In the first half of 2025, Armenia`s GDP reached nearly $12 billion,  showing a decline in growth

ArmInfo. Armenia's GDP in the first half of 2025 amounted to 4.639 trillion drams ($11.9 billion), increasing from 2.118 trillion drams in the first quarter to 2.521  trillion drams in the second quarter.

According to the Statistical Committee of the Republic of Armenia, annual GDP growth slowed in the second quarter to 5.9% (down from 6.4% a year ago). The GDP deflator index in the second quarter of 2025 experienced an annual growth to 102.4% (up from 100.6% in the second quarter of 2024). Specifically,  in the GDP structure, the construction sector demonstrated an  acceleration of annual growth (Q2 2025 to Q2 2024) - from 17.9% to  24.4% and the agricultural sector - from 5.2% to 5.4%. However, the  trade sector showed a slowdown in growth - from 19.6% to 3.1% and the  energy complex - from 13.1% to 12.3%. The annual growth in the volume  of services provided by the financial sector also weakened - to 7.5%  (down from 17% a year ago), while the information and communication  sector saw a growth of 20.3% growth (up from a 14.1% decline a year  ago). In the industrial sector, the mining industry  recovered from a  15.1% decline to an 11.8% growth, while the manufacturing industry's  annual dynamics worsened from 8.6% growth to a 2.4% decline.

GDP per capita increased year-on-year (Q2 2025 to Q2 2024), rising  from 750,873 drams ($1,930 ) to 817,783 drams ($2,112 ). This growth  occurred alongside a slowdown in Armenia's annual population growth  from 3.8% (112,300 people) to 0.9% (26,600 people), i.e. from 3,058  million people to 3,084 million people. Exports decreased  by 32.3%  and imports by 25.9% (Q2 2025 to Q2 2024), while a year ago there was  a high growth of both exports and imports by 2.3-2.4 times. Note that  projections from the IMF and the World Bank anticipate a further  slowdown in Armenia's GDP growth rates in 2025 to 4.5% and 4%,  respectively. The Central Bank of Armenia forecasts a GDP growth rate  slowdown to 5.1-4.6% in 2025, depending on the inflation trajectory.  According to the Statistical Committee of the Republic of Armenia,  GDP growth accelerated in 2022 from 5.8% to 12.6%,  but began to slow  down in 2023 to 8.3% and then in 2024 to 5.9%, amounting to 10.2  trillion drams (about $26 billion) in absolute terms. The GDP  deflator index also decreased to 103.1% in 2023 and 101.4% in 2024  after an increase from 106.9% to 108% in 2022.

The forecasts of the Central Bank, the IMF and the World Bank  regarding exports and imports for 2025 differ greatly. According to  the Central Bank's updated forecast in June, after almost equal  growth of exports and imports in 2024 by 35.6-31.4%, foreign trade  turnover will decline in 2025: accordingly, the volume of exports  will decrease by 32.3-36.4% and imports by 29-34.2%. An earlier IMF  forecast also predicted a decline in both exports and imports for  Armenia in 2025, but by a more modest 10.4% and 5.4%, respectively.  The WB, in its much earlier forecast, unlike the Central Bank and the  IMF, expected only a slowdown in the growth rates of both exports and  imports for Armenia in 2025 to 5.6% and 7%, respectively.