Armenia Non-Performing Loans
Key information about Armenia Non-Performing Loans
- Armenia Non-Performing Loans was reported at 633.698 USD mn in Sep 2025
- This records an increase from the previous number of 618.376 USD mn for Aug 2025
- Armenia Non-Performing Loans data is updated monthly, averaging 370.886 USD mn from Dec 2008 to Sep 2025, with 202 observations
- The data reached an all-time high of 633.698 USD mn in Sep 2025 and a record low of 78.786 USD mn in Dec 2010
- Armenia Non-Performing Loans data remains active status in CEIC and is reported by CEIC Data
- The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Non Performing Loans: USD: Monthly
CEIC calculates Non Performing Loans as the sum of Watched Loans, Non Standard Loans and Doubtful Loans and converts it into USD. The Central Bank of Armenia provides Non Performing Loans in local currency. The Central Bank of Armenia period end market exchange rate is used for currency conversions.
View Armenia's Non-Performing Loans from Dec 2008 to Sep 2025 in the chart:
What was Armenia's Non-Performing Loans in Sep 2025?
Armenia Non-Performing Loans was reported at 633.698 USD mn in Sep 2025 See the table below for more data.
| Last | Previous | Min | Max | Unit | Frequency | Range |
|---|---|---|---|---|---|---|
| 633.698 Sep 2025 | 618.376 Aug 2025 | 78.786 Dec 2010 | 633.698 Sep 2025 | USD mn | monthly | Dec 2008 - Sep 2025 |
Non-Performing Loans by Country Comparison
| country/region | Last | Frequency | Range |
|---|---|---|---|
| Albania (USD mn) | 431.097 Jun 2025 | quarterly | Dec 2010 - Jun 2025 |
| Armenia (USD mn) | 633.698 Sep 2025 | monthly | Dec 2008 - Sep 2025 |
| Australia (USD mn) | 34,446.704 Sep 2025 | quarterly | Sep 1994 - Sep 2025 |
| Austria (USD mn) | 31,220.736 Sep 2025 | quarterly | Dec 2006 - Sep 2025 |
| Belarus (USD mn) | 131.342 Nov 2025 | monthly | Dec 2014 - Nov 2025 |
| Belgium (USD mn) | 2,869.417 Nov 2025 | monthly | Jan 2007 - Nov 2025 |
| Bosnia and Herzegovina (USD mn) | 452.632 Sep 2025 | quarterly | Jun 2003 - Sep 2025 |
| Botswana (USD mn) | 218.922 Sep 2025 | quarterly | Mar 2001 - Sep 2025 |
| Brazil (USD mn) | 54,404.357 Sep 2025 | quarterly | Mar 2005 - Sep 2025 |
| Brunei (USD mn) | 126.775 Sep 2025 | quarterly | Mar 2010 - Sep 2025 |
| Bulgaria (USD mn) | 1,469.293 Sep 2025 | quarterly | Mar 2015 - Sep 2025 |
| Cambodia (USD mn) | 359.301 Mar 2017 | quarterly | Mar 1996 - Mar 2017 |
| Chile (USD mn) | 7,004.164 Nov 2025 | monthly | Jan 2009 - Nov 2025 |
| China (USD mn) | 494,799.614 Sep 2025 | quarterly | Mar 2005 - Sep 2025 |
| Croatia (USD mn) | 1,907.041 Jun 2025 | quarterly | Dec 2001 - Jun 2025 |
| Cyprus (USD mn) | 1,262.262 Oct 2025 | monthly | Dec 2014 - Oct 2025 |
| Czech Republic (USD mn) | 3,675.943 Nov 2025 | monthly | Jan 2002 - Nov 2025 |
| Ecuador (USD mn) | 3,629.820 Dec 2025 | monthly | Jan 2006 - Dec 2025 |
| Estonia (USD mn) | 138.485 Dec 2025 | monthly | Dec 2000 - Dec 2025 |
