Markets Actual Q2 Q3 Q4 Q1 2022
Currency 521.27 521 521 521 521 521

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -8.80 5.5 3.5 1 4.5 3.5
Unemployment Rate (%) 16.00 22 21 21 20 20
Inflation Rate (%) 6.20 8.5 13 9 7 3.5
Interest Rate (%) 6.00 6 6 6 6 6
Balance of Trade (USD Million) -146.30 -211 -230 -211 -211 -211
Current Account (USD Million) 51.70 -300 -300 -250 -250 -250
Current Account to GDP (%) -7.20 -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 20 20 20
Personal Income Tax Rate (%) 23.00 36 23 36 36 36

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -8.80 5.5 3.5 1 4.5 3.5
GDP (USD Billion) 13.67 11 11 11 11 14
GDP Constant Prices (AMD Million) 1899145.90 1340213 1807723 1918137 1984607 1985272
Gross Fixed Capital Formation (AMD Million) 463827.60 155720 290262 468466 484700 484862
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 128258 338327 249374 258015 258102
GDP From Construction (AMD Million) 174445.40 57074 113918 176190 182295 182356
GDP From Manufacturing (AMD Million) 240990.60 167381 205418 243401 251835 251920
GDP From Mining (AMD Million) 49983.20 57848 57683 50483 52232 52250
GDP From Public Administration (AMD Million) 118428.80 85465 75996 119613 123758 123800
GDP From Services (AMD Million) 22156.30 9369 22405 22378 23153 23161
GDP From Transport (AMD Million) 33866.50 34567 39558 34205 35390 35402
GDP From Utilities (AMD Million) 5165.10 5171 5934 5217 5398 5399

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 16.00 22 21 21 20 20
Unemployed Persons (Thousand ) 63.00 58.5 58.5 58 58 58
Labor Force Participation Rate (%) 56.70 61.7 61.7 61.7 61.7 61.7
Wages (AMD/Month) 198130.00 250000 250000 250000 250000 250000
Minimum Wages (AMD/Month) 68000.00 60000 60000 65000 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) 167215.00 242000 242000 242000 242000 242000

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 6.20 8.5 13 9 7 3.5
Consumer Price Index CPI (points) 141.56 142 144 147 150 152
Core Consumer Prices (points) 100.49 105 102 106 106 106
Core Inflation Rate (%) 4.70 1.6 1.6 1.6 1.6 1.6
Producer Prices (points) 101.80 107 111 112 103 116
Food Inflation (%) 8.30 4.4 4.4 2.4 2 2.4
Inflation Rate Mom (%) 1.30 0.7 0.7 0.7 0.7 0.7
Producer Prices Change (%) 9.30 4.5 4.5 3 2.5 3

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 6.00 6 6 6 6 6
Money Supply M2 (AMD Million) 2156325.00 1750000 1750000 1750000 1750000 1750000
Deposit Interest Rate (%) 8.03 8.18 8.18 8.18 8.18 8.18
Foreign Exchange Reserves (USD Million) 1536.90 2130 2130 2130 2130 2130
Lending Rate (%) 7.00 6.5 6.5 6.5 6.5 6.5

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD Million) -146.30 -211 -230 -211 -211 -211
Current Account (USD Million) 51.70 -300 -300 -250 -250 -250
Current Account to GDP (%) -7.20 -6.6 -6.6 -6.6 -6.6 -6.8
Imports (USD Million) 364.00 454 454 461 461 461
Exports (USD Million) 217.70 224 224 232 232 232
External Debt (USD Million) 12935.46 12800 12800 12800 12800 12800
Foreign Direct Investment (USD Million) -2.70 120 120 120 120 120
Tourist Arrivals (Thousand) 47.48 55000 70000 65000 65000 100000

Government Actual Q2 Q3 Q4 Q1 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) 658.00 451 451 451 451 451
Government Spending (AMD Million) 371885.20 221831 256860 375604 388620 388750

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

Business Actual Q2 Q3 Q4 Q1 2022
Industrial Production (%) 3.80 5 8 6 3 5
Industrial Production Mom (%) 9.10 7.5 7.5 5 5 5
Manufacturing Production (%) -4.20 6.5 6.5 9.5 9.5 8.5
Leading Economic Index (%) 3.80 4 5 3 3 4
Changes In Inventories (AMD Million) -2415.00 115000 115000 115000 115000 115000
Mining Production (%) 19.10 -5.5 -5.5 5 5 5

Consumer Actual Q2 Q3 Q4 Q1 2022
Retail Sales YoY (%) 4.60 10 10 7.5 7.5 7.5
Consumer Credit (AMD Million) 915564.33 1008084 994546 938333 956765 971174
Consumer Spending (AMD Million) 1214792.70 1069885 1361055 1226941 1269458 1269884

Housing Actual Q2 Q3 Q4 Q1 2022
Construction Output (%) 10.80 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.