This report examines Armenia’sexperience in reducing poverty and raising the welfare ofthe least well-off in the country in the years since 2009.What households spend on consumption is an indicator oftheir welfare. As the economy recovered from crisis, theleast well-off enjoyed some growth in consumption spending,but not as much as in the years up to 2009. Moreover, growthhas become less pro-poor in relative terms because the lesswell-off enjoyed lower growth in consumption than thebetter-off. As a result, although consumption did translateinto a reduction in poverty, inequality is now higher thanbefore 2009. In 2013, 32 percent of Armenia’s populationlived below the national poverty line, a poverty rate higherthan in pre-crisis years but down from the high of 35.8percent in 2010. In fact, between 2012 and 2013, povertyreduction seems to have stalled. This report looks at themicro and macro aspects of Armenia’s poverty reductionexperience to: (a) describe the key features of post-crisispoverty, inequality, and consumption growth; (b) examine thedrivers of poverty reduction in this period; and (c) explorereasons why future growth might not be as pro-poor as in the past.