The Armenian economy advanced 7.9 percent year-on-year in the third quarter of 2019, following an upwardly revised 6.9 percent expansion in the previous period. It was the strongest expansion since the first quarter of 2018, mainly boosted by manufacturing (11 percent vs 9.5 percent in Q2); construction (5.0 percent vs 0.9 percent) and financial and insurance (22.8 percent vs 14.8 percent) while agriculture output fell less (-2.0 percent vs -10.1 percent). On the other hand, wholesale and retail trade production increased at a softer pace (5.6 percent vs 7.7 percent). GDP Annual Growth Rate in Armenia averaged 7.24 percent from 1998 until 2019, 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.
GDP Annual Growth Rate in Armenia is expected to be 7.00 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 4.40 in 12 months time. In the long-term, the Armenia GDP Annual Growth Rate is projected to trend around 4.30 percent in 2020, according to our econometric models.