The economy of Armenia shrank 8.8% year-on-year in the fourth quarter of 2020, after a downwardly revised 9% contraction in the previous period, weighed down by the fallout from Covid-19 coupled with a six-week conflict between Azerbaijan and ethnic Armenian forces over the disputed enclave of Nagorno-Karabakh. Declines were seen in almost all sectors of the economy, in particular arts, entertainment & recreation (-53.8% vs -33.6% in Q3); administrative activity (-49.9% vs -43.4%); transport & storage (-47.5% vs -36.7%) and accommodation & catering (-38.4% vs -54.2%). On the other hand, output rose for the manufacturing industry (0.5% vs -3.5%), construction (14.4% vs -6.7%), and public administration & defense (20.5% vs -1.4%). Considering full 2020, the economy contracted 7.6%, after a 7.6% growth in 2019. For the coming year, the central bank forecast the economy to grow 2%. source: National Statistical Service of the Republic of Armenia
GDP Annual Growth Rate in Armenia averaged 6.63 percent from 1998 until 2021, 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 May of 2021.
GDP Annual Growth Rate in Armenia is expected to be 5.50 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 4.50 in 12 months time. In the long-term, the Armenia GDP Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 5.00 percent in 2023, according to our econometric models.