However, since 2004, growth rate has been slower.The estimated population of the country, as of 2014, is 177,155,754. Among the total population, it has been determined that 23% of the population can be classified as middle class with average income of $480-$645. It has also been found that middle class population saves money and has shows a tendency to eat outside (Robertson, Ndebele & Mhango, 2011). The fast food industry in Nigeria is still in the nascent stage, but represents a very high scope for penetration for fast food outlets in order to obtain greater market share. KFC, Dominos and Yum have already showed interest in entering the Nigerian fast food market. The existing fast food restaurants have achieved a growth rate over 30% over last decade and the value of informal fast food restaurants are $600-$700 million dollars (Research and Markets, 2010).The GDP growth rate of Armenia has been plotted in the above table. In order to interpret the data, a graphical representation has been done. Average growth rate of GDP of the country has been close to 7.It can be seen from the graph that the level of GDP growth had been stable before the global financial crisis. In 2009, the country experienced a massive decline in GDP. In years prior to the crisis, Armenia had exhibited a steady rate of growth. The situation had suddenly reversed during the crisis when the country started to reflect negative growth rate for the first time in previous decade. Recently, the economy is recovering as evident from the figure.The present population of the country is estimated to be 3,060,631 in 2014. Construction of middle class in the Armenian society is a rather difficult task as its definition changes with the income bracket marked by various agencies. The National Statistics Department of the country suggests that 64.2% of the population are “not poor” and can be classified as middle class (Melkumyan, 2011). The results are, however, not very reliable because some sources suggest that the middle class population is as low as 8% and others believe that it is close to 20%. The fast food market in Armenia is growing in recent times and global fast food industries like, KFC, are investing therein. However, data about size of the market is unavailable. Unlike Nigeria, Armenia does not have very strong prospects like, Nigeria, in terms of the fast food industry.The population of the country is estimated to be
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