Armenia: Economic growth

The latest value from 2024 is 5.9 percent, a decline from 8.3 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for Armenia from 1991 to 2024 is 3.73 percent. The minimum value, -41.8 percent, was reached in 1992 while the maximum of 14 percent was recorded in 2003. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

Economic growth in Armenia and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.

Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.

Definition: Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.