Armenia Has Highest GDP Per Capita in the South Caucasus

NEW YORK — Armenia is the leader in the South Caucasus region in terms of GDP per capita, according to the website of the International Monetary Fund. GDP per capita in Armenia in 2023 was $8,280, in Georgia – $8,160, in Azerbaijan – $7,530.

At the same time, in Iran this figure is $4,230, in Russia – $13,010 and in Turkey – $13,380.

Figures and forecasts for the Armenian economy
The economic growth of Armenia in the state budget for 2023 is envisaged at 7%, and inflation is set at 4% (±1.5%). According to preliminary data from the National Statistics Committee, Armenia’s GDP for the third quarter of 2023 registered an increase of 7.4% compared to the same period in 2022.

According to the December forecast of the Central Bank, the Armenian economy will grow by 8.3% in 2023. Fitch forecasts growth of the Armenian economy in 2023 to 6.1%, Moody’s – up to 7%, and S&P – 7.5%. According to World Bank estimates, Armenia’s GDP growth this year will be 4.4%, the EDB does not rule out that the Armenian economy will grow by more than 7.5%, the EBRD estimates the growth of the Armenian economy at 6.5%, and the IMF predicts 7% economic growth.