| Finland (USD mn) | 8,877.528 Sep 2025 | quarterly | Dec 2014 - Sep 2025 |
| Georgia (USD mn) | 410.380 May 2025 | monthly | Dec 2003 - May 2025 |
| Ghana (USD mn) | 2,008.748 Jun 2025 | quarterly | Mar 2008 - Jun 2025 |
| Greece (USD mn) | 7,663.693 Jun 2025 | quarterly | Sep 2008 - Jun 2025 |
| Hungary (USD mn) | 2,756.315 Sep 2025 | quarterly | Dec 2015 - Sep 2025 |
| India (USD mn) | 50,521.711 2024 | yearly | 1997 - 2024 |
| Indonesia (USD mn) | 11,133.535 Oct 2025 | monthly | Jan 2003 - Oct 2025 |
| Israel (USD mn) | 3,520.077 Jun 2025 | quarterly | Mar 2011 - Jun 2025 |
| Italy (USD mn) | 59,158.266 Sep 2025 | quarterly | Jun 2008 - Sep 2025 |
| Japan (USD mn) | 56,124.083 2024 | yearly | 1998 - 2024 |
| Jordan (USD mn) | 2,633.286 2024 | yearly | 2001 - 2024 |
| Kazakhstan (USD mn) | 2,812.711 Oct 2025 | monthly | Apr 2008 - Oct 2025 |
| Kenya (USD mn) | 2,674.259 Dec 2019 | monthly | Apr 2001 - Dec 2019 |
| South Korea (USD mn) | 9,283.726 Sep 2025 | quarterly | Jun 2001 - Sep 2025 |
| Kosovo (USD mn) | 145.650 May 2025 | monthly | Jul 2010 - May 2025 |
| Kyrgyzstan (USD mn) | 587.846 Oct 2025 | monthly | Dec 2000 - Oct 2025 |
| Latvia (USD mn) | 274.626 Sep 2025 | quarterly | Dec 2010 - Sep 2025 |
| Lithuania (USD mn) | 437.477 Jun 2025 | quarterly | Dec 2008 - Jun 2025 |
| Macau SAR, China (USD mn) | 6,927.740 Nov 2025 | monthly | Jan 1990 - Nov 2025 |
| North Macedonia (USD mn) | 233.627 Sep 2025 | quarterly | Dec 2005 - Sep 2025 |
| Malawi (USD mn) | 83.604 Sep 2024 | quarterly | Jun 2015 - Sep 2024 |
| Malaysia (USD mn) | 7,982.720 Nov 2025 | monthly | Dec 2005 - Nov 2025 |
| Mexico (USD mn) | 9,497.730 Nov 2025 | monthly | Jan 1997 - Nov 2025 |
| Moldova (USD mn) | 270.938 Nov 2025 | monthly | Jan 2017 - Nov 2025 |
| Mongolia (USD mn) | 626.075 Dec 2025 | monthly | Dec 1996 - Dec 2025 |
| Montenegro (USD mn) | 205.823 Jun 2024 | monthly | Dec 2010 - Jun 2024 |
| Morocco (USD mn) | 11,186.558 Nov 2025 | monthly | Dec 2001 - Nov 2025 |
| Nepal (USD mn) | 267.883 2015 | yearly | 2003 - 2015 |
| Nigeria (USD mn) | 3,315.011 Mar 2021 | quarterly | Mar 2007 - Mar 2021 |
| Oman (USD mn) | 589.857 Sep 2025 | quarterly | Mar 2008 - Sep 2025 |
| Pakistan (USD mn) | 3,427.370 Sep 2025 | quarterly | Sep 2003 - Sep 2025 |
| Palestinian Territory (USD mn) | 553.833 Jun 2024 | quarterly | Dec 2008 - Jun 2024 |
| Panama (USD mn) | 1,598.833 Nov 2025 | monthly | Dec 2008 - Nov 2025 |
| Philippines (USD mn) | 9,285.066 Sep 2025 | quarterly | Mar 2008 - Sep 2025 |
| Poland (USD mn) | 16,396.313 Nov 2025 | monthly | Dec 1996 - Nov 2025 |
| Portugal (USD mn) | 2,941.644 Nov 2025 | monthly | Dec 1997 - Nov 2025 |
| Romania (USD mn) | 1,741.139 Sep 2017 | monthly | Jun 2015 - Sep 2017 |
| Serbia (USD mn) | 966.617 Dec 2019 | quarterly | Sep 2008 - Dec 2019 |
| Singapore (USD mn) | 9,947.940 Dec 2019 | quarterly | Dec 2008 - Dec 2019 |
| Slovakia (USD mn) | 2,103.581 Nov 2025 | monthly | Jan 2009 - Nov 2025 |
