Armenia’s economic activity index for January- February 2024 rose by 13.6% compared to the same period of the previous year. Additionally, in February 2024 alone, this indicator increased by 16.3%.

According to statistics released by the Statistical Committee of Armenia, the notable growth in economic activity during January-February was largely attributed to the industry sector, which saw an increase of 28.9% (rising to 36.4% in February alone), and the trade sector, which saw a growth of 24.1% (with a February increase of 28.3%). Additionally, the construction sector recorded growth of 10.8% for the first two months of the year (with a February increase of 11.7%).

Since 2022, the influx of Russians has coincided with a deceleration in the growth of Armenia’s service sector, which had consistently seen double-digit growth. In the current year's January- February period, growth in this sector was 5.2%, with a slight increase to 6% in February alone.

Although industry and other sectors of the economy have shown impressive growth, Armenia experienced a 4.9% decrease in electricity production during the first two months of this year.

In January-February 2024, Armenia’s foreign trade significantly increased, doubling to $5.3 billion. In February alone, compared to the same month the previous year, this indicator increased by 2.2 times, reaching $3.1 billion. Furthermore, during the first two months of the current year, exports experienced a 2.6-fold increase, reaching more than $2.5 billion. Import growth stood at around 73%, reaching $2.7 billion.

As a result, Armenia’s imports and exports were nearly balanced during January and February of this year.