YEREVAN /ARKA/. The cumula- tive growth of economic activity in Armenia for January-November 2025 reached 8.3% (year- on-year), signifi- cantly exceeding initial expectations, according to the World Bank’s “Ar- menia Monthly Eco- nomic Update – Jan- uary 2026.” It is noted that economic activ- ity growth continued at a double-digit rate in November, reaching 10.4% (year-on-year), com- pared to 10.1% in October. “The highest growth rate was re- corded in industry – 31.7%, driven by accelerated growth in the mining and manufacturing industries (primar- ily non-ferrous metals production) by 36.5% and 36.2%, respectively. Con- struction also continued to demon- strate double-digit growth, reaching 17.2%. The services sector (excluding trade) expanded by 11.2%. Wholesale and retail trade contin- ued to grow moderately at 1.5%,” the study notes. World Bank analysts note that in November, the number of registered businesses decreased by 16.9% (com- pared to the previous month) due to a 20.5% decline in the number of sole proprietors, following a record number of over 3,500 registered businesses in September-October. Armenian Economic Figures and Forecasts Armenia’s state budget projects economic growth at 5.1% for 2025 and 5.4% for 2026. According to the Central Bank’s monetary policy report for the fourth quarter of this year, Ar- menia’s GDP growth is expected to be 5.9-5.9% by the end of 2025, 6.3- 4.1% in 2026, and 4.9-5.3% in 2027, depending on scenario (A-B). Armenian economic growth fore- casts from international financial in- stitutions: the EDB: 6% in 2025 and 5.3% in 2026; the World Bank: 5.2% in 2025 and 4.9% in 2026; the IMF: 5% in 2025 and 5.5% in 2026; the EBRD: 5% in 2025 and 4.5% in 2026; and the ADB: 6%.