Armenia recorded 5.9% economic growth in 2024, falling short of the government’s 7% target, Finance Minister Vahe Hovhannisyan reported during a parliamentary hearing on the government’s annual performance.

Speaking at a joint meeting of standing committees, Hovhannisyan said the slowdown became evident by the third quarter of the year. “By September 2024, it was already clear that GDP growth would be around 5.8%,” he said.

Despite the shortfall, the minister highlighted sustained demand both domestically and internationally. “The growth trend remained strong, even if the pace decelerated,” he added.

The 2024 budget had projected GDP growth of 7% and inflation at 4%, within a tolerance range of ±1.5%.