Page 15 - Caucasus Outlook 2023

2.2 Macroeconomy – Armenia

Armenia: key economic figures and forecasts

2016 2017 2018 2019 2020 2021 2022

Nominal GDP (EUR bn) 9.065 9.954 10.764 11.705 11.058 13.01 19.88

Real GDP (% y/y) 0.2 7.5 5.2 7.6 -7.6 5.7 14

Industrial output (% y/y) 16.6 5.6 7.9 0.0 0.36 9.9

Unemployment rate (avg, %) 17.6 17.7 19.0 18.8 20.2 21.21 13.6

Nominal industrial wages (% y/y)

Producer prices (avg, % y/y) 2.1 2.9

Consumer prices (avg, % y/y) 3.7 -0.1 -1.1 3.0 3.94 8.8

Consumer prices (eop, % y/y)

General budget balance (% of GDP) -5.5 -4.8 -1.6 -0.8 -5.1 -4.59 -3.1

Public debt (% of GDP) 51.4 58.4 51.0 50.0 64.0 60.25 60.2

Current account balance (% of GDP) -1.0 -1.5 -6.9 -7.2 -3.1 -3.7 -3.8

Official FX reserves (EUR bn)

Gross foreign debt (% of GDP) 94.4 91.3 87.6 90.3 102.3 99.9 63.50

EUR/LC (avg) 531.9 545.1 570.6 537.9 558.4 597.3 417.9

USD/LC (avg) 480.5 482.7 483.0 480.4 489.0 504.4 394.4

Source: Thomson Reuters, RBI/Raiffeisen RESEARCH, Armstat, Armenia Statistical Yearbook 2021
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2.2.1 GDP growth

Armenian GDP growth in 2022 will amount to 14%, according to the
latest forecast of the Ministry of Economy.

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