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.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 15.70 16.9 16.9 17 16 16.6 percent
Inflation Rate 2.80 2.7 2.9 2.7 3.1 1.9 percent
Interest Rate 6.00 5.75 5.75 5.75 5.5 5.5 percent
Balance of Trade -211.50 -187 -200 -201 -205 -211 USD Million
Government Debt to GDP 45.50 49.1 50.2 50.2 50.2 52.9 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 483.50
483 484 485 485 489
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 7.20
percent
4 3.8 3.3 5.1 4.3
GDP 11.54
USD Billion
13 13.3 13.3 13.3 13.8
GDP Constant Prices 1676535.30
AMD Million
1865594 1154432 1403257 1427709 2035322
Gross Fixed Capital Formation 265443.30
AMD Million
453948 133289 195718 199128 495247
GDP per capita 4219.40
USD
4388 4572 4572 4572 4584
GDP per capita PPP 8787.60
USD
9100 9400 9400 9400 9700
GDP From Agriculture 321044.00
AMD Million
293817 55712 129837 132100 320548
GDP From Construction 120514.90
AMD Million
172503 44929 97610 99311 188197
GDP From Manufacturing 169434.70
AMD Million
161858 133772 149593 152199 176583
GDP From Mining 34919.10
AMD Million
48763 41676 38542 39214 53199
GDP From Public Administration 52139.10
AMD Million
95417 48597 58680 59703 104098
GDP From Services 35889.80
AMD Million
24897 16115 25301 25742 27162
GDP From Transport 51643.10
AMD Million
44407 40818 46632 47445 48448
GDP From Utilities 6938.00
AMD Million
6116 5967 6420 6532 6673
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 15.70
percent
16.9 16.9 17 16 16.6
Unemployed Persons 66.40
Thousand
68.1 67.9 65.04 67.9 67.6
Labor Force Participation Rate 64.00
percent
61.3 60.8 61.2 62.4 61.7
Wages 172568.00
AMD/Month
210000 213000 215000 223000 250000
Minimum Wages 55000.00
AMD/Month
55000 60000 60000 60000 60000
Population 2.98
Million
2.95 2.93 2.93 2.93 2.91
Retirement Age Women 63.00
63 63 63 63 63
Retirement Age Men 63.00
63 63 63 63 63
Wages In Manufacturing 162092.00
AMD/Monthly
210000 215000 221000 229000 242000
Employed Persons 1070.00
Thousand
853 870 890 915 975
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.80
percent
2.7 2.9 2.7 3.1 1.9
Consumer Price Index CPI 125.32
Index Points
130 133 129 129 137
Core Consumer Prices 100.75
Index Points
104 103 101 102 109
Core Inflation Rate 3.90
percent
3.5 2.9 1.3 1.6 1.6
Producer Prices 100.20
Index Points
106 103 107 105 115
Producer Prices Change -1.10
percent
5.3 4.9 4.6 4.3 3.7
Inflation Rate Mom 0.10
percent
0.4 0.5 0.8 0.28 0.7
Import Prices 101.60
Index Points
100 102 102 103 102
Food Inflation 3.50
percent
2.1 2.3 2.5 2.6 2.4
Export Prices 104.50
Index Points
105 102 105 101 101
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 6.00
percent
5.75 5.75 5.75 5.5 5.5
Money Supply M0 1014282.00
AMD Million
1030000 1035000 1010000 990000 1060000
Money Supply M1 788140.00
AMD Million
799000 810000 825000 831000 870000
Money Supply M2 1420618.00
AMD Million
1480000 1510000 1560000 1585000 1750000
Deposit Interest Rate 9.01
percent
9.01 9.01 9.01 8.76 8.76
Lending Rate 7.50
percent
7.5 7.5 7.5 7.5 7.5
Foreign Exchange Reserves 2081.25
USD Million
2080 2020 2150 2170 2130
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -211.50
USD Million
-187 -200 -201 -205 -211
Exports 186.00
USD Million
196 189 191 194 200
Imports 397.50
USD Million
383 390 392 400 411
Current Account -220.00
USD Million
-250 -206 -136 -98.7 -290
Current Account to GDP -2.90
percent
-3.8 -3.8 -3.8 -3.8 -3.9
External Debt 10567.97
USD Million
11100 11300 11500 11750 12800
Capital Flows -100.60
USD Million
-456 -251 -233 -153 -335
Terms Of Trade 102.90
Index Points
104 100 103 98.05 98.72
Terrorism Index 2.37
2.1 1.2 1.2 2.37 0.8
Tourist Arrivals 86834.00
Thousand
64600 57400 85100 85200 69900
Remittances 336.40
USD Million
510 274 350 452 545
Foreign Direct Investment 9.40
USD Million
81.7 83.4 74.5 64.3 120
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 45.50
percent
49.1 50.2 50.2 50.2 52.9
Government Budget -5.60
percent of GDP
-2.6 -1.8 -1.8 -1.8 -1.4
Government Budget Value 24004.50
AMD Billion
-170000 -20000 -21500 -57600 -190000
Government Revenues 358778.10
AMD Billion
370000 270000 335000 339000 390000
Government Debt 3224.80
AMD Billion
3540 3610 3690 3760 4370
Fiscal Expenditure 334773.60
AMD Million
540000 290000 356500 396600 580000
Military Expenditure 437.45
USD Million
442 449 449 449 451
Government Spending 203057.90
AMD Million
272274 143388 177334 180424 297045
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 0.90
percent
7.2 7.9 5.4 3.3 8.4
Industrial Production Mom 0.90
percent
0.8 0.9 1.2 1.1 4.1
Manufacturing Production 11.40
percent
7.1 8.6 9.1 6.4 8.7
Leading Economic Index 0.20
percent
6.7 7.8 4.2 2.6 12.8
Internet Speed 5182.66
KBps
4796 4803 4800 4802 4801
IP Addresses 297303.00
IP
237444 254552 240522 250424 236259
Mining Production -29.10
percent
3.6 7.4 9.8 6.3 2.4
Ease of Doing Business 41.00
45 42 42 42 42
Corruption Index 35.00
Points
35 35 35 35 35
Corruption Rank 107.00
107 107 107 107 107
Changes In Inventories 92324.10
AMD Million
105000 109000 110000 112000 115000
Competitiveness Index 59.86
Points
60.36 60.36 60.36 60.36 62.86
Competitiveness Rank 70.00
70 70 70 70 70
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Retail Sales YoY 8.80
percent
4.8 9.8 9.86 8.1 5.2
Consumer Credit 629061.29
AMD Million
610000 615000 622000 639000 710000
Consumer Spending 1230382.80
AMD Million
1306534 916948 1081360 1100203 1425400
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 3.50
percent
0.9 1.8 2.3 4.7 2.5
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Personal Income Tax Rate 36.00
percent
36 36 36 36 36
Corporate Tax Rate 20.00
percent
20 20 20 20 20
Sales Tax Rate 20.00
percent
20 20 20 20 20
Social Security Rate 0.00
percent
0 0 0 0 0
Social Security Rate For Companies 0.00
percent
0 0 0 0 0
Social Security Rate For Employees 0.00
percent
0 0 0 0 0
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 24.21
mm
32.78 29.75 44.31 44.31 44.96
Temperature -4.14
celsius
3.81 -1.94 18.38 12.36 8.76



Armenia - Economic Forecasts - 2018-2020 Outlook