Armenia’s economic growth slowed in April, with real GDP expanding by 10.4 percent year-on-year, down from an average of 14.3 percent in the first quarter of 2024, according to the report released by the World Bank. A significant drop led to a slowdown in industrial output growth, which halved to 16.6 percent. The mining sector contracted by 15 percent, while manufacturing growth decreased from 47 percent in Q1-24 to 27 percent in April. Service sector growth, excluding trade, fell sharply to 0.8 percent from 5 percent earlier in the year. On a positive note, trade expanded at 27.2 percent, and construction growth accelerated to 17.8 percent in April from an average of 11.4 percent in Q1-24. 

Overall, Armenia’s economic activity grew by 13.2 percent in the first four months of 2024.