ArmInfo. The share of MSMEs (micro, small, and medium enterprises) in Armenia's GDP increased from 31% to 34% in 2024. However, excluding microenterprises, SMEs account for only 19% of GDP (compared to 18% in 2023). This is evidenced by the December report of the RA Statistical Committee "Small and Medium Enterprises of Armenia."
Specifically, MSMEs in the trade sector accounted for 12% of GDP, services - 11% of GDP, the industrial sector (including energy) - 6%, and construction - 5%.
The total volume of MSMEs in 2024 increased by 17% to 3.5 trillion drams ($9 billion), with GDP growing by 5.9% to 10.2 trillion drams ($26 billion). In particular, the volume of microenterprises exceeded 1.5 trillion drams (an annual growth of 22.5%), small enterprises - 915.1 billion drams (an annual growth of 16.6%), and medium-sized enterprises - 1.1 trillion drams (an annual growth of 9.6%). Excluding microenterprises, the volume of SMEs grew by 13% over the year. The dominant volume among micro, small, and medium-sized enterprises (MSMEs) is generated by those operating in the trade sector, with over 1.2 trillion drams (over 35% of the total MSME volume) and services, with 1.14 trillion drams (approximately 33% of the total MSME volume). These are followed by representatives of the industrial sector (including energy), with 590.3 billion drams (17% of the total MSME volume), and construction, with 532.6 billion drams (over 15% of the total MSME volume).
At the end of 2024, there were 114,506 MSMEs (micro, small, and medium-sized enterprises), compared to 109,430 in 2023, representing an 5% increase over the year. Of these, there were 108,467 microenterprises (an annual increase of 4.5%), 5,204 small enterprises (an annual increase of 7.5%), and 835 medium-sized enterprises (an annual increase of 2.2%).
By sector, MSMEs are concentrated as follows: almost 50% of microenterprises are in the trade sector (53,764 thousand) and 21% are in manufacturing and IT (a total of 22,380 thousand). The majority of small enterprises are in the trade sector (over 26% or 1,373 thousand) and slightly fewer are in manufacturing (approximately 18% or 927). Medium-sized enterprises are most numerous in manufacturing (approximately 27% or 225) and a total of 32% (or 264) are in the trade sector and IT.
The same report also provides statistics on large enterprises, according to which there are 171 of them (annual growth of 6.2%), and the volume they generate exceeds 1.3 trillion drams ($3.4 billion, with an annual growth of 8.2%), or over 13% of GDP. Most large enterprises operate in the manufacturing industry (55), trade (37), and IT (21). In terms of volume generated by large enterprises, the leading sectors are the industrial sector, with 872.3 billion drams (annual growth of 24%), and the services sector, with 309.7 billion drams (annual decline of 4.2%). These are followed by the construction sector, with 75.5 billion drams (annual growth of 12.5%), and the trade sector, with 84.9 billion drams (annual decline of 42%).
In the GDP structure in 2024, the highest growth was demonstrated by the trade, construction, and services sectors - by 17%, 14.5%, and 10.6%, respectively. Against this backdrop, growth rates in the energy complex, industrial sector, and agricultural sector were more modest - 6.5%, 4.7%, and 1.6%. In terms of volume, the trade sector holds the lead with 6.4 trillion drams, followed by the services sector with 3.5 trillion drams, the industrial sector with 2.99 trillion drams, the agricultural sector with 958.8 billion drams, and construction with 709.5 billion drams. (The dram exchange rate for January-September 2024 was 392.73 drams/$1.)
