Markets Actual Q2 Q3 Q4 Q1 2023
Currency 403.90 414 420 426 433 446

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Annual Growth Rate (%) 8.60 8.2 5 3.7 2.7 3.5
Unemployment Rate (%) 14.50 14.5 16 15.5 16 15
Inflation Rate (%) 9.00 9.2 7.7 6.9 5.5 4
Interest Rate (%) 9.25 9.25 9.5 9 9 7
Balance of Trade (USD Million) -293.60 -220 -280 -390 -240 -320
Current Account (USD Million) -430.46 -250 -350 -400 -250 -250
Current Account to GDP (% of GDP) -2.50 -2.6 -2.6 -3.8 -3.8 -4.8
Government Debt to GDP (% of GDP) 62.79 63.3 64.5 63.5 63 65
Government Budget (% of GDP) -4.00 -2.9 -2.9 -2.3 -2.3 -2.6
Corporate Tax Rate (%) 18.00 18 18 18 18 18
Personal Income Tax Rate (%) 21.00 21 21 21 21 21

GDP Actual Q2 Q3 Q4 Q1 2023
GDP Annual Growth Rate (%) 8.60 8.2 5 3.7 2.7 3.5
GDP (USD Billion) 12.65 13 13 14 14 14.8
GDP Constant Prices (AMD Million) 1484336.90 1704678 1995577 2299189 1524414 2379661
Gross Fixed Capital Formation (AMD Million) 191450.10 200968 338649 568075 196619 587957
GDP per capita (USD) 4012.36 4080 4080 4080 4260 4560
GDP per capita PPP (USD) 12592.64 13500 13500 13900 13900 13900
Full Year GDP Growth (%) 5.70 2 1 1.5 2.5 3.5
GDP From Agriculture (AMD Million) 70145.70 132850 292949 234380 72040 242583
GDP From Construction (AMD Million) 53880.70 71342 129618 214129 55335 221623
GDP From Manufacturing (AMD Million) 149001.80 187096 214148 296792 153025 307180
GDP From Mining (AMD Million) 98370.40 73058 59766 58165 101026 60201
GDP From Public Administration (AMD Million) 69209.20 80372 75310 89843 71078 92987
GDP From Services (AMD Million) 27949.20 28964 38713 32676 28704 33820
GDP From Transport (AMD Million) 52176.50 41394 49701 49670 53585 51409
GDP From Utilities (AMD Million) 6383.60 7459 7917 6830 6556 7069

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 14.50 14.5 16 15.5 16 15
Unemployed Persons (Thousand ) 56.10 57 56.5 57.5 56 56
Labor Force Participation Rate (%) 58.50 60 59.9 60 60 59.5
Wages (AMD/Month) 227173.00 250000 250000 250000 250000 250000
Minimum Wages (AMD/Month) 68000.00 68000 68000 68000 76000 76000
Population (Million) 2.96 2.99 2.99 2.99 3 3
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 65.00 65 65 65 65 65
Wages In Manufacturing (AMD/Month) 182026.00 242000 242000 242000 242000 242000

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 9.00 9.2 7.7 6.9 5.5 4
Consumer Price Index CPI (points) 153.47 153 150 155 158 161
Core Consumer Prices (points) 100.73 109 108 107 106 110
Core Inflation Rate (%) 8.00 8.6 7.2 6.7 5.1 3
Producer Prices (points) 102.00 112 111 109 109 116
Inflation Rate Mom (%) 0.10 0.4 0.2 0.5 0.4 0.4
Food Inflation (%) 14.50 15 13.5 12 9.5 6
Producer Prices Change (%) 5.00 8.9 7.7 7.5 6.9 6

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 9.25 9.25 9.5 9 9 7
Money Supply M2 (AMD Million) 2469604.00 2450000 2490000 2550000 2650000 2750000
Deposit Interest Rate (%) 7.75 7.75 8 7.5 7.5 6.5
Lending Rate (%) 10.75 10.75 11 10.5 10.5 9.5
Foreign Exchange Reserves (USD Million) 3018.63 3020 3080 3150 3100 3300

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (USD Million) -293.60 -220 -280 -390 -240 -320
Current Account (USD Million) -430.46 -250 -350 -400 -250 -250
Current Account to GDP (% of GDP) -2.50 -2.6 -2.6 -3.8 -3.8 -4.8
Exports (USD Million) 290.90 270 240 280 250 300
Imports (USD Million) 514.70 490 520 670 490 620
External Debt (USD Million) 13828.58 14000 14200 14200 14220 15100
Foreign Direct Investment (USD Million) 123.90 120 110 120 120 140
Tourist Arrivals (Thousand) 249361.00 200000 380000 250000 120000 190000

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 62.79 63.3 64.5 63.5 63 65
Government Budget (% of GDP) -4.00 -2.9 -2.9 -2.3 -2.3 -2.6
Government Budget Value (AMD Million) 28674.60 -100000 -80000 -60000 -40000 -120000
Government Debt (AMD Billion) 4332.80 4370 4390 4400 4490 4600
Government Spending (AMD Million) 177902.70 246973 342719 410879 182706 425260
Military Expenditure (USD Million) 635.00 640 640 640 640 680

Taxes Actual Q2 Q3 Q4 Q1 2023
Corporate Tax Rate (%) 18.00 18 18 18 18 18
Personal Income Tax Rate (%) 21.00 21 21 21 21 21
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 5.00 5 5 5 5 5
Social Security Rate For Companies (%) 5.00 5 5 5 5 5
Social Security Rate For Employees (%) 5.00 5 5 5 5 5

Business Actual Q2 Q3 Q4 Q1 2023
Industrial Production (%) 2.00 3 3 4 4 3.5
Industrial Production Mom (%) 11.70 5 5 5 4 5
Manufacturing Production (%) 3.60 4.5 2 7.5 3.5 5.5
Leading Economic Index (%) 13.00 4 3.5 3 2 4
Mining Production (%) -29.00 3 2 1 3 3
Changes In Inventories (AMD Million) 60855.00 51000 65000 70000 35000 100000

Consumer Actual Q2 Q3 Q4 Q1 2023
Retail Sales YoY (%) 12.40 7.5 4.5 4.5 5.5 4.5
Consumer Credit (AMD Million) 832431.86 942690 874820 855356 856936 885294
Consumer Spending (AMD Million) 1222810.30 1310340 1359952 1491698 1255826 1543908

Housing Actual Q2 Q3 Q4 Q1 2023
Construction Output (%) 18.10 4.5 1.5 3 3 2.5


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Armenia Forecast - was last updated on Thursday, June 30, 2022.