On 31 January, Armenia’s National Statistics Committee (NSC) stated that the country’s economic activity in 2021 grew by 5.8% on a year-on-year basis according to the committee’s preliminary figures, reported arka.am.

According to the official data, the industrial output in 2021 increased by 3.3% year-on-year to 2.386 trillion drams. The construction sector in 2021 saw 7.4% growth amounting to about 471 billion drams. The services (excluding trade) amounted to about 1.9 trillion drams, which is 7.8% higher than in January-December 2020.

Armenia’s domestic trade in January-December 2021 grew to about 3.4 trillion drams having grown by 7.5% from 2020. Armenia's GDP grew by 2.7% in the third quarter of 2021 according to the NSC. In regard to foreign trade, the NSC highlighted that it surged by 17.7% from the previous year to $8,379.2 billion. The NSC said that in December 2021, compared to December 2020, the country’s foreign trade increased by 23%. Exports from Armenia in January-December 2021 grew by 19.1% to $3.022.4 billion compared to January-December 2020. Imports during the reporting period amounted to $5,356.8 billion, recording a 16.9% increase compared to January-December 2020.

The consumer prices in Armenia also increased by 7.2% in comparison to the previous year. The GDP at market prices at the end of the reporting quarter amounted to a little over 1.9 trillion drams. Compared to the second quarter of 2021 the GDP grew by 25.2%.

The International Monetary Fund (IMF) said in its latest World Economic Outlook report for October 2021 that it expected Armenia's economy to grow 6.5% in 2021 and 4.5% in 2022. The World Bank revised its forecast for Armenian economic growth to 6.1%, up from 3.4% in April 2021. Earlier, Armenia's government also revised its previous forecast of 3.2% to 6%.