Armenia economic activity index up 13.6% in 2 months

The economic activity index of Armenia was 13.6% in January-February 2024, compared to the same period of the previous year, and this indicator increased by 16.3% this February alone.

According to the data published by the Statistical Committee of Armenia, this growth of economic activity in January-February was considerably contributed by the industry, which increased by 28.9% (in February—36.4%), and trade—by 24.1% (in February—28.3% ). Construction growth in the first two months of this year was 10.8% (11.7%—in February).

From 2022, along with the flow of Russians, the growth of Armenia’ service sector, which regularly recorded double-digit growth, has slowed down. In January-February of the current year, the growth in this sector was 5.2%, and in February alone—6%.

Despite the impressive growth of industry and other branches of the economy, electricity production in Armenia decreased by 4.9% in the first two months of this year.

In January-February 2024, foreign trade doubled, amounting to $5.3 billion. This February alone compared to February of the previous year, the same indicator increased 2.2 times, reaching $3.1 billion.

Moreover, in the first two months of the current year, exports increased 2.6 times, amounting to more than $2.5 billion. Import growth was around 73%, reaching $2.7 billion.

Thus, Armenia’s imports and exports were practically equal this January and February.

In January-February 2024, the consumer price index decreased by 1.3% compared to the same period last year, and the industrial product price index dropped by 0.4%.

The Armenian dram’s exchange rate against 1 US dollar in was 404.61 drams in January and February.