Armenia’s economic activity grew by 7.1% in the first quarter of 2026 compared to the same period last year, while foreign trade turnover rose 4.6% to $4.7 billion, according to preliminary data from the Statistical Committee.
The growth was led by strong gains in construction, industry, and services, even as agriculture declined and March showed signs of slowing momentum in foreign trade.
Foreign trade turnover reached $4.705 billion in January-March 2026, or 1.779 trillion drams. Exports rose 4.5% year-on-year to $1.76 billion, while imports increased 4.6% to $2.94 billion. In dram terms, exports totaled 665.7 billion drams and imports reached 1.114 trillion drams.
Despite the overall quarterly increase, March recorded a slowdown in trade. Foreign trade turnover fell 6.8% compared to March 2025 and 13.1% compared to February, totaling $1.58 billion for the month. Exports dropped 12.6% year-on-year and 19.9% month-on-month to $564.6 million, while imports declined 3.2% year-on-year and 8.7% month-on-month to $1.02 billion.
Armenia’s broader economic activity remained positive in March, rising 6.6% compared to March 2025 and 11.6% compared to February, with construction posting the strongest sectoral growth.
Construction expanded 22% year-on-year in the first quarter to 95.6 billion drams. In March alone, construction activity increased 24% year-on-year and 34.4% month-on-month, reaching 41.7 billion drams.
Industrial production also saw strong growth, rising 13.4% in January-March to 748.8 billion drams. In March, industrial output increased 7% year-on-year but declined 2% compared to February, totaling 256.5 billion drams.
Services excluding trade grew 7.4% in the first quarter to 981.7 billion drams. In March, the sector rose 7.8% year-on-year and 12.6% month-on-month, reaching 351.4 billion drams.
Domestic trade turnover increased 2.1% in January-March to 1.44 trillion drams. In March, trade rose 0.2% compared to March 2025 and 14.1% compared to February, totaling 550.6 billion drams.
Agriculture was the only major sector to decline, falling 5.2% year-on-year to 96.4 billion drams in the first quarter.
Consumer prices rose 4.2% in January-March compared to the same period last year. In March, inflation stood at 4.5% year-on-year and 0.7% month-on-month.
Armenia also produced 2.66 billion kWh of electricity in the first quarter, up 7.7% from the same period last year. In March, electricity production reached 840.9 million kWh, rising 9% year-on-year and 7.1% compared to February.
The average exchange rate of the Armenian dram against the U.S. dollar was 378.30 in January-March and 377.36 in March.
