Armenia Economic Outlook
January 8, 2019Reformist Prime Minister Nikol Pashinyan won a resounding mandate in the 9 December snap parliamentary election, with his My Step Alliance clinching 70% of the vote. The result should allow Pashinyan to move ahead with reforms, which had previously been gridlocked by the legislature. Pashinyan has stated that one of the first tasks of the new government will be to update the tax code, which could improve the business climate and attract foreign investment. On the economic front, incoming data for Q4 2018 point to mixed dynamics. Agricultural output continued to drop in November, but economic activity was propped up by surging growth in the services sector.
Armenia Economic GrowthSolid remittances inflows and a recovery in agricultural output should support economic activity this year. Upside risks to Armenia’s outlook stem from higher than expected FDI inflows if the government’s reform efforts are successful. FocusEconomics panelists project the economy will grow 5.0% in 2019, up 0.2 percentage points from last month’s forecast, and 4.7% in 2020.
Armenia Economy Data
5 years of Armenia economic forecasts for more than 30 economic indicators.
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