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Real growth in Armenia’s economic activity slowed to 10.4 percent in April (yoy), down from an average of 14.3 percent in the first quarter of 2024 (Q1-24), the World Bank said in its report.

This was primarily driven by a halving of industrial output growth from 30 percent in Q1-24 (yoy) to 16.6 percent in April (yoy), also affected by moderation in the growth of gold and jewelry production.

Mining contracted by 15 percent (yoy) in April, while manufacturing growth decreased from 47 percent in the first quarter to 27 percent (yoy) in April. Service sector growth (excluding trade), which had moderated to 5 percent (yoy) in Q1-24, dropped to just 0.8 percent in April (yoy).

Trade continued to grow in April at almost the same pace as previous months (at 27.2 percent), and construction growth accelerated to 17.8 percent in April (yoy) compared to an average of 11.4 percent in Q1-24. Cumulatively, growth in economic activity in the first four months of 2024 eased to 13.2 percent (yoy).