ArmInfo. Our incomes are growing faster than our debts. Armenia's debt indicators are quite good and there is no need to terrorize people in vain. This statement was made by RA Finance Minister Vahe Hovhannisyan in an interview with Public Television.
In January-July 2025, Armenia's public debt in dollar terms increased by approximately $1 billion 256 million - to $14 billion 098.6 million (from $12 billion 842.2 million by the end of 2024). At the same time, according to the results of the first half of the year, the specific debt burden per capita has already exceeded the $4.5 thousand mark (two years ago, the figure was $3.8 thousand). Meanwhile, at the end of December 2017, the total public debt of Armenia was at the level of $6.774 billion, and by the time Nikol Pashinyan's government was formed, at the end of April 2018, this figure was $6,867 billion.
"I also heard the expression that each of us has a debt of more than $4 thousand. In fact, people who talk about this seem to want to terrorize the population with this, since there has never been such a thing as someone coming and saying - give these $4 thousand - after all, this is considered a public debt," the minister said
Everything is known in comparison, the head of the Ministry of Finance emphasizes. Thus, according to his data, the specific debt burden per capita in Armenia is $4.2-$4.3 thousand. Meanwhile, according to him, it is more correct to talk about debt, considering our income in comparison with the growth of the country's GDP.
"So, if we compare this indicator for 2018 (the growth was then 5.2%), then the specific debt burden per capita will be approximately 5.6. By the end of 2024, this indicator will be 5. That is, the debt has not decreased, but our community income has grown, which at that time was approximately $4 thousand. And today it is already more than $8 thousand. (GDP per capita in 2024 was $8,501, in 2018 the indicator was at the level of $4,186 - ed.). Thus, our income is growing much faster than our debt," explained the head of the Ministry of Finance. Meanwhile, the chief financier of Armenia continues, in the USA the debt burden per capita is more than $100 thousand, in France - $44 thousand, in Germany - $36 thousand.
"I compared Armenia's indicator with the indicator of OECD countries (countries with developed democratic institutions and market economy - ed.) and their debt burden per capita exceeds ours," stated Vahe Hovhannisyan.
To the remark that in the aforementioned countries the per capita income is also several times higher than in Armenia, the minister noted: "But if we take the debt burden per capita and per capita GDP and calculate how much each person must work to cover this debt, then in Armenia it is six months, in Japan - 2.4 years, in the USA - 1.2 years."
