In-depth country-focused analysis on Armenia's economic, political and operational risk environment, complemented by detailed sector insight

Our comprehensive assessment of Armenia's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Armenia, as well as the latest industry developments that could impact Armenia's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Armenia before your competitors.

Country Risk

Armenia Country Risk

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Core Views

  • Political tensions in the South Caucasus will remain high over the coming years as increased Russian intervention in Georgia's breakaway territories fuels concerns that Russia will attempt to annex Abkhazia and South Ossetia. Meanwhile, Azerbaijani-Armenian relations will remain strained over the frozen conflict surrounding Nagorno-Karabakh.

  • The Armenian economy is likely to receive a short-term boost from its accession to the Eurasian Economic Union (EEU) in January 2015. Membership of the EEU will facilitate trade and investment flows from Armenia's primary export destination and source of FDI, Russia. Nevertheless, in the long term we believe EEU membership will hold back Armenia's economic growth potential as the economy remains reliant on Russian demand.

  • Georgian real GDP growth will remain relatively robust over the coming...

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Armenia Industry Coverage (1)


Armenia Telecommunications

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BMI View: Armenia's telecommunications market is small and highly saturated thanks to early liberalisation of the mobile, voice and Internet markets. There are few opportunities for new entrants, given the dominance of incumbent ArmenTel in the wireline voice arena and VivaCell-MTS in the mobile market. However, relative newcomer Orange could capitalise on interest in its mobile broadband services following the introduction of mobile number portability in 2014 and the enterprise wireline broadband market is ripe for exploitation. The challenger here is independent player U-COM , which has a large Internet and telephony user base and gained a mobile licence in 2013. The downside is that the new entrants are undercutting each...

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