The country's revenues from gas exports rose by 56 percent year-on-year to $2.95 billion.

Gross domestic product (GDP) grew 4.8 percent in January-September this year from a year earlier mainly backed by the growth in the non-oil sector.

S&P said that the Armenian economy was recovering and that it expected the country's GDP to exceed 2019 levels by next year, and for growth to settle at close to 4 percent a year over the medium term.