World Bank: Armenia's economic growth declines

In August 2024, Armenia's economic growth decreased from 6.2% to 5.6% compared to the previous year, according to the World Bank, Report informs.

The WB notes that annual inflation fell to 0.6% in September. Despite the decrease in volumes, the re-export of gold and jewelry products remained the main driver of export growth. Tourism revenues (6.1% annual decrease and 25% decrease in average tourist spending) and money transfers (28% decrease) decreased significantly in the first half of 2024.