Armenia faces challenges in stabilizing economic growth – Central Bank Governor
16.09.2026,
10:46
Armenia faces challenges in stabilizing economic growth, stated Martin Galstyan, Chairman of the Central Bank of the Republic.
YEREVAN, September 16. /ARKA/. Armenia faces challenges in stabilizing economic growth, stated Martin Galstyan, Chairman of the Central Bank of the Republic.
"Of course, it's very difficult to predict which specific direction should drive economic growth, because everything around us is changing so rapidly that the drivers, naturally, can also change," he said yesterday at a press conference.
According to him, the Firebird project, specifically GPU imports, could be an interesting example of the current export-import dilemma.
"Right now, it may seem like we have a huge volume of imports, and that this is very bad because imports exceed exports. But if, for example, we look one or two cycles ahead, we can see that Firebird will export services and create tokens that will be consumed abroad," Galstyan said.
About the Firebird Project in Armenia
The Firebird project, a large-scale data center for artificial intelligence (AI) in Hrazdan, is being implemented with the participation of NVIDIA and the support of the Armenian and US governments.
In July 2025, it was reported that the initial investment in the project was estimated at approximately $500 million. The deployment of thousands of NVIDIA Blackwell GPUs and the creation of an infrastructure with a capacity of over 100 MW were envisioned.
In June 2026, the first large batch of 1,792 NVIDIA Blackwell processors, out of the 6,144 GPUs planned for the first phase of the project, arrived in Armenia. The first phase of the AI data center is being built in Hrazdan.
According to current information from Firebird, the first phase of the Armenian AI center includes 6,144 NVIDIA B200 processors and a capacity of 15 MW. The next stage of expansion in Armenia is designed for 125 MW and 75,000 next-generation GPUs, with total investments potentially reaching approximately $5 billion.
Armenian Economic Figures and Forecasts
The 2026 state budget projects 5.4% economic growth for Armenia. According to preliminary data from the Armstat, Armenia's GDP grew by 6.7% in the second quarter of 2026 compared to the same period in 2025, while economic activity growth over the seven months amounted to 7.7% year-on-year, which, according to the World Bank, exceeds initial forecasts. According to the Central Bank's monetary policy report for the third quarter of this year, Armenia's GDP growth is expected to be 5.7-5.3% by the end of 2026, depending on scenario (A-B).
Forecasts for Armenian economic growth from international financial institutions for 2026: World Bank - 5.3%; IMF - 5.25%; ADB – 5.5%, EBRD – 5.5%, EDB – 6%, S&P Global Ratings – 4.9%; Fitch Ratings – 5.2%.
"Of course, it's very difficult to predict which specific direction should drive economic growth, because everything around us is changing so rapidly that the drivers, naturally, can also change," he said yesterday at a press conference.
According to him, the Firebird project, specifically GPU imports, could be an interesting example of the current export-import dilemma.
"Right now, it may seem like we have a huge volume of imports, and that this is very bad because imports exceed exports. But if, for example, we look one or two cycles ahead, we can see that Firebird will export services and create tokens that will be consumed abroad," Galstyan said.
About the Firebird Project in Armenia
The Firebird project, a large-scale data center for artificial intelligence (AI) in Hrazdan, is being implemented with the participation of NVIDIA and the support of the Armenian and US governments.
In July 2025, it was reported that the initial investment in the project was estimated at approximately $500 million. The deployment of thousands of NVIDIA Blackwell GPUs and the creation of an infrastructure with a capacity of over 100 MW were envisioned.
In June 2026, the first large batch of 1,792 NVIDIA Blackwell processors, out of the 6,144 GPUs planned for the first phase of the project, arrived in Armenia. The first phase of the AI data center is being built in Hrazdan.
According to current information from Firebird, the first phase of the Armenian AI center includes 6,144 NVIDIA B200 processors and a capacity of 15 MW. The next stage of expansion in Armenia is designed for 125 MW and 75,000 next-generation GPUs, with total investments potentially reaching approximately $5 billion.
Armenian Economic Figures and Forecasts
The 2026 state budget projects 5.4% economic growth for Armenia. According to preliminary data from the Armstat, Armenia's GDP grew by 6.7% in the second quarter of 2026 compared to the same period in 2025, while economic activity growth over the seven months amounted to 7.7% year-on-year, which, according to the World Bank, exceeds initial forecasts. According to the Central Bank's monetary policy report for the third quarter of this year, Armenia's GDP growth is expected to be 5.7-5.3% by the end of 2026, depending on scenario (A-B).
Forecasts for Armenian economic growth from international financial institutions for 2026: World Bank - 5.3%; IMF - 5.25%; ADB – 5.5%, EBRD – 5.5%, EDB – 6%, S&P Global Ratings – 4.9%; Fitch Ratings – 5.2%.
