Armenia recorded 5.9 percent economic growth in 2024, which is 1.1 percentage points lower than the target indicator of the state budget. This was announced by Minister of Finance Vahe Hovhannisyan during the debates on the annual report on the implementation of the 2024 state budget of Armenia at Wednesday’s joint meeting of the standing committees of the parliament.

According to Hovhannisyan, in September 2024 it was already clear that economic growth of Armenia would be around 5.8 percent.

“[The year] 2024 began [in Armenia] with high rates of economic growth. It gradually began to slow down, remaining at a fairly high level. Economic growth was accompanied by growth in domestic and external demand,” said the minister of finance.

To note, Armenia’s economic growth in the 2024 state budget was set at around 7 percent, and inflation at 4 percent—plus or minus 1.5 percent.