In July 2026, Armenia's Economic Activity Index increased by 6.5% compared to the same month last year, recording a 4.6% growth compared to June. Performance across economic sectors varied, with the highest growth recorded in construction at 26.5%. The services sector grew by 17%, while industry rose by 3.1%. Trade turnover was the only sector to register a decline, falling by 0.1%.
Foreign trade turnover increased by 6.7%. Export volumes decreased by 15.7%, while imports rose by 21.5%.
Inflation in the consumer market stood at 4.5%.
While the 6.5% growth in the Economic Activity Index initially suggests positive momentum, sector-by-sector distribution highlights certain imbalances. The 26.5% surge in construction continues to serve as the main driver of the economy, whereas the 15.7% decline in exports alongside a 21.5% increase in imports signals negative trends in the foreign trade balance.
The slight dip in trade turnover coupled with 4.5% inflation indicates that consumer demand remains under notable pressure. Over the coming months, key factors to watch will be how long the construction sector maintains its rapid pace and whether export volumes can recover.
