In his speech during a session of the National Assembly of Artsakh (Nagorno-Karabakh), President Arayik Harutyunyan declared that the war caused tremendous damage to the economy.

According to him, in 2020, the economic activity indicator was 76.8%, and the GDP was 270,900,000,000 compared with 342,500,000,000 in the previous year, leading to 22.4% economic decline, the 9.2 percent point is industry, including energy, the 6.4 percent point is trade and services, the 2.4 percent point is construction and the 2.1 percent point is agriculture.

In 2020, the GDP per capita made up AMD 1,820,000 or $3,722 compared with AMD 2,307,000 or $4,803 in 2019. In 2020, the average annual inflation made up 0.8%.

In 2020, foreign trade turnover made up $417,800,000, which is less than last year’s indicator by 36%.

As a result of the damage caused by the hostilities, in case of the GDP forecast to be AMD 207,000,000,000 in 2021, economic decline will make up nearly 25%. The inflation indicator is predicted to be in the range of 3%. In 2020, the actual expenditures of the state budget comprised AMD 122,557,900.

According to Harutyunyan, the priority for the year 2021 is calculation of economic damages, implementation of a plan for compensation for the damage caused as a result of facilities that remained in the occupied territories and ensuring of jobs.