GDP, current US$ billion
GDP per capita, current US$
Poverty Rate (US$5.50/day 2011PPP terms) (2016)
Life Expectancy at birth, years (2015)
Armenia’s economy in 2017 experienced its highest growth rate in a decade. The “velvet revolution” and power transition do not appear to have disrupted the favorable macroeconomic trends that began in 2017, as GDP registered 8.3% growth year-on-year (y-o-y) in the first half of 2018. Investment, which has been depressed in recent years, made a higher contribution to total economic growth.
Inflation remains low, below the inflation target range of the Central Bank of Armenia (CBA). The new Government has shown a strong commitment to fiscal prudence and to a lower public debt. Although the export of goods increased significantly, accompanied by an increase in the number of tourists and higher transfers, it was more than offset by much higher import growth; as the result, the current account deficit widened.
The recent economic growth and positive labor market trends - together with low inflation and rising remittance inflows - contributed to declining poverty rates. A continuation of these trends in 2018 should provide additional income generation opportunities for those at the bottom of the distribution.
Last Updated: Oct 11, 2018