| South Africa (USD mn) | 17,519.229 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| Spain (USD mn) | 39,684.370 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Taiwan, China (USD mn) | 2,260.121 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| Tajikistan (USD mn) | 140.848 Dec 2021 | monthly | Jan 2000 - Dec 2021 |
| Thailand (USD mn) | 15,892.732 Sep 2025 | quarterly | Mar 1998 - Sep 2025 |
| Tunisia (USD mn) | 4,718.794 2024 | yearly | 2006 - 2024 |
| Turkey (USD mn) | 13,114.353 Nov 2025 | monthly | Dec 2002 - Nov 2025 |
| Ukraine (USD mn) | 9,289.541 Jun 2025 | quarterly | Dec 2005 - Jun 2025 |
| United States (USD mn) | 183,790.000 Sep 2025 | quarterly | Mar 1985 - Sep 2025 |
| Uruguay (USD mn) | 501.811 Nov 2025 | monthly | Dec 2002 - Nov 2025 |
| Uzbekistan (USD mn) | 1,761.832 Sep 2025 | quarterly | Mar 2011 - Sep 2025 |
| Venezuela (USD mn) | 6.427 Mar 2023 | monthly | Jan 2004 - Mar 2023 |
| Zambia (USD mn) | 148.499 Sep 2025 | monthly | Jan 2011 - Sep 2025 |
Accurate Macro & Micro Economic Data You Can Trust
Explore the most complete set of 6.6 million time series covering more than 200 economies, 20 industries and 18 macroeconomic sectors.
Learn more about what we doArmenia Key Series
| Government and Public Finance | Last | Frequency | Range |
|---|---|---|---|
| Consolidated Fiscal Balance: % of GDP (%) | -3.4 Sep 2025 | quarterly | Dec 2002 - Sep 2025 |
| Consolidated Fiscal Balance (USD mn) | -93.374 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| Tax Revenue (USD mn) | 572.039 Jan 2025 | monthly | Jan 2008 - Jan 2025 |
| Tax Revenue: % of GDP (%) | 19.2 Dec 2024 | quarterly | Mar 2008 - Dec 2024 |
| National Government Debt (USD mn) | 14,204.4 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Government Debt: % of GDP (%) | 50.0 Sep 2025 | quarterly | Dec 2013 - Sep 2025 |
| Forecast: Government Expenditure (AMD bn) | 4,531.323 2030 | yearly | 2005 - 2030 |
| Forecast: Government Net Debt (AMD bn) | 8,541.739 2030 | yearly | 1996 - 2030 |
| Forecast: Government Revenue (AMD bn) | 4,103.654 2030 | yearly | 1993 - 2030 |
| Central Government Debt: Short Term (AMD bn) | 136.704 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Central Government Debt: Mid Term (AMD bn) | 1,021.808 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Central Government Debt: Long Term (AMD bn) | 4,075.061 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Consolidated Government Budget: Revenue and Grants (AMD mn) | 724,472.900 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Consolidated Government Budget: Balance (AMD mn) | -43,126.000 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Central Government Debt (AMD bn) | 5,433.476 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Central Government Debt: Domestic (AMD bn) | 2,820.215 Sep 2025 | quarterly | Mar 2002 - Sep 2025 |
| Central Government Debt: External (AMD bn) | 2,683.480 Dec 2025 | quarterly | Mar 2002 - Dec 2025 |
