Armenia: Economy

Armenia’s economy grew by 2.8% in the first half of 2016, down from 3.1% in the same period of 2015. Industry excluding construction grew by 6.8%, reflecting strong expansion in mining, quarrying, electricity production, and manufacturing. Construction continued to limit growth, declining by 4.8%. Less favorable weather cut expansion in agriculture to 0.3% in the first half of 2016 from 19.3% in the first half of 2015 and 13.2% for the full year. Growth in services rose to 2.1% from 1.4% a year earlier. Growth accelerated in transport and communications but stayed negative in remittance-supported retail trade. Read more from Asian Development Outlook 2016 Update


Economic forecasts for Central Asian countries

Country 2016 2017
Armenia 2.0 2.3
Azerbaijan -2.5 1.0
Georgia 3.0 4.0
Kazakhstan 0.1 1.0
Kyrgyz Republic 1.0 2.0
Tajikistan 3.8 4.0
Turkmenistan 5.5 5.5
Uzbekistan 6.9 7.3
Average 1.5 2.6
Country 2016 2017
Armenia 1.5 4.0
Azerbaijan 12.0 5.2
Georgia 3.0 4.0
Kazakhstan 14.7 6.0
Kyrgyz Republic 5.0 8.0
Tajikistan 8.5 7.5
Turkmenistan 5.0 4.4
Uzbekistan 10.0 11.0
Average 11.5 6.4
Country 2016 2017
Armenia -4.8 -5.0
Azerbaijan -0.6 1.5
Georgia -12.0 -11.5
Kazakhstan -5.5 -4.9
Kyrgyz Republic -17.0 -15.0
Tajikistan -4.8 -5.5
Turkmenistan -13.3 -10.0
Uzbekistan 0.2 0.8
Average -5.0 -3.9

Source: Asian Development Outlook 2016 Update