What Factors Influence Armenia's Economic Activity According to the Minister

Armenia's economic activity continues to remain quite high. This was stated by Finance Minister Vahe Hovhannisyan during a meeting of the National Assembly's Committee on Financial-Credit and Budgetary Affairs, where he presented a report on the performance of the state budget for the first half of 2024.

“This is due to a sharp increase in the production of base metals and the consumption and economic activities of compatriots forcibly displaced from Nagorno-Karabakh,” said the minister.

“In the first half of the year, Armenia recorded a 10.4% growth in economic activity, which is mainly attributed to increases in industry—particularly in the production of base metals, trade, and services. The construction and agricultural sectors also contributed to this growth. Within agriculture, crop production had the most significant impact,” he noted.