ArmInfo. Armenia's GDP in the first half of 2025 amounted to 4.639 trillion drams ($11.9 billion), increasing from 2.118 trillion drams in the first quarter to 2.521 trillion drams in the second quarter.
According to the Statistical Committee of the Republic of Armenia, annual GDP growth slowed in the second quarter to 5.9% (down from 6.4% a year ago). The GDP deflator index in the second quarter of 2025 experienced an annual growth to 102.4% (up from 100.6% in the second quarter of 2024). Specifically, in the GDP structure, the construction sector demonstrated an acceleration of annual growth (Q2 2025 to Q2 2024) - from 17.9% to 24.4% and the agricultural sector - from 5.2% to 5.4%. However, the trade sector showed a slowdown in growth - from 19.6% to 3.1% and the energy complex - from 13.1% to 12.3%. The annual growth in the volume of services provided by the financial sector also weakened - to 7.5% (down from 17% a year ago), while the information and communication sector saw a growth of 20.3% growth (up from a 14.1% decline a year ago). In the industrial sector, the mining industry recovered from a 15.1% decline to an 11.8% growth, while the manufacturing industry's annual dynamics worsened from 8.6% growth to a 2.4% decline.
GDP per capita increased year-on-year (Q2 2025 to Q2 2024), rising from 750,873 drams ($1,930 ) to 817,783 drams ($2,112 ). This growth occurred alongside a slowdown in Armenia's annual population growth from 3.8% (112,300 people) to 0.9% (26,600 people), i.e. from 3,058 million people to 3,084 million people. Exports decreased by 32.3% and imports by 25.9% (Q2 2025 to Q2 2024), while a year ago there was a high growth of both exports and imports by 2.3-2.4 times. Note that projections from the IMF and the World Bank anticipate a further slowdown in Armenia's GDP growth rates in 2025 to 4.5% and 4%, respectively. The Central Bank of Armenia forecasts a GDP growth rate slowdown to 5.1-4.6% in 2025, depending on the inflation trajectory. According to the Statistical Committee of the Republic of Armenia, GDP growth accelerated in 2022 from 5.8% to 12.6%, but began to slow down in 2023 to 8.3% and then in 2024 to 5.9%, amounting to 10.2 trillion drams (about $26 billion) in absolute terms. The GDP deflator index also decreased to 103.1% in 2023 and 101.4% in 2024 after an increase from 106.9% to 108% in 2022.
The forecasts of the Central Bank, the IMF and the World Bank regarding exports and imports for 2025 differ greatly. According to the Central Bank's updated forecast in June, after almost equal growth of exports and imports in 2024 by 35.6-31.4%, foreign trade turnover will decline in 2025: accordingly, the volume of exports will decrease by 32.3-36.4% and imports by 29-34.2%. An earlier IMF forecast also predicted a decline in both exports and imports for Armenia in 2025, but by a more modest 10.4% and 5.4%, respectively. The WB, in its much earlier forecast, unlike the Central Bank and the IMF, expected only a slowdown in the growth rates of both exports and imports for Armenia in 2025 to 5.6% and 7%, respectively.
