Pashinyan ruled out a downturn in Armenia's economy and attributed the decline in exports to a decline in re-exports
17.09.2026,
13:36
Armenian Prime Minister Nikol Pashinyan declared that there was no downturn in the country's economy, pointing to a 6% GDP growth rate for the first half of 2026.
YEREVAN, September 17. /ARKA/. Armenian Prime Minister Nikol Pashinyan declared that there was no downturn in the country's economy, pointing to a 6% GDP growth rate for the first half of 2026.
"Armenia's GDP growth for the first half of the year was 6%. There are dozens and hundreds of countries that dream of 1-2% economic growth. Armenia has 6% growth, and is that a decline for us?" Pashinyan said, answering journalists' questions.
Speaking about foreign trade, the Prime Minister initially stated that exports had decreased by "a little over 0.1%," noting that he didn't remember the figure by heart. After journalists clarified the statistics, he agreed that exports had indeed declined.
Pashinyan attributed the decline in exports primarily to a decline in re-exports, which, in his opinion, did not bring significant benefits to the Armenian economy.
"We ourselves have fought this re-export to a certain extent, because it is fake exports," the prime minister stated.
He also noted that the government is not assuming an economic downturn, particularly given the restrictions on the Russian market.
"There will be no recession. There are no calculations regarding restrictions on the Russian market, because there are calculations to continue our economic growth," Pashinyan said.
As another argument, the prime minister cited the situation in the real estate market. According to him, rising real estate prices indicate competition among buyers.
On economic growth
According to statistics, Armenia's GDP grew by 6.7% year-on-year in the second quarter of 2026, following a 5.2% increase in the first quarter. Economic growth from January to June was 6%. The economic activity index increased by 7.9% in January-June. Construction volume increased by 24.5%, services by 11.1%, and industrial production by 10.8%. Meanwhile, gross agricultural output decreased by 11.9%.
About Exports
According to the Armstat, Armenia's foreign trade turnover decreased by 0.1% in January-June 2026, to $9.57 billion.
Exports decreased by 6.7%, to $3.43 billion, while imports increased by 4%, to $6.14 billion.
From January-July, exports from Armenia decreased by 7.9%, to $4.04 billion, while imports increased by 7.7%, to $7.5 billion.
The World Bank attributes a significant portion of the export decline to a decrease in the re-export of precious and semi-precious stones. According to the World Bank, exports of this commodity group fell by 66.2% year-on-year in July. Excluding this re-exported item, Armenia's exports, on the contrary, grew by 6.8%.
At the same time, the World Bank notes a decline in agricultural exports due to Russia's restrictions on imports of a number of Armenian agricultural products.
"Armenia's GDP growth for the first half of the year was 6%. There are dozens and hundreds of countries that dream of 1-2% economic growth. Armenia has 6% growth, and is that a decline for us?" Pashinyan said, answering journalists' questions.
Speaking about foreign trade, the Prime Minister initially stated that exports had decreased by "a little over 0.1%," noting that he didn't remember the figure by heart. After journalists clarified the statistics, he agreed that exports had indeed declined.
Pashinyan attributed the decline in exports primarily to a decline in re-exports, which, in his opinion, did not bring significant benefits to the Armenian economy.
"We ourselves have fought this re-export to a certain extent, because it is fake exports," the prime minister stated.
He also noted that the government is not assuming an economic downturn, particularly given the restrictions on the Russian market.
"There will be no recession. There are no calculations regarding restrictions on the Russian market, because there are calculations to continue our economic growth," Pashinyan said.
As another argument, the prime minister cited the situation in the real estate market. According to him, rising real estate prices indicate competition among buyers.
On economic growth
According to statistics, Armenia's GDP grew by 6.7% year-on-year in the second quarter of 2026, following a 5.2% increase in the first quarter. Economic growth from January to June was 6%. The economic activity index increased by 7.9% in January-June. Construction volume increased by 24.5%, services by 11.1%, and industrial production by 10.8%. Meanwhile, gross agricultural output decreased by 11.9%.
About Exports
According to the Armstat, Armenia's foreign trade turnover decreased by 0.1% in January-June 2026, to $9.57 billion.
Exports decreased by 6.7%, to $3.43 billion, while imports increased by 4%, to $6.14 billion.
From January-July, exports from Armenia decreased by 7.9%, to $4.04 billion, while imports increased by 7.7%, to $7.5 billion.
The World Bank attributes a significant portion of the export decline to a decrease in the re-export of precious and semi-precious stones. According to the World Bank, exports of this commodity group fell by 66.2% year-on-year in July. Excluding this re-exported item, Armenia's exports, on the contrary, grew by 6.8%.
At the same time, the World Bank notes a decline in agricultural exports due to Russia's restrictions on imports of a number of Armenian agricultural products.
