Central Bank of Armenia pointed out the risks of economic growth concentration in construction and services
17.03.2026,
18:07
The concentration of economic growth in the construction and services sectors in Armenia is a concern for the Central Bank of Armenia from an inclusive perspective, stated Central Bank Governor Martin Galstyan.
YEREVAN, March 17. /ARKA/. The concentration of economic growth in the construction and services sectors in Armenia is a concern for the Central Bank of Armenia from an inclusive perspective, stated Central Bank Governor Martin Galstyan.
"The level of concentration in these sectors is a matter of concern," he said.
According to Galstyan, economic growth in the country accelerated in the fourth quarter of 2025, with construction, services, and manufacturing remaining its main drivers.
He noted increased demand uncertainty due to structural features of the economy and fiscal risks. The Central Bank estimates that the impact of aggregate demand on inflation remains expansionary, while supply-side risks also remain.
The regulator's head added that wage growth in the private sector, inflation in fixed-price services, and overall inflation expectations are showing signs of stabilization.
According to the Statistical Committee, economic activity in Armenia will grow by 9.1% in 2025. Construction volume increased by 20.2% to nearly 810.7 billion drams, while the services sector (excluding trade) increased by 10.5% to nearly 4.09 trillion drams. ($1 = 377.46 drams).
"The level of concentration in these sectors is a matter of concern," he said.
According to Galstyan, economic growth in the country accelerated in the fourth quarter of 2025, with construction, services, and manufacturing remaining its main drivers.
He noted increased demand uncertainty due to structural features of the economy and fiscal risks. The Central Bank estimates that the impact of aggregate demand on inflation remains expansionary, while supply-side risks also remain.
The regulator's head added that wage growth in the private sector, inflation in fixed-price services, and overall inflation expectations are showing signs of stabilization.
According to the Statistical Committee, economic activity in Armenia will grow by 9.1% in 2025. Construction volume increased by 20.2% to nearly 810.7 billion drams, while the services sector (excluding trade) increased by 10.5% to nearly 4.09 trillion drams. ($1 = 377.46 drams).
