Armenia’s economy shrank 9.1% year-on-year in Q3, after a 13.7% contraction in Q2, preliminary data from the National Statistical Service reports.
The backslide comes amid the Covid-19 pandemic and after a six-week war between Azerbaijan and Nagorno-Karabakh.
The decline in July-September was the result of contractions in almost all sectors of the economy besides mining, health and social service, education, communication, financial and insurance sector.
Armenia’s economy had expanded 7.6% in 2019. The Central Bank has forecast that the economy would contract 6.2% in 2020 and get back to 4%-5% growth in 2021.