| State Budget: Expenditure: ytd: Current Expenses (CE) (AMD mn) | 2,303,903.200 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| State Budget: Expenditure: ytd (AMD mn) | 2,597,548.300 Oct 2025 | monthly | Jan 2008 - Oct 2025 |
| State Budget: Balance: ytd (AMD mn) | -265,416.100 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| State Budget: Revenue and Official Transfers: ytd (AMD mn) | 2,367,799.600 Oct 2025 | monthly | Jan 2008 - Oct 2025 |
| State Budget: Deficit Financing: ytd (AMD mn) | 265,416.100 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| State Budget: Revenue: ytd: TP: TD: Tax: Excise Tax (AMD mn) | 145,341.300 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| State Budget: ytd: RT: Revenue: Tax, Government Duties & Compulsory Social Insur... (AMD mn) | 2,441,852.100 Nov 2025 | monthly | Jan 2008 - Nov 2025 |
| State Budget: ytd: Expenditure: Transaction with Non Financial Assets: Non Finan... (AMD mn) | 500,588.500 Oct 2025 | monthly | Jan 2008 - Oct 2025 |
| State Budget: ytd: RT: Revenue (AMD mn) | 2,360,028.700 Oct 2025 | monthly | Jan 2008 - Oct 2025 |
| State Budget: Revenue: ytd: TP: TD: Tax: VAT (AMD mn) | 755,867.300 Dec 2024 | monthly | Jan 2008 - Dec 2024 |
| Central Government Debt: % Nominal GDP (%) | 46.700 2022 | yearly | 1999 - 2022 |
| Foreign Trade | Last | Frequency | Range |
|---|---|---|---|
| Forecast: Exports of Goods Growth (%) | 5.009 2028 | yearly | 1996 - 2028 |
| Trade Balance (USD mn) | -477.2 Nov 2025 | monthly | Nov 1995 - Nov 2025 |
| Total Exports (USD mn) | 902.7 Nov 2025 | monthly | Jan 2000 - Nov 2025 |
| Total Exports Growth (%) | 17.7 Nov 2025 | monthly | Jan 2001 - Nov 2025 |
| Aluminum: Exports (USD th) | 86,898.354 2024 | yearly | 1995 - 2024 |
| Exports: Medicament (USD th) | 22,901.345 2024 | yearly | 1995 - 2024 |
| Exports: Medicinal and Pharmaceutical Product (USD th) | 25,499.495 2024 | yearly | 1995 - 2024 |
| Total Imports (USD mn) | 1,193.6 Oct 2025 | monthly | Jan 2000 - Oct 2025 |
| Total Imports Growth (%) | 14.1 Nov 2025 | monthly | Jan 2001 - Nov 2025 |
| Imports: Medicament (USD th) | 211,653.297 2024 | yearly | 1995 - 2024 |
| Imports: Medicinal and Pharmaceutical Product (USD th) | 86,362.244 2024 | yearly | 1995 - 2024 |
| Total Exports to USA (USD mn) | 4.538 Nov 2025 | monthly | Jun 1996 - Nov 2025 |
| Total Imports from USA (USD mn) | 19.685 Nov 2025 | monthly | Jan 1993 - Nov 2025 |
| Total Exports to China (USD mn) | 77.675 Nov 2025 | monthly | Dec 1998 - Nov 2025 |
| Total Imports from China (USD mn) | 163.858 Nov 2025 | monthly | Jun 1998 - Nov 2025 |
| Exports: Machinery and Equipment (USD th) | 1,328,073.852 2024 | yearly | 1995 - 2024 |
| Exports: Foodstuff (USD th) | 974,840.693 2024 | yearly | 1995 - 2024 |
| Exports: Transport Means (USD th) | 141,124.876 2024 | yearly | 1995 - 2024 |
| Exports: Pharmaceutical Products (USD th) | 32,085.578 2024 | yearly | 1995 - 2024 |
| Exports: Copper and Articles Thereof (USD th) | 20,144.305 2024 | yearly | 1995 - 2024 |
| Exports: Aluminium and Articles Thereof (USD th) | 95,022.468 2024 | yearly | 1995 - 2024 |
