Armenia's GDP contracted by 7.6% year-on-year in 2020, according to preliminary data published by the country's National Statistical Service.

The economy expanded by 3.9% in the first quarter, but went on to decline by 13.7% in Q2, 9% in Q3 and by 8.8% in Q4, official figures showed.

The Ministry of Finance had earlier predicted that the economic recession in Armenia could reach 8% by the end of 2020, forecasting a rebound in 2021.

The Central Bank has forecasted some 2% growth next year, while the World Bank believes that Armenia's economy will bounce back and expand by 3.1% and 4.5% in 2021 and 2022, respectively.