In 2021, Armenia's GDP expanded 5.7 percent driven by private and public consumption with smaller contributions from investment and net exports. In 2022, the economy is projected to grow 1.2 percent, with lower remittances and real wages impacting consumption; heightened uncertainty impacting investment; and exports contracting due to the projected contraction in Russia and slowing global and regional growth, according to the World Bank.
Full Year GDP Growth in Armenia averaged 3.22 percent from 1991 until 2021, reaching an all time high of 14.00 percent in 2003 and a record low of -41.80 percent in 1992. This page includes a chart with historical data for Armenia Full Year GDP Growth. Armenia Full Year GDP Growth - values, historical data and charts - was last updated on March of 2023.
Full Year GDP Growth in Armenia is expected to reach 3.50 percent by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the Armenia Full Year GDP Growth is projected to trend around 3.80 percent in 2024 and 4.30 percent in 2025, according to our econometric models.