ArmInfo.Armenia's GDP in 2025 amounted to 11.318 trillion drams (over $29.2 billion), showing a 7.2% increase. According to the Statistical Committee of the Republic of Armenia, the GDP deflator index for 2025 rose to 103.6% (from 101.4% in 2024).
Within the GDP structure, the construction sector demonstrated accelerated annual growth, increasing from 13.5% to 21%, while the agricultural sector grew from 1% to 5.3%. The energy sector experienced a slight slowdown in growth, decreasing from 10.9% to 10.2%. The trade sector saw a significant decrease in growth, dropping from 16.8% to 3.1%. Annual growth in the volume of services provided by the financial sector weakened from 18.1% to 14.7%, while in the information and communications sector, growth in services provided accelerated from 11.9% to 18.6%. In the industrial sector, the dynamics of the mining industry improved, shifting from an 8.3% decline to 6.6% growth. Meanwhile, the annual growth of the manufacturing industry slowed from 4.3% to 2%.
In 2025, GDP per capita increased from 3.338 million drams ($8.501) to 3.667 million drams ($9.474 ). This increase occurred alongside a slowdown in Armenia's population growth, decreasing from 2.8% (85,000 people) to 0.7% (20,800 people), i.e., from 3,076 million to 3,097 million. Exports decreased by 30.5% in 2025 to 5.2 trillion drams ($13.5 billion), and imports by 23.7% to 5.9 trillion drams ($15.4 billion), while a year ago, double-digit growth of 35.6-31.4% was observed in both exports and imports.
It is worth noting that in its December forecast, the Central Bank of Armenia predicted GDP growth of 6.3- 4.1% for 2026 and then 4.9-5.3% in 2027. In 2025, according to the Central Bank's estimate, GDP growth was expected to remain at 5.9% (similar to the actual 5.9% growth in 2024). According to the Central Bank's updated forecast, export and import growth in 2025 was expected to be negative 37.3-36.1% (for exports) and 32.7-32.5% (for imports). However, in 2026, the Central Bank predicts an improvement in both export growth (4.5-3.4%) and import growth (3.1%), with this trend continuing in 2027 to 3.9-4.1% (for exports) and 4.2-3.8% (for imports).
According to the IMF's updated forecast in December, Armenia's GDP growth will be 5% and 5.5% in 2025 and 2026. According to the IMF forecast for Armenia's foreign trade, a decline of 31.1% in both exports and 28.1% in imports was expected in 2025, with growth expected to return to a nearly flat 2.2- 2.1% in 2026 and then moderately accelerate to 3.4-3.7% in 2027. In its January forecast, the World Bank (WB) predicted a slowdown in Armenia's GDP growth in 2026-2027 to 4.9-4.7% from an estimated 5.2% in 2025.
Armenia's draft state budget for 2025 projected GDP growth of 5.1%, while the 2026 state budget projects a 5.4% economic growth. According to the Statistical Committee of the Republic of Armenia, Armenia's GDP growth, after accelerating in 2022 from 5.8% to 12.6%, 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, after growing in 2022 from 106.9% to 108%, began to decline to 103.1% in 2023 and to 101.4% in 2024. (The average exchange rate of the dram against the US dollar for January-December 2025 was AMD 387.01/$1).
