Armenia's 5.9% GDP growth in 2024 was 1.1 percentage points below budget target - Minister

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Economy

04.06.2025, 13:00

Armenia registered 5.9% economic growth in 2024, which was 1.1 percentage points below the state budget target, Finance Minister Vahe Hovhannisyan said.

Armenia's 5.9% GDP growth in 2024 was 1.1 percentage points below budget target - Minister

YEREVAN, June 4. /ARKA/. Armenia registered 5.9% economic growth in 2024, which was 1.1 percentage points below the state budget target, Finance Minister Vahe Hovhannisyan said.

According to him, it was thus clear already in September 2024 that economic growth in Armenia in 2024 would be within 5.8%.

"The year 2024 began with a high rate of economic growth, which gradually slowed down, but remained at a high level. Economic growth was accompanied by an increase in domestic and external demand," he said in parliament on Wednesday during a discussion of the report on the implementation of the RA state budget for 2024.

The Minister noted that GDP per capita in 2024 compared to 2023 increased by 4.7%, amounting to 3.34 million drams or approximately $9 thousand.

Figures on the Armenian economy

The economic growth of Armenia in the state budget for 2024 was projected at 7%, and inflation at 4% (±1.5%). The economic activity indicator of Armenia in January-December 2024 registered an increase of 8% compared to the same period in 2023. In the monetary policy report for the fourth quarter of last year, the Central Bank of Armenia predicted that by the end of 2024, Armenia's GDP growth would be 6%.

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