The volume of consumption in Armenia decreased by 9.1% in 2015-2016, the World Bank said in a new report published in October.

The drop in consumption was recorded in all countries of Eastern Europe and Central Asia.

"After a sharp decline in oil prices, the countries in those regions were unable to stabilize the economic situation," the World Bank said.

In the same period, consumption in Russia fell by 14.2%, in Belarus - by 6.2%, in Tajikistan - by 16.4%.

As a result of the fall in world oil prices, remittances to Armenia also plunged: in 2017, the volume fell by 55-60% compared to 2015.