Economic activity growth in Armenia significantly exceeded expectations in the first 11 months of 2025 – WB
26.01.2026,
15:46
The cumulative growth of economic activity in Armenia for January-November 2025 reached 8.3% (year-on-year), significantly exceeding initial expectations, according to the World Bank's "Armenia Monthly Economic Update – January 2026."
YEREVAN, January 26. /ARKA/. The cumulative growth of economic activity in Armenia for January-November 2025 reached 8.3% (year-on-year), significantly exceeding initial expectations, according to the World Bank's "Armenia Monthly Economic Update – January 2026."
It is noted that economic activity growth continued at a double-digit rate in November, reaching 10.4% (year-on-year), compared to 10.1% in October.
"The highest growth rate was recorded in industry – 31.7%, driven by accelerated growth in the mining and manufacturing industries (primarily non-ferrous metals production) by 36.5% and 36.2%, respectively. Construction also continued to demonstrate double-digit growth, reaching 17.2%. The services sector (excluding trade) expanded by 11.2%.
Wholesale and retail trade continued to grow moderately at 1.5%," the study notes.
World Bank analysts note that in November, the number of registered businesses decreased by 16.9% (compared to the previous month) due to a 20.5% decline in the number of sole proprietors, following a record number of over 3,500 registered businesses in September-October.
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 this 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).
Armenian economic growth forecasts from international financial institutions: 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; the EBRD: 5% in 2025 and 4.5% in 2026; and the ADB: 6%.
It is noted that economic activity growth continued at a double-digit rate in November, reaching 10.4% (year-on-year), compared to 10.1% in October.
"The highest growth rate was recorded in industry – 31.7%, driven by accelerated growth in the mining and manufacturing industries (primarily non-ferrous metals production) by 36.5% and 36.2%, respectively. Construction also continued to demonstrate double-digit growth, reaching 17.2%. The services sector (excluding trade) expanded by 11.2%.
Wholesale and retail trade continued to grow moderately at 1.5%," the study notes.
World Bank analysts note that in November, the number of registered businesses decreased by 16.9% (compared to the previous month) due to a 20.5% decline in the number of sole proprietors, following a record number of over 3,500 registered businesses in September-October.
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 this 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).
Armenian economic growth forecasts from international financial institutions: 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; the EBRD: 5% in 2025 and 4.5% in 2026; and the ADB: 6%.
