ArmInfo.Armenia's economic activity index accelerated to 8.3% during the first eleven months of 2025, up from 7.4% in the same period previous year. Meanwhile, foreign trade continued to decline at a double-digit rate, compared to significant growth a year earlier.
According to the final data from the RA Statistics Committee, the industrial sector, which was one of the drivers of economic growth a year ago, is now stagnating. According to statistics, the economic activity in January-November 2025 was driven by a significant increase in the construction sector (from 14.9% to 20.1%), and an acceleration in annual growth in the services sector (from 6.3% to 10.9%) and the energy sector (from 5.9% to 6.5%). A slowdown in annual growth was observed in the trade sector (from 18% to 3%). The annual dynamics of the industrial sector deteriorated much more noticeably, with growth slowing from 7.6% to a stagnant 0.5%. Data for the agricultural sector is not included in the current reporting period.
According to statistics for January-November 2025, the trade sector retains the lead in absolute terms, with a volume of 5.97 trillion drams ($15.4 billion). The service sector ranks second in terms of volume with 3.7 trillion drams ($9.5 billion), the industrial sector ranks third with 2.8 trillion drams ($7.3 billion), and the construction sector ranks fourth, due to the lack of data on the agricultural sector, with 644.6 billion drams ($1.7 billion). Power generation in January-November 2025 amounted to 9,001.8 million kWh, with 844.9 million kWh generated in November alone. In November 2025, compared to November 2024, economic activity accelerated in growth more significantly - to 10.4% (from 1.2% a year earlier), and in November alone it lingered in decline, with a slowdown in rates from 4% to 0.1% (almost the same as a year ago in November 2024 - from a 4% decline to complete stagnation). Moreover, in November 2025, the industrial sector maintained growth, but with a slowdown in rates from 20.8% to 12.8%, whereas a year ago in the same month there was a deterioration in dynamics from 10.9% growth to a 0.5% decline. Additionally, in November, there was an acceleration in growth in the construction sector - from 1.3% to 4.3%, and in the trade sector - from 2.2% to 5.9%. A deterioration in growth dynamics during the reporting month was observed in the services sector, which declined from 1.8% to 2.3%. The energy sector, however, managed to recover from a 5.1% decline in November to 5.4% growth.
On a year-over-year basis (November 2025 to November 2024), almost all sectors demonstrated growth, except for the energy sector, which declined by 5.5%. The industrial sector saw a significant increase of 31.7%, followed closely by construction (17.2%) and services (11.2%). The trade sector only grew by 1.5%. In November 2024 compared to November 2023, only the industrial sector recorded a decline (19%). The other sectors all demonstrated double-digit growth: energy - 17.3%, construction - 11.6%, trade - 11.5%, and services - 10.4%.
Against this backdrop, Armenia's foreign trade turnover in January-November 2025 amounted to 7.3 trillion drams ($18.9 billion), a decline of 33.2% year-on-year (compared to 54% growth a year ago). This is due to a significant decline in both exports and imports - by 40.6% and 27.4% year-on-year, respectively, while last year both indicators demonstrated significant growth - by 73.9% (exports) and 41.5% (imports). As a result, the absolute value of exports for January-November 2025 amounted to 2.8 trillion drams ($7.3 billion), while imports amounted to 4.5 trillion drams ($11.6 billion).
However, in November 2025, compared to November 2024, foreign trade turnover demonstrated a 15.3% increase due to both a 17.3% increase in exports and a 14% increase in imports. A year earlier, in November 2024, compared to November 2023, foreign trade turnover declined by 27.4% due to a 35% decline in exports and a 21.4% decline in imports.
It should be noted that, starting in 2023, the methodology for calculating the volume of generated power in statistical reports has changed; in particular, the volume of power generated by autonomous generators has now also been taken into account. For the agricultural sector, data is published only in quarterly and annual statistical reports. (The average exchange rate for the dram in January-November 2025 was AMD 387.51 /$1.)
