ArmInfo. By December 2024, the industrial sector of Armenia had accelerated its annual growth rate from 2.1% to 7.6%, surpassing the volume of 2.6 trillion AMD ($6.8 billion). However, in November alone, the industry showed a decline of 0.5% to 274.1 billion AMD ($704.8 million). This is evidenced by data from the Statistical Committee of the Republic of Armenia. Such annual growth can be attributed to the increased growth in the manufacturing industry, while the mining sector experienced a deeper decline.
Specifically, from January to November 2024, compared to the same period in 2023, the mining and open- pit mining industry saw a decline accelerate from 5.7% to 8%, totaling 429.5 billion AMD. In November alone, production dropped by 11.4% to 35.2 billion AMD. The manufacturing industry saw a significant increase in its annual growth rate, jumping from 3.7% to 10.8%, reaching a total of 1.9 trillion AMD. Of this amount, 204 billion AMD were generated in November, marking a slight monthly decline of 0.5%. Within the manufacturing industry, noticeable decreased in production volumes were observed in January- November 2024. Specifically, there was a 34.9% decrease in jewelry production, a 16.4% decrease in the chemical industry, a 16.8% decrease in other non-metallic mineral products, and a 12.6% decrease in machinery.
Significant growth was noted in the production of coke and petroleum products - 22.1 times, basic metals - by 84.7%, electrical equipment - by 60.4%, computers, electronic and optical equipment - by 41%, woodworking industry - by 25.9%, and furniture production - by 19.9%. In terms of production volumes, the leaders in the manufacturing industry are food products (576.7 billion AMD), basic metals (424.5 billion AMD), beverages (201.9 billion AMD), cigarettes (176.6 billion AMD) and other non-metallic mineral products (173.3 billion AMD). According to statistics, the supply of electricity, gas, steam and air conditioning increased by 12.6% in January-November 2024 compared to the same period in 2023 (against a 5.7% increase a year earlier) reaching 311 billion AMD. In November alone, there was a 17.1% increase, totaling 32.5 billion AMD.
Moreover, the generation, transmission and distribution of electricity from January to November showed an annual increase of 18% , while gas production and distribution of gaseous fuel through gas supply systems decreased by 10.4% per year. Revenues from water supply, waste treatment, processing and the production of secondary raw materials increased by 5.7% annually in January-November, reaching 28.9 billion AMD. This growth was slightly lower that the 5.9% increase observed the previous year. However, there was a decline in revenue in November, with a decrease of 8.2% to 2.5 billion AMD. It should be noted that the average exchange rate of the dram to the US dollar in November 2024 was AMD 388.97/$1, and in January-November 2024 - AMD 392.38/$1.
