In the first three months of 2025, the State Revenue Committee (SRC) published data on major taxpayers, which shows changes in various sectors of the economy.

Changes in the industrial sector

• Manufacturing industry – a decline of 21.1% was recorded.
• Mining and quarrying – decreased by 10.5%.

This means there has been a notable regression in two key industrial sectors.

In the first quarter of 2025, the mining industry fell out of the list of 1000 major tax-paying sectors. This happened mainly because the Zangezur Copper-Molybdenum Combine (ZCMC) received a refund of royalty prepayments (mineral payments) paid in the previous year, as a result of which the company’s taxes paid in this quarter decreased.

ZCMC, which is usually one of Armenia’s largest taxpayers, was not even on the list of 1000 major taxpayers this time. The company has stated that this is temporary, and their paid taxes will appear again in the next quarter – in the foreground.

Statistical data in other sectors

• Agriculture – growth: 8.1%
• Construction – growth: 14%
• Trade – growth: 5.6%
• IT and telecommunications – growth: 16.2%

These data show that despite the decline in some sectors, growth is observed in other branches of the economy.

The mining industry has been one of the most important sectors of Armenia’s economy for many years. Despite the decline in the first quarter of 2025, the significance of the sector is not diminishing.

• The mining industry provides a large part of Armenia’s export revenues. According to recent years’ data, more than 30-40% of Armenia’s exports relate to mining products – copper, molybdenum, gold, etc.
• According to the overall structure of industry, the mining industry’s share constitutes about one quarter. This means every fourth industrial unit is connected to mining.
• The Zangezur Copper-Molybdenum Combine is not only a major taxpayer but also an enterprise providing several thousand jobs in Syunik region – an economically vulnerable area.

The 10.5% decline can be considered significant, and it may affect several directions:

• Budget revenues,
• Job stability,
• Regional economic balance.

However, it should be noted that the temporary reduction in ZCMC’s taxes is due to accounting mechanisms (royalty refund), not actual production cuts. This means the overall indicators will be adjusted during the year. The company also claims this.

Although in the first quarter of 2025 the mining industry somewhat lags behind in tax indicators, this is mainly due to technical reasons. Nevertheless, the sector continues to remain one of the foundations of Armenia’s economy – with its impact on the budget, regional development, and exports.