Armenia Economic Forecast

Armenia Economic Outlook

March 6, 2018

The economy experienced a notable turnaround in 2017 amid a stronger global economic picture. Full-year economic growth soared to a five-year high, rising to 7.5% from 0.2% in 2016. Annual growth in the final quarter of the year also accelerated markedly from the third quarter. Domestic demand surged in the year, aided by a rapid expansion in credit due to lax monetary conditions. Exports also climbed, thanks to a pick-up in demand from Russia, Armenia’s biggest trading partner. Last year’s strong growth momentum appears to have carried over into the new year, as economic activity continued growing at a robust year-on-year pace of 10.2% in January, albeit moderating slightly from December.

Armenia Economic Growth

Economic growth is set to remain healthy in 2018 but will likely moderate from last year. Solid domestic demand and rising remittances will continue to support growth. FocusEconomics panelists see the economy expanding 3.8% in 2018, which is up 0.2 percentage points from last month’s forecast, and 3.9% in 2019.

Armenia Economy Data

Population (million)
GDP per capita (USD)3,4973,7203,9663,5743,578
GDP (USD bn)10.411.111.810.710.7
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)-1.9-7.0-2.22.5-11.2
Industrial Production (annual variation in %)
Unemployment Rate15.716.217.819.517.1
Fiscal Balance (% of GDP)-2.8-2.6-2.1-2.7-2.6
Public Debt (% of GDP)40.440.843.748.756.5
Money (annual variation of M2 in %)11.914.9-
Inflation Rate (CPI, annual variation in %)
Policy Interest Rate (%)8.007.758.508.756.25
Exchange Rate (vs USD)405.5405.3463.5482.9482.8
Exchange Rate (vs USD, aop)401.8409.6415.9477.9480.5
Current Account (% of GDP)-10.2-7.3-7.5-2.5-2.2
Current Account Balance (USD bn)-1.1-0.8-0.9-0.3-0.2
Trade Balance (USD billion)-2.1-2.2-2.1-1.2-0.9
Exports (USD billion)
Imports (USD billion)
Exports (annual variation in %)
Imports (annual variation in %)2.55.6-2.0-25.10.9
International Reserves (EUR)
External Debt (% of GDP)73.978.872.183.593.0

Sample Report

5 years of Armenia economic forecasts for more than 30 economic indicators.


Sample Report

Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.


Armenia Facts

Stock Market1.10.0 %Feb 16

Start Your Free Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up