth, from 19.5% to  3.5%. Significant growth was observed in the energy sector, rising  from 1.2% to 4.6%. Meanwhile, the service sector accelerated its  annual growth from 5.9% to 9.9%, with a more pronounced pace in the  construction sector, rising from 15.9% to 20.7%. The statistical  report for this period also includes data on the agricultural sector,  indicating an acceleration in annual growth from 1.8% to 6%.

According to statistical data for January-September 2025, the trade  sector holds the lead in absolute terms, with a volume of 4.7  trillion drams ($12.2 billion). The services sector ranks second,  with 2.9 trillion drams ($7.6 billion), and the industrial sector  ranks third, with 2.1 trillion drams ($1.5 billion). AMD ($5.3  billion), fourth place was the agricultural sector - AMD 686.6  billion ($1.8 billion), and fifth place was the construction sector -  AMD 462.2 billion ($1.2 billion). Electricity generation in  January-September 2025 amounted to 6,716.4 million kWh, of which  764.5 million kWh in September alone.

Meanwhile, in September 2025, compared to September 2024, economic  activity, on the contrary, accelerated in growth to 10.5% (from 7% a  year earlier), and in September alone, growth accelerated from 5.4%  to 9.8% (compared to a slowdown in growth in September 2024 from 7.2%  to 6.6%).

Moreover, in September 2025, industrial sector growth slowed from  10.7% to 5.1%, a more pronounced decline seen a year earlier-from  7.5% to 1.6%. Simultaneously, growth in the construction sector  slowed in September, from 19.4% to 6.7%. In the services sector,  growth in September worsened from 3.8% growth to a 2% decline, as was  also observed in the trade sector-from 1.2% growth to a 1.3% decline.   However, the energy sector's growth deteriorated even more sharply in  September, from 10.6% growth to a 10.5% decline.

In annual terms (September 2025 to September 2024), all sectors  demonstrated an upward trend: the construction sector showed the  highest annual growth - 22%, followed by the energy complex - 13.2%,  the industrial sector - 10.1%, the service sector - 7.9%, and the  trade sector - 0.9%. A year earlier, in September 2024 to September  2023, all sectors also showed growth: construction - by 14.7%, trade  - by 13.4%, the service sector - by 11.6%, the energy complex - by  7%, and the industrial sector - by 4.6%.

Against this backdrop, Armenia's foreign trade turnover in  January-September 2025 amounted to 5.7 trillion drams ($14.6  billion), a decline of 39.3% year-on-year (compared to 73.5% growth a  year ago).  This is due to a significant decline in both exports and  imports-by 46.8% and 33.4% year-on-year, respectively, while last  year both indicators demonstrated significant growth-by 2.1 times  (exports) and 54.2% (imports). As a result, the absolute value of  exports for January-September 2025 amounted to 2.2 trillion drams  ($5.7 billion), and imports-3.5 trillion drams ($8.9 billion).

In September 2025, compared to September 2024, foreign trade turnover  declined by 21.6%, driven by a 24.4% decline in exports and a 19.5%  decline in imports. A year earlier, in September 2024, compared to  September 2023, foreign trade turnover grew by 22.4%, driven by a  38.9% increase in exports and an 11.9% increase in imports.

Starting in 2023, the methodology for calculating electricity  generation volumes in statistical reports has changed; in particular,  the volume of electricity generated by independent generators has now  been included. For the agricultural sector, data is published only in  quarterly and annual statistical reports. (The average dram exchange  rate in January-September 2025 was 388.66 drams per US dollar.)