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. source: National Statistical Service of the Republic of Armenia

GDP Annual Growth Rate in Armenia averaged 6.97 percent from 1998 until 2020, 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 October of 2020.

GDP Annual Growth Rate in Armenia is expected to be -19.00 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 10.20 in 12 months time. In the long-term, the Armenia GDP Annual Growth Rate is projected to trend around 12.00 percent in 2021 and 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
-13.70 3.90 19.10 -19.70 1998 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-11-20 01:00 PM Q3 7.9% 6.9% 5.2%
2020-02-20 09:45 AM Q4 7.6% 8.2% 6.0%
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 11:00 AM Q3 -13.7% -15%


News Stream
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 Expands the Most in Over a Year
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).
2019-11-20

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.