For the First Time, Armenia's GDP Exceeds 10 Trillion Drams: Gevorg Papoyan

In 2024, Armenia's GDP has exceeded 10 trillion drams for the first time, marking a growth of 5.95 percent. Per capita GDP has reached more than $8,500 based on the results for 2024, compared to just over $8,100 in 2023. This was stated by the Minister of Economy of Armenia, Gevorg Papoyan, during preliminary discussions on the implementation of the 2024 state budget in the National Assembly.

Papoyan also presented sectoral statistics. According to him, industry has grown by 3.1 percent, agriculture by 1 percent, services by 5 percent, trade by 16.8 percent, and construction by 13.5 percent. The Minister noted that these figures in the structure of GDP are indicative, especially when compared to 2018.

“In 2018, industry accounted for 18.2 percent, while in 2024 it stands at 16.2 percent. In agriculture, the figure was 13.9 percent in 2018 and has decreased to 7.9 percent in 2024. While this seems like a reduction, in reality, other sectors of the economy have grown faster than agriculture, which has led to a decrease in its share. The vision we have for the future of agriculture is an intensive breeding economy that should maintain approximately this share, no more,” he said.

Regarding construction, this sector has increased from 6.6 percent in 2018 to 7.1 percent in 2024, while the volume of services has increased from 39.2 to 45.2 percent.