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 conflict surrounding Nagorno-Karabakh.

  • Armenia's economy will continue to struggle during 2016-2017 primarily due to its trade and remittance flow links with ailing Russia. Beyond this we continue to see little means of diversifying its growth model away from one driven by private consumption underpinned by volatile remittance flows.

  • Georgian real GDP growth will slow over the next two years relative to the 5.9% average growth achieved between 2011 and 2015 due to exposure to Russia's economic crisis, which has...

Armenia Industry Coverage (1)


Armenia Telecommunications

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BMI View: Armenia's telecoms market is small and highly saturated thanks to early liberalisation. 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. U-COM , which has a large Internet and telephony user base and gained a mobile licence in 2013, has agreed to acquire Orange , a move that will create a powerful converged service provider and has already unsettled the incumbent.

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Armenia Mobile Market Forecasts

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Latest Armenia Blogs

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