Armenia recorded 5,9% economic growth in 2024, says finance minister

Armenia’s economic growth in 2024 was 5,9%, finance minister Vahe Hovhannisyan told lawmakers during a hearing on the state budget report.

The growth was by 1,1 percentage points lower than the target set in the budget, but 0,1 percentage points higher that the forecasts in the 2025 budget.

Minister Hovhannisyan said the growth is associated with several factors, such as the abrupt growth of base metals productions, consumption and economic activities by the forcibly displaced persons of Nagorno-Karabakh in Armenia, as well as expansion of domestic and foreign demand.

GDP per capita grew from $8,125 in 2023 to 8,500$ in 2024.