Economic activity growth in Armenia in 2025 significantly exceeds expectations – WB
17.02.2026,
10:30
Economic activity growth in Armenia in 2025 significantly exceeds initial expectations, according to the World Bank's "Armenia Monthly Economic Update – February 2026."
YEREVAN, February 17. /ARKA/. Economic activity growth in Armenia in 2025 significantly exceeds initial expectations, according to the World Bank's "Armenia Monthly Economic Update – February 2026."
According to preliminary data from the Armstat, economic activity in Armenia for January-December 2025 registered growth of 9.1% compared to January-December 2024. In December, this figure was 14.4% (y/y), compared to 11.5% in November.
"Growth (in December – ed.) continued to be driven by industry and construction. "Industry expanded by 38.6%, driven by continued acceleration in manufacturing (primarily non-ferrous metals) by 43.3% and mining by 34.9%. Construction continued to demonstrate strong growth, reaching 20.5%," the WB study notes.
It is noted that electricity and energy production also increased by 13% in December after two months of stagnation. Services sector growth (excluding trade) weakened to 8.2% from 11.2% in the previous month, while wholesale and retail trade growth doubled to 3.2% from 1.5% in November.
WB analysts also note that the number of registered businesses is expected to increase by 6.3% in 2025, primarily due to the growth in the number of individual entrepreneurs.
Armenian Economic Figures and Forecasts
Armenia's state budget projects economic growth at 5.1% for 2025 and 5.4% for 2026. According to the Central Bank's monetary policy report for the fourth quarter of last year, Armenia's GDP growth is expected to be 5.9-5.9% by the end of 2025, 6.3-4.1% in 2026, and 4.9-5.3% in 2027, depending on scenario (A-B).
The following international financial institutions forecast Armenia's economic growth: the EDB: 6% in 2025 and 5.3% in 2026; the World Bank: 5.2% in 2025 and 4.9% in 2026; the IMF: 5% in 2025 and 5.5% in 2026; EBRD – 5% in 2025 and 4.5% in 2026.
According to preliminary data from the Armstat, economic activity in Armenia for January-December 2025 registered growth of 9.1% compared to January-December 2024. In December, this figure was 14.4% (y/y), compared to 11.5% in November.
"Growth (in December – ed.) continued to be driven by industry and construction. "Industry expanded by 38.6%, driven by continued acceleration in manufacturing (primarily non-ferrous metals) by 43.3% and mining by 34.9%. Construction continued to demonstrate strong growth, reaching 20.5%," the WB study notes.
It is noted that electricity and energy production also increased by 13% in December after two months of stagnation. Services sector growth (excluding trade) weakened to 8.2% from 11.2% in the previous month, while wholesale and retail trade growth doubled to 3.2% from 1.5% in November.
WB analysts also note that the number of registered businesses is expected to increase by 6.3% in 2025, primarily due to the growth in the number of individual entrepreneurs.
Armenian Economic Figures and Forecasts
Armenia's state budget projects economic growth at 5.1% for 2025 and 5.4% for 2026. According to the Central Bank's monetary policy report for the fourth quarter of last year, Armenia's GDP growth is expected to be 5.9-5.9% by the end of 2025, 6.3-4.1% in 2026, and 4.9-5.3% in 2027, depending on scenario (A-B).
The following international financial institutions forecast Armenia's economic growth: the EDB: 6% in 2025 and 5.3% in 2026; the World Bank: 5.2% in 2025 and 4.9% in 2026; the IMF: 5% in 2025 and 5.5% in 2026; EBRD – 5% in 2025 and 4.5% in 2026.
