Armenia Economy

Economic growth:

The economy recorded average annual growth of 4.5% in the decade to 2022. To read more about GDP growth in Armenia, go to our dedicated page.

Fiscal policy:

Armenia's fiscal deficit averaged 3.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 17.6% in the decade to 2022. For more information on Armenia's unemployment click here.

Inflation:

Inflation averaged 3.2% in the decade to 2022. Go to our Armenia inflation page for extra insight.

Monetary Policy:

Armenia's monetary policy rate ended 2022 at 10.75%, up from 8.00% a decade earlier. See our Armenia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dram strengthened by 2% vs the U.S. dollar. For more info on the dram, click here.

The economy lost momentum in Q3 amid a broad-based deceleration: Annual growth in private and public spending, fixed investment and exports all slowed from Q2, though largely on a high base effect. Available data suggests growth picked up in Q4; annual economic activity increased at a faster pace in October–November than in Q3. Moreover, industrial output rebounded from Q3 and grew at the fastest annual clip in over a year. Similarly, retail sales growth in Q4 outpaced that of Q3 amid steeper deflation. This, coupled with the annual increase in credit reaching a multi-year high, boded well for domestic demand. In politics, Azerbaijan’s interest in establishing the Zangezur Corridor has increased tensions with Armenia: Border delimitation talks in mid-January saw Armenia raising concerns over the resolution of the 35-year old dispute, weighing on the economic outlook.

Projections out to 2033.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Armenia in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Armenia from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Armenia economy. To download a sample report on the Armenia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .