Slowdown in economic activity growth in Armenia in November caused by contraction of industrial sector – WB

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Economy

29.01.2025, 16:57

In November, growth in Armenia's economic activity fell to 1.2 percent (yoy), from 4.2 percent (yoy) in October, the World Bank says in its Armenia Monthly Economic Update – January 2025 review.
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Slowdown in economic activity growth in Armenia in November caused by contraction of industrial sector – WB

YEREVAN, January 29. /ARKA/. In November, growth in Armenia's economic activity fell to 1.2 percent (yoy), from 4.2 percent (yoy) in October, the World Bank says in its Armenia Monthly Economic Update – January 2025 review..

It says the November decline was mainly driven by a 19 percent (yoy) contraction in industry, which was impacted by a 24.4 percent (yoy) decrease in manufacturing and a 6.9 percent (yoy) drop in mining.

Manufacturing output declined mainly due to a 70 percent contraction in base metal production. The other main manufacturing categories, such as food, cigarettes, and beverages, continued to grow.

All other sectors grew: services (excluding trade) doubled from 5.2 percent (yoy) in October to 10.4 percent (yoy) in November; construction and trade continued their double-digit growth. Over January-November, cumulative growth reached 7.4 percent (yoy), driven by an 18 percent (yoy) growth in trade

According to Armstat, in November 2024, the industrial output amounted to over AMD 274.1 billion, e the construction sector grew to about AMD 82.5 billion, the domestic trade to about AMD 613.9 billion, and services (excluding trade) to AMD 292 billion. -0-

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