Armenia experienced GDP growth of 11 percent during the first half of 2022 compared to the same period in 2021. This strong growth performance was mostly driven by growth in services, particularly tourism, finance, and IT. High demand, along with elevated international food and fuel commodity prices, pushed Inflation to 10.3 percent in June 2022, with food and fuel price increases accounting for two-thirds of total inflation. The budget balance has also fared better than expected. Along with strong economic performance, the budget revenue collection overperformed by 7 percent.
The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Countries can use it to assess how much income they are foregoing because of human capital gaps, and how much faster they can turn these losses into gains if they act now.