| Exports: Vehicles Other Than Railway and Parts Thereof (USD th) | 117,003.784 2024 | yearly | 1995 - 2024 |
| Exports: ow Bulgaria (USD mn) | 14.332 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Exports: ow China (USD mn) | 77.675 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Exports: ow Iran (USD mn) | 5.980 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Exports: ow Russian Federation (USD mn) | 323.697 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Exports: ow United States (USD mn) | 4.538 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Imports: Chemicals and Related Products (USD th) | 634,864.398 2024 | yearly | 1995 - 2024 |
| Imports: Transport Means (USD th) | 910,922.090 2024 | yearly | 1995 - 2024 |
| Imports: Machinery and Equipment (USD th) | 2,655,130.702 2024 | yearly | 1995 - 2024 |
| Imports: Foodstuff (USD th) | 734,887.145 2024 | yearly | 1995 - 2024 |
| Imports: Pharmaceutical Products (USD th) | 238,508.468 2024 | yearly | 1995 - 2024 |
| Imports: Copper and Articles Thereof (USD th) | 19,833.348 2024 | yearly | 1995 - 2024 |
| Imports: Aluminium and Articles Thereof (USD th) | 123,841.483 2024 | yearly | 1995 - 2024 |
| Imports: Lead and Articles Thereof (USD th) | 134.487 2024 | yearly | 1996 - 2024 |
| Imports: Vehicles Other Than Railway and Parts Thereof (USD th) | 864,410.471 2024 | yearly | 1995 - 2024 |
| Imports: ow Iran (USD mn) | 56.049 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Imports: ow Russian Federation (USD mn) | 602.530 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Imports: ow United States (USD mn) | 19.685 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Trade Balance: ytd (USD mn) | -4,210.400 Nov 2025 | monthly | Dec 1999 - Nov 2025 |
| Exports: Iron and Steel (USD th) | 84,659.900 2017 | yearly | 1995 - 2017 |
| Imports: Base Metals and Articles Thereof (USD th) | 291,969.058 2017 | yearly | 1995 - 2017 |
| Imports: Iron and Steel (USD th) | 81,128.500 2017 | yearly | 1995 - 2017 |
| Export Value Index (2015=100) | 203.490 2021 | yearly | 1995 - 2021 |
| Import Value Index (2015=100) | 165.372 2021 | yearly | 1995 - 2021 |
| Monetary | Last | Frequency | Range |
|---|---|---|---|
| Non Performing Loans Ratio (%) | 1.3 Nov 2025 | monthly | Jan 2005 - Nov 2025 |
| Household Debt: % of GDP (%) | 32.5 Sep 2025 | quarterly | Dec 2000 - Sep 2025 |
| Non-Performing Loans (USD mn) | 633.698 Sep 2025 | monthly | Dec 2008 - Sep 2025 |
| Money Supply M1 (USD mn) | 6,356.078 Sep 2025 | monthly | Jan 2002 - Sep 2025 |
| Money Supply M2 (USD mn) | 11,748.656 Sep 2025 | monthly | Jan 2002 - Sep 2025 |
| M2 Growth (%) | 22.1 Sep 2025 | monthly | Jan 2003 - Sep 2025 |
| Reserve Requirement Ratio (%) | 8.0 2024 | yearly | 2008 - 2024 |
| Foreign Exchange Reserves (USD mn) | 5,084.8 Dec 2025 | monthly | Dec 1993 - Dec 2025 |
| Foreign Exchange Reserves: % of GDP (%) | 15.307 Sep 2025 | quarterly | Dec 2013 - Sep 2025 |
