Monthly Review of the Caucasus Economy - October 2026
In 2024, Georgia's economy grew by 9.5%. The previous year, the economy expanded by 7.5%. In January–August of this year, the growth rate stood at 7.6%. The telecommunications, manufacturing, trade, real estate, transport, and financial sectors made a significant contribution to the growth. A decline was recorded in the construction sector.
In 2024, Armenia's economy grew by 8%. The previous year, the economy expanded by 9.2%. In January–August of 2026, the economy grew by 7.3%. The trade sector plays a particularly important role in Armenia's economic growth, expanding by 0.7% during this period, while the construction sector surged by 24.7%. Output in the services sector expanded by 12.8%.
In 2024, Azerbaijan's economy expanded by 4.1%. The previous year, the economy grew by 1.4%. In January–August of this year, the economy growth was at 1.2%. The oil and gas industry accounts for 29.9% of Azerbaijan's economic structure. Excluding this industry, the growth rate stood at 2.1%. Agriculture, meanwhile, expanded by just 2.6%.
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