FX.co ★ Armenia Leading Index Accelerates Slightly

In November 2025, Armenia experienced a notable increase in economic activity, expanding by 10.4% year-on-year, slightly surpassing the 10.1% growth observed in the preceding month. This expansion was underpinned by a sharp rise in industrial production, which surged by 31.7% compared to 17.9% in October. Retail turnover also saw an improvement, increasing to 1.5% from 1.0% in the previous month. However, construction activity experienced a slowdown, with growth at 17.2% compared to October's 20.1%. Similarly, the growth in the services sector eased slightly to 11.2% from 12.8%. On a monthly basis, overall economic activity recorded a modest decline of 0.1%, following a more pronounced 4.0% decrease in October. Cumulatively, from January to November, economic activity grew by 8.3% compared to the same period the previous year.