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Armenia’s economic activity grew by 7.1% year-on-year in the first quarter of 2026

Armenia’s economic activity grew by 7.1% year-on-year in the first quarter of 2026, driven by strong expansion in construction, industry, and services, according to official data.
 
In March alone, the indicator rose by 11.6% compared to February and by 6.6% compared to March 2025, according to data released by the Statistical Committee.
 
The Statistical Committee noted that the revisions in economic activity estimates are linked to the annual GDP revision schedule, under which sectoral weights in GDP were adjusted based on updated 2024 data and revised 2025 figures.
 
The construction sector recorded the highest growth, expanding by 22% in the reporting period. Construction output reached AMD 95.64 billion. In March, construction activity rose by 34.4% month-on-month and by 24% year-on-year, with AMD 41.69 billion worth of construction works carried out.
 
Industrial output grew by 13.4% in January–March compared to the same period last year, reaching AMD 748.8 billion. In March, industrial production fell by 2% compared to February but increased by 7% year-on-year, totaling AMD 256.52 billion.
 
Agricultural output declined by 5.2% in the first quarter year-on-year, amounting to AMD 96.36 billion.
 
Trade turnover grew by 2.1% in January–March, reaching AMD 1.44 trillion. In March, trade increased by 14.1% month-on-month and by 0.2% year-on-year, totaling AMD 550.55 billion.
 
Services (excluding trade) rose by 7.4% in the first quarter, reaching AMD 981.73 billion. In March, services increased by 12.6% compared to February and by 7.8% compared to March 2025, totaling AMD 351.42 billion.
 
The Consumer Price Index increased by 4.2% in January–March compared to the same period last year. In March, it rose by 0.7% month-on-month and by 4.5% year-on-year.
 
The Industrial Producer Price Index increased by 9.2% in the first quarter. In March, it rose by 0.1% compared to February and by 9.5% compared to March 2025.
 
Armenia produced 2.66 billion kWh of electricity in January–March 2026, up 7.7% from the same period last year. In March, electricity production rose by 7.1% compared to February and by 9% year-on-year, reaching 840.9 million kWh.
 
The Statistical Committee noted that electricity produced by autonomous producers within power exchange flows is not included in these figures to ensure comparability.
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