The current account deficit in Armenia increased to USD 389.8 million in the fourth quarter of 2018 from USD 301.4 million in the corresponding period of the previous year. The primary income surplus narrowed to USD 116.2 million from a USD 223 million while the services shortfall increased to USD 147.1 million from USD 95.7 million a year earlier. On the other hand, the secondary income surplus rose to USD 187.1 million from USD 183.9 million while the goods deficit decreased to USD 546 million from USD 612.7 million in the last quarter of 2017. Considering full 2018, the country's current account gap went up to USD 1.131 million (or 6.6 percent of the GDP) from USD 279.7 million (or 2.4 percent of the GDP) in 2017. Current Account in Armenia averaged -132.07 USD Million from 1993 until 2018, reaching an all time high of 74.31 USD Million in the fourth quarter of 2004 and a record low of -511.22 USD Million in the fourth quarter of 2008.
Current Account in Armenia is expected to be -136.10 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Armenia to stand at -275.30 in 12 months time. In the long-term, the Armenia Current Account is projected to trend around -290.50 USD Million in 2020, according to our econometric models.