Armenian government cherry-picking data to portray economic growth

The Armenian government is facing criticism for selectively presenting economic data to exaggerate growth and obscure a broader slowdown in 2025.

In a Facebook post, the government highlighted December 2025 statistics, reporting a 14% year-on-year increase in the Economic Activity Index and a 23.4% rise compared with November. It cited sharp annual gains in industry (38.6%), construction (20.5%), services (6.9%) and trade turnover (3.2%), along with a 32% increase in foreign trade and inflation of 3.3%.

The presentation is misleading because it focuses narrowly on December figures rather than full-year results shared by Armenia’s Statistical Committee.

According to official annual data released by the committee, Armenia’s economy grew 9.1% in 2025. Industrial output rose 4.7% for the year, far below the December-only figure cited by the government. Construction expanded by 20.2%, while services grew by 20.2%, significantly higher than the December comparison. Trade turnover increased by about 3%.

The sharpest discrepancy appears in foreign trade. While the government cited a 32% year-on-year increase for December, annual data show overall foreign trade fell by 29% in 2025. Exports declined by 37% over the year and imports dropped by 23.6%, contradicting the December growth figures highlighted in the post.