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The use of regression analysis is a common method for quantifying the impact of various factors on economic phenomena. This article presents the dynamics of the development of viticulture in Republic of Armenia. In particular, by applying econometric analysis, the impact of the "Prices" factor on viticulture development was singled out. The nature of its impact was studied and a regression model was constructed. In addition, references were made to the studies of various researchers relating to viticulture development. The relevance of the research lies in the fact that it is the first of its kind. There have been no studies, which will give a quantitative assessment of the factors that influence the development of viticulture of Republic of Armenia. By using results of this analysis, we can assess the dynamics of viticulture indicators in future depending on changes of price factor. This can be a basis for policy makers to make scientifically sound decisions. [ABSTRACT FROM AUTHOR]