Pashinyan says Armenian economy grew 43,5% since he took office, lauds sustainable development

Real GDP growth in 2024 compared to 2023 was 5,9%, Armenian Prime Minister Nikol Pashinyan said in a statement on Friday.

He said that his administration’s target of an average 7% growth defined in the 2021-2026 government program has been maintained, comprising an average of 8,15% with results of 2021-2024.

“With results of 2023, 8,3% economic growth was recorded in Armenia, 12,6% in 2022, and 5,8% in 2021. The number of jobs [employed citizens] in Armenia with average annual results of 2024 was 760,555 people. Compared to the same period of 2018 this number is more by 203,878 or 36,6%, and more by 37,882 or 5,2% compared to the same period of 2023. With results of 2024 the annual average monthly nominal wage was 287,172 AMD, growing by 114,445 AMD or 66,3% compared to 2018, and by 17,178 AMD or 6,4% compared to 2023. With results of 2024 the yearend inflation was 1,5%, while the 2018-2024 accumulated inflation was 25,3%. Thus, the real growth of wages in 2018-2024 was around 40%. Therefore, Armenia continues to be on the trajectory of sustainable economic development. In 2018-2024 the accumulated [compound] real GDP growth was 43,5%, i.e. with results of 2024 the Armenian economy is 43,5% bigger than it was during the beginning of 2018,” Pashinyan said.