Economic growth translated into higher levels of consumption for all parts of the welfare distribution and lower poverty. Consumption growth for the bottom 40 was lower than for the total of the population. Between 2010 and 2014 poverty in Armenia declined. An international comparison shows that Armenia still has one of the highest poverty rates in Europe and Central Asia and only made limited progress after the global economic crisis hit the country in 2009. Despite positive consumption growth for all households, (i) regional disparities between Yerevan, other urban areas and rural areas remain high, (ii) vulnerability to poverty persists, and (iii) non-monetary measures of welfare highlight development gaps. Patterns of poverty and shared prosperity suggest that policy agenda should focus on inclusiveness of economic growth: (a) supporting growth, (b) investing in endowment, and (c) protecting the poor and vulnerable.