Armenia’s economic activity grew 6.9% in January–September
Armenia’s economic activity index (EAI) rose 6.9% year on year in January–September 2026. According to preliminary data from the Statistical Committee of Armenia, the index grew 5% in September compared with September 2025 and 9.1% compared with August.
The EAI is a monthly composite indicator of output in the main sectors of the economy. In January–August, its growth stood at 7.3%.
Construction and services lead
Construction expanded fastest: output reached AMD 583.8 billion (about $1.57 billion) over nine months, 24.9% more than a year earlier. In September, construction totalled AMD 112.2 billion (+25.9%).
Services excluding trade amounted to AMD 3.46 trillion (+13%), including AMD 426.1 billion in September (+15.1%). Industrial output increased 5.8% over nine months to AMD 2.36 trillion but fell 4.5% in September to AMD 291.2 billion.
Trade turnover came to AMD 5 trillion (+0.6%); in September it was AMD 612.7 billion, unchanged from a year earlier. Gross agricultural output declined 4.8% in January–September to AMD 677.1 billion.
Electricity generation totalled 6.96 billion kWh over nine months (+3.6%) and 689.5 million kWh in September (−9.8%).
Inflation above target
Consumer prices rose 4.3% year on year in September and 0.2% month on month. In January–September, prices were 4.5% higher than in the same period of 2025. September’s annual inflation exceeded the upper bound of the Central Bank of Armenia’s target range of 3% ± 1 percentage point. Industrial producer prices climbed 8.6% year on year and by an average of 8.8% over nine months.
Foreign trade
Foreign trade turnover reached $14.95 billion in January–September, up 2.7%. Exports fell 8% to $5.16 billion, while imports grew 9.5% to $9.79 billion, leaving a trade deficit of $4.63 billion.
In September, exports dropped 18.6% to $543 million and imports increased 7.2% to $1.10 billion.
The dram averaged 371.32 per US dollar over nine months and 363.59 in September, compared with 379.98 in January.
| Indicator | September | Change, % | January–September | Change, % |
|---|---|---|---|---|
| Economic activity index | x | +5.0 | x | +6.9 |
| Industry, AMD billion | 291.2 | −4.5 | 2,361.6 | +5.8 |
| Agriculture, AMD billion | x | x | 677.1 | −4.8 |
| Construction, AMD billion | 112.2 | +25.9 | 583.8 | +24.9 |
| Trade turnover, AMD billion | 612.7 | 0.0 | 5,002.7 | +0.6 |
| Services (excl. trade), AMD billion | 426.1 | +15.1 | 3,455.6 | +13.0 |
| Electricity, million kWh | 689.5 | −9.8 | 6,958.0 | +3.6 |
| Consumer prices | x | +4.3 | x | +4.5 |
| Exports, $ million | 543.0 | −18.6 | 5,163.1 | −8.0 |
| Imports, $ million | 1,101.1 | +7.2 | 9,790.3 | +9.5 |
Source: Statistical Committee of Armenia, preliminary data as of October 26. Change compared with the same period of the previous year. Absolute figures at current prices.
