TBC Bank reported a net profit of 610.5 million lari ($197 million) in the first nine months of this year from 221.8 million lari in the same period last year.

Armenia's GDP growth is expected to reach 5.5 percent in 2021 and 5.25 percent in 2022, while inflation is projected to moderate in 2022 from its recent highs.

Gas prices in Europe rose sharply after Germany’s energy regulator suspended the certification process for the Nord Stream 2 underwater pipeline taking Russian gas to Germany.

The Energy Ministry said that oil production was still below 718,000 bpd produced in October 2018, when members of OPEC+ agreed to reduce oil production gradually.

IMF projects 7.0 percent growth in 2021, underpinned by the global economic recovery, strong industrial activity, and domestic demand spurred on by public investment.

Almost 74 percent of job creators in the populous Central Asian nation are small businesses, and more than 60 percent of jobs are located in rural areas.