The poverty rate has dropped by 0.4% in Armenia to 29.4% in 2016 year-on-year, the National Statistical Service reports.

According to the data, the extremely poor accounted for the 1.8% of the country's population, 8% were very poor, while the 19.6% were poor last year.

This means that three in every 10 Armenian residents fall below the poverty threshold of AMD 40,867 (apx. $85).

The poverty rate stood at 27.6% in 2008.

In 2016, the GDP grew by 10.6% against 2012, while poverty rate declined by 9.26%.