The economy of Armenia shrank 8.8% year-on-year in the fourth quarter of 2020, after a downwardly revised 9% 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, in particular arts, entertainment & recreation (-53.8% vs -33.6% in Q3); administrative activity (-49.9% vs -43.4%); transport & storage (-47.5% vs -36.7%) and accommodation & catering (-38.4% vs -54.2%). On the other hand, output rose for the manufacturing industry (0.5% vs -3.5%), construction (14.4% vs -6.7%), and public administration & defense (20.5% vs -1.4%). Considering full 2020, the economy contracted 7.6%, after a 7.6% growth in 2019. For the coming year, the central bank forecast the economy to grow 2%. source: National Statistical Service of the Republic of Armenia

GDP Annual Growth Rate in Armenia averaged 6.63 percent from 1998 until 2021, 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 February of 2021.

GDP Annual Growth Rate in Armenia is expected to be -8.00 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 -4.50 in 12 months time. In the long-term, the Armenia GDP Annual Growth Rate is projected to trend around 6.50 percent in 2022, according to our econometric models.

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Armenia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.80 -9.00 19.10 -19.70 1998 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-05-21 11:30 AM Q1 3.8% 7.5% -0.5%
2020-08-20 11:00 AM Q2 -13.7% 3.9% -10.5%
2020-11-20 10:40 AM Q3 -9.1% -13.7% -15%
2021-02-22 11:00 AM Q4 -8.8% -9.0% -4.5%
2021-05-21 11:00 AM Q1 -8.8%
2021-08-20 11:00 AM Q2
2021-11-22 11:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Armenia GDP Contracts 8.8% in Fourth Quarter
The economy of Armenia shrank 8.8% year-on-year in the fourth quarter of 2020, after a downwardly revised 9% 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, in particular arts, entertainment & recreation (-53.8% vs -33.6% in Q3); administrative activity (-49.9% vs -43.4%); transport & storage (-47.5% vs -36.7%) and accommodation & catering (-38.4% vs -54.2%). On the other hand, output rose for the manufacturing industry (0.5% vs -3.5%), construction (14.4% vs -6.7%), and public administration & defense (20.5% vs -1.4%). Considering full 2020, the economy contracted 7.6%, after a 7.6% growth in 2019. For the coming year, the central bank forecast the economy to grow 2%.
2021-02-22
Armenia GDP Contracts 9.1% YoY in Q3
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.
2020-11-20
Armenia GDP Posts Largest Contraction since 2009
The economy of Armenia shrank 13.7 percent year-on-year in the second quarter of 2020, after an upwardly revised 3.9 percent growth in the previous period. It was the sharpest contraction in economic activity since the third quarter of 2009, spurred by fallout from Covid-19 and related containment measures to fight it. The most affected sectors were construction (-39.5 percent vs -12.1 percent in Q1); administrative services (-52.4 percent vs -3.1 percent); water supply (-37.3 percent vs -28.4 percent); transportation & storage (-32.9 percent vs -8.7 percent) and wholesale & retail trade (-19.9 percent vs 1 percent).
2020-08-20

Armenia GDP Annual Growth Rate
Armenia is a landlocked country without energy resources. Construction, which receives large funding from foreign direct investment and remittances, is the most important sector of the economy. As a modernization attempt, Armenia has focused on development of small scale agriculture and small and medium enterprises to replace the old soviet agro-industrial model. Nonetheless, industry and agriculture remain outperformed by services. Recent tax reforms have failed to tackle Armenia’s shadow economy and corruption problems.