Abstract. In 2022 the Armenian economy showed high growth rates. The main reason for this is the mass immigration of Russians into the country. As a result, the revenues of the banking sector and the service sector have increased significantly. The volume of Armenia’s foreign trade has increased significantly, mainly due to re-export. The exchange rate of the Armenian dram has strengthened. The volume of production in the IT industry has grown significantly, since among the Russians who arrived the majority were IT specialists. Among other industries, construction showed the highest growth rates. Agriculture, although it has shown a small increase, remains inefficient. In general, despite the successes, Armenia’s economy continues to be the weakest among the countries of the South Caucasus and very dependent on external partners and circumstances.