Construction

Construction is one of the important industries of the RA economy, here buildings and structures of various purposes are erected and reconstructed. It plays a crucial role in the development of the country's economy. The products of the industry are completed and commissioned buildings and structures of manufacturing enterprises, transportation roads, energy systems, hydraulic structures, residential buildings, public schools, preschools, and scientific, cultural, and other institutions and facilities. The construction sector of Armenia demonstrated stable and dynamic growth from 2000 to 2008, and in 2008 the construction volumes became at a record level of about 858.7 billion drams. However, after the 2008 global financial and economic crisis, Armenia's construction sector has experienced a year-by-year decline, reaching 442.3 billion drams. This downward trend continued until 2018, and from 2018-2019 the sector finally started to grow. During the recent period, the volume of construction carried out at the expense of state funds increased by 8.9% compared to the previous years, the volume of works carried out by private organizations - by 1.4%, and construction works carried out by the population - by 6.1%.