ArmInfo. In the first nine months of 2025, Armenia's GDP amounted to 7.730 trillion drams ($19.9 billion), increasing from 2.537 trillion drams in the second quarter to 3.072 trillion drams in the third quarter.
According to the Statistical Committee of the Republic of Armenia, the annual GDP growth accelerated in the third quarter to 6.2% (from 6.1% a year ago). Moreover, the GDP deflator index in the third quarter of 2025 experienced an annual increase to 104% (from 101.1% in the third quarter of 2024). In particular, in the GDP structure, the construction sector demonstrated an acceleration of annual growth (Q3 2025 compared to Q3 2024) - from 16.8% to 24.6%.
Additionally, an improvement in annual dynamics was noted in the agricultural sector - from a 1.2% decline to 3.7% growth, and in the energy complex - from a 3.6% decline to 21.7% growth. The trade sector was distinguished by a slowdown in growth - from 14.2% to 1.5%. The annual growth of the volume of services provided by the financial sector also weakened - from 23.7% to 10.5%, while in the information and communications sector, the growth of provided services accelerated from 16.3% to 17.6%.
In the industrial sector, the dynamics of the mining industry worsened from 6.5% growth to a 3% decline, while the annual growth of the manufacturing industry weakened from 9.3% to 1.9%.
GDP per capita increased year-on-year (Q3 2025 vs. Q3 2024) from 901,889 drams ($2,325 ) to 994,867 drams ($2,595 ). This was observed amidst a slowdown in Armenia's annual population growth from 2.5% (73,600 people) to 0.8% (23,100 people), i.e., from 3,067 million people to 3,091 million people. Exports declined year-on-year (Q3 2025 compared to Q3 2024) by 25.8%, while imports declined by 27.1%, compared to similar double-digit growth in both exports and imports a year ago. It should be noted that the IMF and World Bank predict a further slowdown in Armenia's GDP growth rate in 2025 to 5% and 4%, respectively.
The Central Bank of Armenia forecasts a less noticeable slowdown in GDP growth for 2025, to 5.8-5.7%, depending on the inflation trajectory. According to the Statistical Committee of the Republic of Armenia, Armenia's GDP growth, after accelerating from 5.8% to 12.6% in 2022, began to slow to 8.3% in 2023 and then to 5.9% in 2024, amounting to 10.2 trillion drams (approximately $26 billion) in absolute terms. The GDP deflator index also began to decline, after rising from 106.9% to 108% in 2022, to 103.1% in 2023 and to 101.4% in 2024.
The Central Bank, IMF, and World Bank have significantly different forecasts for exports and imports in 2025. According to the Central Bank's updated forecast in September, after nearly equal growth in exports and imports in 2024 of 35.6-31.4%, foreign trade turnover will decline in 2025: exports will decrease by 30.4-36.8% and imports by 32.1-32.7%. 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. In its earlier forecast, unlike the Central Bank and the IMF, the World Bank expected only a slowdown in the growth rates of both exports and imports for Armenia in 2025, to 5.6% and 7%, respectively.
