Armenia's economic activity up 8% in January–May

Armenia’s economic growth in the first five months of 2026 was driven primarily by strong performance in construction and industry, while the services sector also posted steady expansion.

According to data released by the Statistical Committee, the economic activity index grew by 8% in January–May 2026 compared to the same period last year.

In May alone, the index was 9.9% higher than in April and 11.7% higher than in May 2025.

The strongest growth was again recorded in the construction sector. In the first five months of 2026, construction output increased by 24.1% year-on-year, reaching 207.34 billion drams.

In May, construction activity rose by 27.2% compared to April and by 27.1% compared to May last year, reaching 62.69 billion drams.

Industrial output increased by 12.2% in January–May compared to the same period last year, reaching 1.266 trillion drams.

In May alone, industrial production rose by 1.2% compared to April and by 9.5% year-on-year, totaling 262.99 billion drams.

Retail and wholesale trade turnover increased by 1.2% in January–May year-on-year, reaching 2.570 trillion drams.

However, in May, trade fell by 1.6% compared to April and remained unchanged compared to May last year. Total trade turnover in May stood at 555.78 billion drams.

The services sector (excluding trade) grew by 9.1% in January–May compared to last year, reaching 1.734 trillion drams.

In May, services increased by 6.9% compared to April and by 14.7% compared to May 2025, totaling 391.31 billion drams.

Consumer prices increased by 4.5% in January–May compared to the same period last year.

In May, prices fell by 0.8% compared to April but were 4.2% higher than in May 2025.

Industrial producer prices rose by 8.9% in January–May year-on-year. In May, they increased by 1.6% compared to April and by 9% compared to May last year.

Armenia produced 3.994 billion kWh of electricity in January–May 2026, up 7.7% year-on-year.

In May, electricity production fell by 2.3% compared to April but increased by 13.3% compared to May last year, reaching 656.9 million kWh.

The figures exclude electricity produced by self-generating autonomous producers. To ensure comparability, electricity produced by autonomous producers involved in electricity exchanges was also excluded from the corresponding indicators of previous periods when calculating growth rates.

Data on agricultural output and average monthly nominal wages were not published for the reporting period.