Growth of economic activity in Armenia is due to unstable factors -  Luys Foundation 

ArmInfo. The growth of economic activity in Armenia is driven by unstable factors, according to an analysis by the Luys Foundation of the socio-economic  development of the Armenian economy in January-November 2025.

The foundation's analysis, received by ArmInfo, notes that Armenia  has maintained a high rate of economic growth in recent months. It  adds that in November of this year, the GDP growth rate was 10.4%,  and the cumulative index for January-November was 8.3%, accelerating  by 0.2 percentage points compared to the corresponding index of the  previous month. However, two important factors driving GDP  growth-high construction growth and industrial recovery-are rooted in  unstable processes. "Industrial growth is accelerating, although the  underlying factors remain unstable. The industrial sector has begun  to recover rapidly, and positive growth indicators are already being  recorded. However, growth in recent months is primarily driven by  growth in the non-ferrous metals subsector of manufacturing, which  accounted for 18.4 percentage points of the 20.8% growth in  manufacturing in October of this year. The latter is primarily due to  the re-export of gold and other metals," the fund's analysts believe.

At the same time, they note that positive trends in the export sector  of the economy are still very insignificant. They emphasize that,  although export and import indicators have already turned positive  and accelerated sharply, they are still insufficient to indicate  recovery and healthy growth in foreign trade. In particular, if  export growth is adjusted for the contribution of the commodity group  "precious and semi- precious stones, precious metals, and products  made from them" (neutralizing a significant portion of the impact of  re-exports), growth will amount to only 2.2%. "The adjusted import  volume also shows similarly low growth-3.6%. These figures are quite  low and indicate a lack of significant positive trends in the  sector," the fund's analysis states.