Armenia's cumulative GDP growth in 2018-2024 amounted to 43.5% - Pashinyan
YEREVAN, February 28. /ARКА/. Armenia continues to be on a path of stable economic development, said the Prime Minister of the Republic, Nikol Pashinyan.
"In the period from 2018 to 2024, the accumulated GDP growth in real terms amounted to 43.5%. In other words, by the end of 2024, Armenia's economy was 43.5% larger than it was at the beginning of 2018," he wrote on his Facebook page.
Noting that Armenia's GDP, by the end of 2024, grew by 5.9% in real terms compared to the previous year, the Prime Minister emphasized that the key target of 7% average GDP growth, set in the government's program for 2021-2026, has been maintained, with growth reaching 8.15% for the 2021-2024 period.
He also added that by the end of 2023, Armenia's economy grew by 8.3%, in 2022 it grew by 12.6%, and in 2021 it grew by 5.8%.
According to Pashinyan, the average annual number of jobs in Armenia in 2024 was 760,555, which represents an increase of 36.6% compared to 2018 and a 5.2% increase compared to 2023.
The Prime Minister also noted that by the end of 2024, the average annual nominal salary in Armenia reached 287,172 drams, an increase of 66.3% compared to 2018 and 6.4% compared to 2023. Recalling that inflation at the end of 2024 was 1.5%, Pashinyan stated that the accumulated inflation from 2018 to 2024 was 25.3%.
"Thus, the real growth of wages from 2018 to 2024 was about 40%," he explained.
Figures and Economic Forecasts for Armenia
The projected economic growth for Armenia in the state budget for 2025 is 5.1%. According to preliminary data from Armstat, economic activity grew by 7.1% in January. Based on the Central Bank's monetary policy report for the fourth quarter of 2024, Armenia's GDP growth by the end of 2025 is expected to be between 7.1% and 4.8%. For 2026, it is expected to range from 4.7% to 7%, and in 2027, it is projected to grow by 5% to 6.2%.
The EDB (Eurasian Development Bank) predicts Armenia's GDP growth to be 5.5% in 2025. The World Bank expects a 5% increase in Armenia's economy in 2025, while the IMF projects growth of 4.9%, the EBRD forecasts a 5% increase (4.5% in 2026), and the ADB expects a 6% rise. According to the Fitch Ratings agency, Armenia's economy is expected to grow by 4.9% in 2025, while the UN forecasts a 5.2% growth for Armenia in 2025 and 4.7% in 2026.
