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Seda Hergnyan

Armenia's GDP Growth Rate Drops in 2023

Armenia’s GDP growth rate continues to drop this year.

In the first quarter of 2023, the GDP growth rate was 12.1%, followed by 9.1% in the second quarter and 7.4% in the third according to the country's Statistical Committee.

Trade and services continue to weigh heavily in Armenia's economy. In the third quarter, 57.9% of the GDP was derived from these two sectors.

Construction growth dropped to 17.4% in the third quarter from 21.6% in the second.

Agricultural growth posted a slight growth rate of 1.4% in the third quarter following a -0.6 rate in the second quarter.

Industrial growth continued to decline from 3.9% in the first quarter, to -2.9% in the second, and -2.6% in the third.

Armenia’s economic growth rate in 2022 12.6%. The government predicts 7% economic growth for this year and the next.  

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