Analyses & Studies
Armenia's economy is booming!
Following record double-digit growth in 2022, Armenia's economy is now settling into its stride and still recording very good figures, with an economic activity index up 7.4% for the first 11 months of last year.
The construction sector has become the driving force behind the country's economic growth, closely followed by industry.
The volume of imports and exports is not to be outdone: over the same period, imports rose by 41.5% and exports by 74%.
Armenia's foreign trade turnover increased by 54% compared to the same period in 2023, representing over 28 billion dollars.
Armenia's foreign trade turnover with CIS countries for the period January to November 2024 amounts to $12.05 bn, up 66.9% on the same period in 2023. Russia remains by far Armenia's leading partner ($11.62 billion, up 71.6%), followed by Belarus ($190.48 million, up 9%) and Ukraine ($82.1 million, virtually stable).
Trade with European Union countries totaled $2.11 billion, down 14.1%. The main European partners were Germany ($443.91 million, down 24.4%), Italy ($382.38 million, stable), the Netherlands ($166.62 million, down 42.3%), Belgium ($163.85 million, up 14.7%) and France ($142.55 million, down 13.8%).
Excluding European Union and CIS countries, the most important trading partners in terms of trade volumes are the United Arab Emirates ($5.11 billion, up 3.5 times, mainly in precious materials), China ($2.63 billion, up 37.9%), Iran ($661.55 million, up 5.2%), the USA ($381.15 million, down 39.2%) and Georgia ($304.01 million, up 27.2%).
From January to November 2024, Armenia's exports totaled $12.31 billion, up 73.9% on the same period in 2023, when imports totaled $15.87 billion, an increase of 41.5%.
In terms of categories of goods, first place by far goes to “precious stones, metals” (imports of $7 billion, up 3.5 times on the previous year - exports of $7.66 billion, up 3.6 times), followed by machinery (imports of $2.50 billion, up 8.2% - exports of $1.24 billion, down 1.3%).