FX.co ★ Armenia Economic Activity at 13-Month High

In May 2025, Armenia experienced a notable surge in economic activity, registering a 10.4% increase compared to the same period the previous year. This was a significant improvement from the 5.4% growth observed in April 2025, marking the highest growth rate since April 2024. The primary drivers of this expansion were enhancements in the construction sector, which grew by 22.2% compared to 17.9% in April, and in the services sector, with a growth rate of 10.8% up from 5.6%. Conversely, industrial output saw a reduction, albeit at a slower rate, decreasing by 5.9% as opposed to 8.7% previously. Trade activity, however, experienced a deceleration, growing by only 0.9% compared to 3.2% earlier. Over the cumulative period from January to May, Armenia's economic activity has increased by 5.7%.