IMF estimates Armenia’s informal economy at 36% of GDP

YEREVAN, February 7, /ARKA/. A recent study by the International Monetary Fund (IMF) titled, ‘Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?’ estimates Armenia’s informal (shadow) economy at 36% of its overall GDP.

According to the study, the average share of Armenia’s informal economy in 1991-2015 was 42.59% of GDP, falling to 35.96% in 2015. The share of the informal economy began to slowly decline from 2011 to below 40%.

Of the regional countries, the lowest informal economy is boasted by Iran (18.38%). In Turkey, it is 27.43% of GDP, in Azerbaijan – 43.66% and in Georgia – 53.07%.

The lowest informal economy across the globe was in Switzerland (6.94%), followed by the United States (7%), Germany (7.75%), the Netherlands (7.83%), Austria (8.1%) and Japan (8%). The highest was in Zimbabwe (67%) and Haiti (56.38%).

“The shadow economy includes all economic activities which are hidden from official authorities for monetary, regulatory, and institutional reasons. It reflects mostly legal economic and productive activities that, if recorded, would contribute to national GDP,” the IMF said.

The average size of the shadow economy of the surveyed 158 countries over 1991 to 2015 is 31.9 percent. The authors of the paper used new methods, especially the new macro method, Currency Demand Approach (CDA) and Multiple Indicators Multiple Causes (MIMIC) in a structured hybrid-model based estimation procedure. -0-

spot_img

POPULAR

Armenian commercial banks paid 28.65 billion drams in various taxes in Q1

All 17 Armenia-based commercial banks are included in the list of the 1,000 largest taxpayers in the first quarter of 2026, having paid a total of 28.65 billion drams to the state budget, according to data released today by the State Revenue Committee.

Unibank issues USD bonds with a 5.6% yield

Unibank announces a new issue of USD bonds in the amount of 5 million USD.

In February, Armenia’s net inflow of non-commercial money transfers grew moderately after a jump in January – WB

In February, net non-commercial money transfers to Armenia grew by 5.2 percent (yoy), following a 44 percent (yoy) surge in January, according to World Bank's Armenia Monthly Economic Update – April 2026 .

In February, commercial bank deposits in Armenia decreased by 0.2%, while lending expanded by 0.9% — World Bank

In February 2026, commercial bank deposits in Armenia decreased by 0.2% (MoM), while lending grew by 0.9% (MoM), according to the World Bank's "Armenia Monthly Economic Update – April 2026."

Armenian banks’ loan portfolio in Q1 amounted to AMD 8.01 trillion, an increase of over 22%

As of March 31, 2026, the total loan portfolio of Armenian banks stood at AMD 8.01 trillion, marking a 22.63% rise compared to March 31, 2025, and a 4.05% increase from December 31, 2025.

LATEST NEWS

spot_imgspot_imgspot_img