YEREVAN /ARKA/. Economic activity grew 7.7% year-on-year in January-July 2026, exceeding initial fore- casts, according to the World Bank’s Armenia “Monthly Economic Update – September 2026.” It is noted that eco- nomic activity slowed to 6.5% year-on-year in July from 7.4% in June, but cumulative growth since the beginning of the year remains strong. “Construction and non-trade ser- vices remain the main growth drivers, increasing by 26.5% and 17% year- on-year, respectively. The growth in construction was accompanied by a revival in the real estate market: the number of apartment transactions in Yerevan nearly doubled in July, while prices in the city center rose by 12.7% year-on-year, driven by demand from a new influx of Russians and the Arme- nian diaspora,” the study states. WB analysts note that the number of business registrations in July also increased by 29% year-on-year, driven by a 45.7% year-on-year increase in LLC registrations. The report also notes that indus- trial production grew only moderately, by 3.1% year-on-year, as significant growth in mining (up 14.4% year-on- year) and manufacturing (up 5.9% year-on-year) was largely offset by a 24.5% year-on-year decline in elec- tricity generation and the energy sec- tor due to the temporary shutdown of the Armenian Nuclear Power Plant (ANPP) for scheduled maintenance. Armenian Economic Figures and Forecasts The 2026 state budget projects 5.4% economic growth for Armenia. According to preliminary data from the Statistical Committee, Armenia’s GDP grew by 6.7% in the second quar- ter of 2026 compared to the same pe- riod in 2025. According to the Central Bank’s monetary policy report for the second quarter of this year, Armenia’s GDP growth is expected to be 4.5- 4.1% by the end of 2026, depending on scenario (A-B). International financial institutions’ economic growth forecasts for Ar- menia for 2026: World Bank – 5.3%; IMF – 5.25%; ADB – 5.5%; EBRD – 5.5%; EDB – 6%; S&P Global Ratings – 4.9%; Fitch Ratings – 5.2%.