The economy of Armenia shrank 9.1 percent year-on-year in the third quarter of 2020, after a 13.7 percent contraction in the previous period, weighed down by the fallout from Covid-19 coupled with a six-week conflict between Azerbaijan and ethnic Armenian forces over the disputed enclave of Nagorno-Karabakh. Declines were seen in almost all sectors of the economy. The central bank has forecast that the economy would contract 6.2 percent in 2020 and get back to 4-5 percent growth in 2021. source: National Statistical Service of the Republic of Armenia
GDP Annual Growth Rate in Armenia averaged 6.80 percent from 1998 until 2020, reaching an all time high of 19.10 percent in the second quarter of 2006 and a record low of -19.70 percent in the third quarter of 2009. This page provides - Armenia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Armenia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
GDP Annual Growth Rate in Armenia is expected to be -19.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Armenia to stand at 10.20 in 12 months time. In the long-term, the Armenia GDP Annual Growth Rate is projected to trend around 12.00 percent in 2021 and 6.50 percent in 2022, according to our econometric models.