Galt & Taggart has published an in-depth study of Armenia’s economy, titled Armenia: Turning Opportunities into Growth. The report marks another milestone in the development of the company’s regional research. Following its report on the Uzbekistan economy, Galt & Taggart is expanding its research coverage to another country in the region, offering investors independent, in-depth analysis of Armenia.
The report provides a detailed overview of Armenia’s macroeconomic environment and the key drivers of its economic growth. It is a valuable resource for current and prospective investors in Armenia, as well as for asset managers, financial institutions, and other capital market participants assessing the country’s economic potential and investment opportunities.
According to Galt & Taggart’s research, Armenia’s economy has been growing rapidly since 2022, with real GDP growth averaging 8.5% a year in 2022–2025 and reaching 7.1% in 2025. Relocation of companies and capital boosted consumer and investment spending and lifted the central bank’s international reserves to a record high. Between 2021 and 2025, nominal GDP more than doubled from $13.9 billion to $29.3 billion, and GDP per capita from $4,750 to $9,495.
Between 2016 and 2025, the share of agriculture in the economy declined, while the share of services increased: financial services rose from 4.9% to 10.8% of GDP and trade from 10.9% to 16.1%. IT exports grew nearly fivefold from 2021, reaching $1.8 billion in 2025.
Construction and real estate also supported growth, with apartment sales reaching a record in 2025. Challenges include Russia’s restrictions on imports of some Armenian products. At the same time, new opportunities are emerging: borders are gradually opening, a new transit route is planned, and the European Union has expanded its support for Armenia. A new gold mine has started production and is expected to generate $860–$900 million of export revenue a year, and Firebird’s AI data center has opened, with a total planned investment of $5 billion. Together, these developments should support growth in the coming years.
‘Galt & Taggart is already a trusted partner for investors in Georgia, and our goal is to become one across the wider region. To achieve this, it is important to provide investors with in-depth information on the economies of the region and to offer a full range of investment services. Our new research on Armenia is another step in this direction, strengthening our position in the investment markets of the Caucasus and Central Asia,’ says Giorgi Kuparashvili, CEO of Galt & Taggart.
‘We are consistently expanding our research coverage and producing high-quality, in-depth analysis of the region’s economies. The Armenia report continues this strategy. Our aim is to provide investors not merely with a general economic overview, but with detailed analysis that helps them better assess market dynamics, key trends, and investment opportunities,’ says Eva Bochorishvili, Head of Research at Galt & Taggart.
Galt & Taggart’s research and investment banking work has been recognised internationally. In 2026, Euromoney named Galt & Taggart the Best in Georgia for Research and Brokerage, while Global Finance named it Best Investment Bank in Georgia.
—
Disclaimer: This article was contributed and translated into English by Nahapetian Samvel. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2026/11/07/galt-taggart-publishes-new-research-on-armenias-economy-expanding-its-reg/