Armenia Economic Activity Growth Slows to 15-Month Low

Armenia’s economic activity eased to 6.5% year-on-year in July 2026 from a downwardly revised 7.5% increase in the previous month. This marked the lowest reading since April 2025, as growth moderated in industrial production (3.1% vs. 4.1% in June), while retail sales remained unchanged at -0.1%. Meanwhile, growth in construction output accelerated to 26.5% from 25.4%. On a monthly basis, economic activity rose by 4.6%, following a 4.3% increase in June. For the January–July period, overall economic activity was 7.7% higher than in the corresponding period a year earlier.

Armenia’s economic activity rose 7.7% year-on-year in June 2026, slowing from an 11.7% increase in May, which marked the highest growth since December 2025. Growth moderated in industrial production (4.0% vs 9.5% in May) and construction output (25.4% vs 27.1%). In addition, retail sales edged down 0.1%, after being flat in the previous month. Meanwhile, the volume of services except trade continued to rise, climbing 19.7% following a 14.7% increase. On a monthly basis, economic activity increased 4.4%, easing from a 9.9% growth in May. For the first half of the year, overall economic activity was 7.9% higher than in the corresponding period a year earlier.

Armenia’s economic activity jumped 11.7% year-on-year in May 2026, up from 7.1% in the previous month. The latest figure marked the largest growth since December 2025, driven by expansions in construction (27.1% vs 24.7% in April) and services (14.7% vs 8.2%). On the other hand, growth slowed in industry (9.5% vs 11.7%), while trade activity stagnated after a 0.1% rise in April. On a monthly basis, overall economic activity rose 1.2%, easing from a 6.0% jump in the preceding period. In the January-May period, economic activity was 8.0% higher than in the same period last year.