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Yerevan, one of the largest and oldest cities of Armenia had its GDP escalated by an alarming rate of 7.5% in 2017, equating to a higher standard of living – highest over the last 10 years, according to a report published by the country’s National Statistical Service (NSS) on Wednesday, dated: 28 February 2018.
Earlier, in 2017, Armenia’s GDP summed up to approximately 5.5 trillion AMD (11.4 billion US dollars), as per the figure reported by NSS.
However, during 2002 and 2007, Armenia recorded a substantial double-digit GDP growth, followed by nearly 15% drop in 2009; owing to the international financial turbulence.
As a member of the Eurasian Economic Union (EEU), the country ultimately signed a Comprehensive & Enhanced Partnership Agreement with the European Union (EU) in November 2017, becoming the leading EEU member upon having signed this pact with the EU.