Pashinyan: Armenia remains on path of stable economic growth

PanARMENIAN.Net - Prime Minister Nikol Pashinyan shared Armenia's 2024 economic indicators on his Facebook page, emphasizing that the country remains on a path of stable economic growth.

According to Pashinyan, Armenia’s gross domestic product (GDP) grew by 5.9% in real terms in 2024 compared to the previous year.

“The government, formed following the 2021 parliamentary elections, has maintained its key target of an average 7% annual economic growth for 2021-2026. From 2021 to 2024, the average annual growth rate was 8.15%. In 2023, Armenia recorded an 8.3% GDP growth, in 2022 – 12.6%, and in 2021 – 5.8%,” Pashinyan stated.

In 2024, the number of employed people in Armenia reached 760,555, an increase of 203,878 (36.6%) compared to 2018, and 37,882 (5.2%) compared to 2023.

Pashinyan also noted that the average nominal monthly salary in 2024 was 287,172 AMD, marking a 66.3% increase (114,445 AMD) from 2018 and a 6.4% rise (17,178 AMD) from 2023. Inflation at the end of 2024 stood at 1.5%, with cumulative inflation from 2018 to 2024 reaching 25.3%. As a result, real wage growth over this period amounted to approximately 40%.

"Thus, Armenia continues to follow a stable economic development trajectory. From 2018 to 2024, the cumulative GDP growth in real terms was 43.5%, meaning that by 2024, Armenia's economy was 43.5% larger than at the start of 2018," Pashinyan concluded.