FX.co ★ Armenia Economic Activity Growth at 11-Month Low

Armenia’s economic activity grew by 6.6% year-on-year in March 2026, down from 7.2% in February and marking the weakest pace since April 2025. The slowdown was mainly driven by a sharp deceleration in industrial output, which rose 7.0% compared with 23.8% in the previous month, and by a near-stagnation in trade turnover, which edged up just 0.2% after a 5.6% increase in February.

In contrast, construction remained a key growth driver, with activity accelerating to 24.0% from 21.8% in February. The services sector also strengthened, expanding by 7.8% year-on-year, up from 7.0% in the prior month.

On a monthly basis, overall economic activity advanced by 11.6% in March, following a 4.6% increase in February. Over the first quarter of the year (January–March), Armenia’s economic activity was 7.1% higher than in the same period a year earlier.