| Foreign Exchange Reserves: Months of Import (NA) | 3.3 Nov 2025 | monthly | Jan 2000 - Nov 2025 |
| Gold Reserves (USD mn) | 0.000 Sep 2025 | monthly | Dec 1992 - Sep 2025 |
| Total Deposits (USD mn) | 19,555.776 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Total Deposits Growth (%) | 15.4 Dec 2025 | monthly | Jan 2001 - Dec 2025 |
| Domestic Credit (USD mn) | 24,385.2 Nov 2025 | monthly | Dec 1993 - Nov 2025 |
| Domestic Credit Growth (%) | 20.6 Nov 2025 | monthly | Dec 1994 - Nov 2025 |
| Household Debt (USD mn) | 9,784.4 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Total Loans (USD mn) | 20,635.602 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Total Loans Growth (%) | 23.03 Dec 2025 | monthly | Jan 2001 - Dec 2025 |
| Private Debt: % of Nominal GDP (%) | 62.22 Sep 2025 | quarterly | Dec 2000 - Sep 2025 |
| International Reserves: USD (USD mn) | 5,086.307 Dec 2025 | monthly | Jan 2003 - Dec 2025 |
| International Reserves: USD: Gold (USD mn) | 0.000 Dec 2025 | monthly | Sep 2003 - Dec 2025 |
| Money Supply: M2X: M2 (AMD mn) | 4,689,451.755 Dec 2025 | monthly | Jan 2003 - Dec 2025 |
| Money Supply: M2X: M2: M1 (AMD mn) | 2,469,909.520 Dec 2025 | monthly | Jan 2003 - Dec 2025 |
| Money Supply: M2X (AMD mn) | 6,593,211.170 Dec 2025 | monthly | Jan 2003 - Dec 2025 |
| Money Supply: M2X: M2: M1: Currency in Circulation (AMD mn) | 993,953.906 Dec 2025 | monthly | Jan 2003 - Dec 2025 |
| Money Supply: sa: M1 (AMD mn) | 2,114,687.000 Oct 2024 | monthly | Jan 2002 - Oct 2024 |
| Money Supply: sa: M2 (AMD mn) | 3,748,218.000 Oct 2024 | monthly | Jan 2002 - Oct 2024 |
| Monetary Base: sa (AMD mn) | 1,756,053.000 Oct 2024 | monthly | Jan 2002 - Oct 2024 |
| Commercial Banks Credit: Residents: Enterprise (AMD mn) | 3,260,753.822 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Credit (AMD mn) | 7,869,593.291 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Credit: Residents: Households (AMD mn) | 3,731,380.934 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Credit: Residents: Non-Financial Corporations: in AMD: Private (AMD mn) | 1,281,660.329 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Credit: Residents: Non-Financial Corporations: FC: Private (AMD mn) | 1,971,430.710 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Credit: Residents: Non Profit Organizations (AMD mn) | 177,078.213 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Commercial Banks Loans: Residents: Consumer (AMD mn) | 1,727,950.794 Oct 2025 | monthly | Jan 2000 - Oct 2025 |
| Commercial Banks Loans: Residents: Mortgage (AMD mn) | 1,641,749.045 Nov 2025 | monthly | Jan 2000 - Nov 2025 |
| Business and Economic Survey | Last | Frequency | Range |
|---|---|---|---|
| Business Confidence Growth (% Point) | -3.7 Jun 2016 | quarterly | Sep 2006 - Jun 2016 |
More Indicators for Armenia
Request a demo of CEIC
CEIC’s economic databases cover over 200 global markets. Our Platform offers the most reliable macroeconomic data and advanced analytical tools.