Armenia’s Exports Up 53% in 2024, Finance Minister Says

Armenia saw a significant increase in its exports in 2024, with a rise of 53% compared to the previous year. This information was shared by Finance Minister Vahe Hovhannisyan during a parliamentary meeting held on June 4. The meeting focused on discussing the annual report on how the state budget of 2024 was carried out.

The increase includes both total exports and specifically goods of Armenian origin. The latter grew by 18.6%. Minister Hovhannisyan noted that if precious metals were excluded from the calculations, the export growth was around 2.3%. This shows that while precious metals contributed strongly to the export numbers, other goods also experienced growth.

The Ministry of Finance provided additional details about the state budget’s performance in 2024. Revenues reached 95.8% of the planned amount, while expenditures were 93.9% of what was forecasted. The budget had estimated revenues of over 2.72 trillion AMD (approximately $7 million) and planned spending close to 3.18 trillion AMD (approximately $8 million).

Regarding the country’s financial health, Armenia’s national debt at the end of 2024 stood at about 5.093 trillion AMD, equal to approximately $12.8 billion. This level of debt corresponds to nearly half (48.3%) of the country’s total economic output, or GDP.

This rise in exports is an important moment for Armenia’s economy, reflecting growing activity in trade and production. However, the figures also show the ongoing challenge of managing government revenues, expenditures, and national debt.

As Armenia works to develop its economy, continued attention to these financial indicators will be essential. The export growth signals opportunity but must be balanced with careful fiscal management to ensure long-term stability.

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