Armenia Economic Activity Growth Eases in October

Armenia’s economic activity expanded by 14% year-on-year in December 2025, accelerating from an 11.5% rise in November. Industrial output surged (38.6% vs 31.7% in November), while construction activity (20.5% vs 17.2%) and trade turnover (3.2% vs 1.5%) also strengthened. Meanwhile, services growth slowed (6.9% vs 11.2%). On a monthly basis, overall economic activity recorded a strong increase of 23.4%, following a modest 0.3% rise in November. For the full year 2025, Armenia’s economy grew 9.1%, reflecting broad-based expansion across industry, construction, and trade.

Armenia’s economic activity expanded by 10.4% year-on-year in November 2025, a bit faster than a 10.1% increase in the previous month. Industrial output picked up sharply (31.7% vs 17.9% in October), while retail turnover also strengthened (1.5% vs 1.0%). On the other hand, construction activity moderated (17.2% vs 20.1%), and services growth eased marginally (11.2% vs 12.8%). On a monthly basis, overall economic activity edged down 0.1%, following a steeper 4.0% decline in October. Over the January–November period, economic activity rose 8.3% compared with the same period a year earlier.

Armenia’s economic activity rose 10.1% year-on-year in October 2025, easing from an upwardly revised 11.1 growth in the previous month. Construction activity eased to 20.1% from 22% in September. In contrast, industrial output accelerated to 17.9% from 10.1%, while services increased by 12.8% compared with 9.9%. Trade activity also inched up, rising 1% from 0.9%. On a monthly basis, overall economic activity declined by 4%, reversing a 9.8% expansion in September. From the January-October period, overall economic activity was 8.1% higher than in the same period last year.