Markets Actual Q4 Q1 Q2 Q3 2021
Currency 507.21 507 507 507 507 507

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -9.10 -19 -8 9.5 10.2 12
Unemployment Rate (%) 17.50 22 22.2 22 22 21.7
Inflation Rate (%) 1.30 1.1 2.5 2.8 3 2.9
Interest Rate (%) 4.25 4 4 4 4 4
Balance of Trade (USD Million) -185.00 -230 -230 -230 -230 -229
Current Account (USD Million) -143.56 -300 -300 -300 -300 -250
Current Account to GDP (%) -9.70 -6.3 -6.6 -6.6 -6.6 -6.6
Government Debt to GDP (%) 45.60 57 56.3 56.3 56.3 56.3
Government Budget (% of GDP) -1.00 -5.8 -2.9 -2.9 -2.9 -2.9
Corporate Tax Rate (%) 18.00 20 18 18 18 20
Personal Income Tax Rate (%) 23.00 36 23 23 23 36

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -9.10 -19 -8 9.5 10.2 12
GDP (USD Billion) 13.67 9.8 11 11 11 11
GDP Constant Prices (AMD Million) 1744942.40 1618956 1166965 1391721 1400618 1813231
Gross Fixed Capital Formation (AMD Million) 280446.50 341845 121935 161624 162657 382866
GDP per capita (USD) 4732.10 4050 4480 4480 4480 4480
GDP per capita PPP (USD) 13653.70 13100 13500 13500 13500 13500
GDP From Agriculture (AMD Million) 326886.40 227133 55608 133120 133971 254389
GDP From Construction (AMD Million) 110065.60 125884 36138 59238 59617 140990
GDP From Manufacturing (AMD Million) 198471.30 185677 134843 173727 174837 207958
GDP From Mining (AMD Million) 55732.50 45603 42081 60041 60425 51076
GDP From Public Administration (AMD Million) 73425.70 76254 54860 88705 89272 85405
GDP From Services (AMD Million) 21647.60 28215 17663 9724 9786 31601
GDP From Transport (AMD Million) 38220.00 51424 34804 35878 36107 57595
GDP From Utilities (AMD Million) 5733.60 5101 4465 5367 5401 5713

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 17.50 22 22.2 22 22 21.7
Unemployed Persons (Thousand ) 60.20 59 58.5 58.5 58.5 58
Labor Force Participation Rate (%) 57.60 61.7 61.7 61.7 61.7 61.7
Wages (AMD/Month) 181768.00 250000 250000 250000 250000 250000
Minimum Wages (AMD/Month) 68000.00 60000 60000 60000 60000 65000
Population (Million) 2.97 2.95 2.94 2.94 2.94 2.94
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) 166221.00 242000 242000 242000 242000 242000

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 1.30 1.1 2.5 2.8 3 2.9
Consumer Price Index CPI (points) 128.49 131 135 135 132 135
Core Consumer Prices (points) 100.31 105 102 102 102 106
Core Inflation Rate (%) 1.30 1.6 1.6 1.6 1.6 1.6
Producer Prices (points) 106.30 107 107 106 110 110
Inflation Rate Mom (%) 0.50 0.7 0.7 0.7 0.7 0.7
Producer Prices Change (%) 4.10 2.5 3.5 3.5 3.5 3
Food Inflation (%) 0.60 2.4 2.4 2.4 2.4 2.4

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 4.25 4 4 4 4 4
Money Supply M2 (AMD Million) 2063935.00 1750000 1750000 1750000 1750000 1750000
Deposit Interest Rate (%) 8.41 9.01 8.31 8.31 8.31 9.01
Lending Rate (%) 5.75 6 6.5 6.5 6.5 6.5
Foreign Exchange Reserves (USD Million) 2277.71 2130 2130 2130 2130 2130

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Million) -185.00 -230 -230 -230 -230 -229
Current Account (USD Million) -143.56 -300 -300 -300 -300 -250
Current Account to GDP (%) -9.70 -6.3 -6.6 -6.6 -6.6 -6.6
Imports (USD Million) 409.00 454 454 454 454 461
Exports (USD Million) 224.30 224 224 224 224 232
External Debt (USD Million) 12548.05 12800 12800 12800 12800 12800
Foreign Direct Investment (USD Million) 68.80 120 120 120 120 120
Tourist Arrivals (Thousand) 70603.00 20000 45000 55000 70000 65000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 45.60 57 56.3 56.3 56.3 56.3
Government Budget (% of GDP) -1.00 -5.8 -2.9 -2.9 -2.9 -2.9
Government Budget Value (AMD Billion) -83755.90 -190000 -190000 -190000 -190000 -190000
Government Debt (AMD Billion) 3720.10 4370 4370 4370 4370 4370
Military Expenditure (USD Million) 591.00 451 451 451 451 451
Government Spending (AMD Million) 227904.30 242290 148060 230220 231691 271364

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 18.00 20 18 18 18 20
Personal Income Tax Rate (%) 23.00 36 23 23 23 36
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 5.00 0 5 5 5 0
Social Security Rate For Companies (%) 2.50 0 2.5 2.5 2.5 0
Social Security Rate For Employees (%) 2.50 2.5 10 10 10 10

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) -3.00 8.4 8.4 8.4 8.4 8.4
Industrial Production Mom (%) 3.20 12 7.5 7.5 7.5 5
Manufacturing Production (%) 0.30 9.5 6.5 6.5 6.5 9.5
Leading Economic Index (%) -8.10 -5.5 5 9.5 11.5 9
Mining Production (%) 12.80 6 -5.5 -5.5 -5.5 5
Changes In Inventories (AMD Million) 33229.40 115000 115000 115000 115000 115000

Consumer Actual Q4 Q1 Q2 Q3 2021
Retail Sales YoY (%) -20.90 2.5 5.5 10 10 7.5
Consumer Credit (AMD Million) 948360.41 741894 875787 1046306 1056161 830921
Consumer Spending (AMD Million) 1325922.30 1349360 1019147 1122846 1130024 1511283

Housing Actual Q4 Q1 Q2 Q3 2021
Construction Output (%) 0.30 2.5 5 2.5 2.5 2.5


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.