Markets Actual Q1 Q2 Q3 Q4 2022
Currency 523.00 524 524 524 524 524

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Annual Growth Rate (%) -8.80 -8 9.5 10.2 -4.5 6.5
Unemployment Rate (%) 18.10 23 22 21 21 20
Inflation Rate (%) 5.30 3.5 2 2.5 2.9 3.5
Interest Rate (%) 5.50 5.5 5.5 5.5 5.5 5.5
Balance of Trade (USD Million) 0.00 -211 -230 -230 -211 -211
Current Account (USD Million) -70.00 -300 -300 -300 -250 -250
Current Account to GDP (%) -8.20 -6.6 -6.6 -6.6 -6.6 -6.8
Government Debt to GDP (%) 45.60 56.3 56.3 56.3 56.3 54.5
Government Budget (% of GDP) -1.00 -2.9 -2.9 -2.9 -2.9 -2.3
Corporate Tax Rate (%) 18.00 20 18 18 20 20
Personal Income Tax Rate (%) 23.00 36 23 23 36 36

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Annual Growth Rate (%) -8.80 -8 9.5 10.2 -4.5 6.5
GDP (USD Billion) 13.67 11 11 11 11 14
GDP Constant Prices (AMD Million) 1899145.90 1166965 1391721 1922927 1666420 1774737
Gross Fixed Capital Formation (AMD Million) 463827.60 121935 161624 309052 267826 285235
GDP per capita (USD) 4732.10 4480 4480 4480 4480 4760
GDP per capita PPP (USD) 13653.70 13500 13500 13500 13500 13900
GDP From Agriculture (AMD Million) 246904.50 55608 133120 360229 312177 332468
GDP From Construction (AMD Million) 174445.40 36138 59238 121292 105113 111945
GDP From Manufacturing (AMD Million) 240990.60 134843 173727 218715 189540 201860
GDP From Mining (AMD Million) 49983.20 42081 60041 61417 53225 56684
GDP From Public Administration (AMD Million) 118428.80 54860 88705 80915 70122 74679
GDP From Services (AMD Million) 22156.30 17663 9724 23856 20673 22017
GDP From Transport (AMD Million) 33866.50 34804 35878 42118 36500 38873
GDP From Utilities (AMD Million) 5165.10 4465 5367 6318 5476 5832

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 18.10 23 22 21 21 20
Unemployed Persons (Thousand ) 61.30 58.5 58.5 58.5 58 58
Labor Force Participation Rate (%) 60.00 61.7 61.7 61.7 61.7 61.7
Wages (AMD/Month) 183760.00 250000 250000 250000 250000 250000
Minimum Wages (AMD/Month) 68000.00 60000 60000 60000 65000 65000
Population (Million) 2.96 2.94 2.94 2.94 2.94 2.93
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Wages In Manufacturing (AMD/Month) 186392.00 242000 242000 242000 242000 242000

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 5.30 3.5 2 2.5 2.9 3.5
Consumer Price Index CPI (points) 138.36 136 134 131 138 143
Core Consumer Prices (points) 100.73 105 102 102 106 106
Core Inflation Rate (%) 2.00 1.6 1.6 1.6 1.6 1.6
Producer Prices (points) 109.20 110 107 110 112 116
Inflation Rate Mom (%) 0.60 0.7 0.7 0.7 0.7 0.7
Producer Prices Change (%) 5.50 6.5 4.5 3.5 3 3
Food Inflation (%) 7.80 2.4 2.4 2.4 2.4 2.4

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 5.50 5.5 5.5 5.5 5.5 5.5
Money Supply M2 (AMD Million) 2183904.00 1750000 1750000 1750000 1750000 1750000
Deposit Interest Rate (%) 8.34 8 8 8 8 8
Lending Rate (%) 7.00 6.5 6.5 6.5 6.5 6.5
Foreign Exchange Reserves (USD Million) 2394.02 2130 2130 2130 2130 2130

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD Million) 0.00 -211 -230 -230 -211 -211
Current Account (USD Million) -70.00 -300 -300 -300 -250 -250
Current Account to GDP (%) -8.20 -6.6 -6.6 -6.6 -6.6 -6.8
Imports (USD Million) 488.70 454 454 454 461 461
Exports (USD Million) 258.90 224 224 224 232 232
External Debt (USD Million) 12658.11 12800 12800 12800 12800 12800
Foreign Direct Investment (USD Million) -12.90 120 120 120 120 120
Tourist Arrivals (Thousand) 47.48 45000 55000 70000 65000 100000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 45.60 56.3 56.3 56.3 56.3 54.5
Government Budget (% of GDP) -1.00 -2.9 -2.9 -2.9 -2.9 -2.3
Government Budget Value (AMD Billion) -175749.00 -190000 -190000 -190000 -190000 -190000
Government Debt (AMD Billion) 3923.90 4370 4370 4370 4370 4370
Military Expenditure (USD Million) 591.00 451 451 451 451 451
Government Spending (AMD Million) 371885.20 148060 230220 251151 217649 231796

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 18.00 20 18 18 20 20
Personal Income Tax Rate (%) 23.00 36 23 23 36 36
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 5.00 0 5 5 0 0
Social Security Rate For Companies (%) 2.50 0 2.5 2.5 0 0
Social Security Rate For Employees (%) 2.50 10 10 10 10 10

Business Actual Q1 Q2 Q3 Q4 2022
Industrial Production (%) -10.80 4.5 6 5 5 8
Industrial Production Mom (%) 3.20 7.5 7.5 7.5 5 5
Manufacturing Production (%) 17.70 6.5 6.5 6.5 9.5 8.5
Leading Economic Index (%) -7.50 5 5 10 9 6
Mining Production (%) 2.10 -5.5 -5.5 -5.5 5 5
Changes In Inventories (AMD Million) -2415.00 115000 115000 115000 115000 115000

Consumer Actual Q1 Q2 Q3 Q4 2022
Retail Sales YoY (%) -15.10 5.5 10 10 7.5 7.5
Consumer Credit (AMD Million) 923820.89 875787 1046306 1058928 894575 952722
Consumer Spending (AMD Million) 1214792.70 1019147 1122846 1461166 1266256 1348562

Housing Actual Q1 Q2 Q3 Q4 2022
Construction Output (%) 0.80 15 5 3 2.5 3


This page has economic forecasts for Armenia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Armenia economy.