Back اقتصاد أرمينيا Arabic Economía d'Armenia AST Ermənistan iqtisadiyyatı Azerbaijani Эканоміка Арменіі Byelorussian Икономика на Армения Bulgarian Economia d'Armènia Catalan Ekonomika Arménie Czech Wirtschaft Armeniens German Οικονομία της Αρμενίας Greek Ekonomio de Armenio Esperanto

Economy of Armenia

Economy of Armenia
Yerevan, the economic centre of Armenia
CurrencyArmenian dram (AMD)
Calendar year
Trade organisations
WTO, EAEU, CISFTA, BSEC
Country group
Statistics
PopulationSteady 2.963 million (2024 est.)[3]
GDP
  • Increase $25.408 billion (nominal, 2024 est.)[3]
  • Increase $64.432 billion (PPP, 2024 est.)[3]
GDP rank
GDP growth
  • Increase 6.0% (2024 est.)[3]
  • Increase 8.7% (2023 est.)[3]
  • Increase 12.6% (2022)[3]
  • Increase 5.7% (2021)[3]
  • Decrease −7.2% (2020)[3]
GDP per capita
  • Increase $8,575 (nominal, 2024 est.)[3]
  • Increase $21,746 (PPP, 2024 est.)[3]
GDP per capita rank
  • 84th (nominal, 2024 est.)
  • 77th (PPP, 2024 est.)
GDP by sector
  • 3.1% (2024 est.)[3]
  • 2.0% (2023 est.)[3]
  • 8.6% (2022)[3]
  • 7.2% (2021)[3]
  • 1.2% (2020)[3]
Population below poverty line
  • Positive decrease 23.5% in poverty (2018)[6]
  • Positive decrease 44.1% on less than $5.50/day (2020f)[7]
Steady 27.9 low (2022)[8]
Labour force
  • Increase 1,380,405 (2019)[11]
  • Increase 50.1% employment rate (2017)[12]
Labour force by occupation
Unemployment
  • Negative increase 13.0% (2024 est.)[3]
  • Positive decrease 12.5% (2023 est.)[3]
  • Positive decrease 13.0% (2022 est.)[3]
  • Positive decrease 15.5% (2021)[3]
  • Positive decrease 18.2% (2020)[3]
Average gross salary
AMD 251,822/ €641 / $690 monthly (February, 2023)
AMD 200,000 / €469 / $509 monthly (Q3, 2023)
Main industries
brandy, mining, diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry, software, food processing
External
ExportsIncrease $8.4 billion (2023)[13]
Export goods
unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy[5]
Main export partners
ImportsIncrease $12.3 billion (2023)[15]
Import goods
natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars[5]
Main import partners
FDI stock
  • Increase $4.169 billion (2015 est.)[5]
  • Increase Abroad: $228 million (2015 est.)[5]
Decrease −$328 million (2017 est.)[5]
Negative increase $13.81 billion (2021)[5]
Public finances
Positive decrease 48.4% of GDP (2024 est.)[17]
−4.6% (of GDP) (2024 est.)[5]
Revenues6.8 billion (2024 est.)[5]
Expenses8 billion (2024 est.)[18]
Moody's: Increase Ba3, Outlook Stable (27 Aug 2019)[19]
Fitch: Increase B+, Outlook Positive (03 Mar 2022)[20]
Increase $3.6 billion (December 2023)[21]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund.[3] Total output amounted to 8.5 trillion Armenian drams,[22] or $19.5 billion.[3][23] At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022.[24] GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan.[3] In contrast it grew by 7.6 per cent in 2019,[25] the largest recorded growth since 2007,[26] while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.[27]

While part of the Soviet Union, the economy of Armenia was based largely on industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources.[28] Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel from Russia, including gas and nuclear fuel for Armenia's Metsamor nuclear power plant.[29] The main domestic energy source is hydroelectric. Small amounts of coal, gas and petroleum have not yet been developed.

The severe trade imbalance has been offset somewhat by international aid, remittances from Armenians abroad, and foreign direct investment. Armenia is a member of the Eurasian Economic Union and ties with Russia remain close, especially in the energy sector.

  1. ^ "World Economic Outlook Database - Groups and Aggregates". Washington, D.C.: International Monetary Fund. 5 October 2023. Archived from the original on 23 October 2023. Retrieved 18 October 2023.
  2. ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". Washington, D.C.: The World Bank Group. Archived from the original on 28 October 2019. Retrieved 17 April 2023.
  3. ^ a b c d e f g h i j k l m n o p q r s t u v w "World Economic Outlook Database, April 2024". Washington, D.C.: International Monetary Fund. 16 April 2024. Retrieved 22 April 2024.
  4. ^ https://modex.am/arm-it-2023/
  5. ^ a b c d e f g h i j "Armenia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 17 February 2019. (Archived 2019 edition.)
  6. ^ "Poverty headcount ratio at national poverty lines (% of population) - Armenia". data.worldbank.org. World Bank. Archived from the original on 30 March 2023. Retrieved 20 March 2020.
  7. ^ Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19. World Bank. 9 April 2020. pp. 39, 40. ISBN 9781464815645. Archived from the original on 11 April 2020. Retrieved 9 April 2020. {{cite book}}: |website= ignored (help)
  8. ^ "Gini index - Armenia". World Bank. Retrieved 22 April 2024.
  9. ^ "Specific country data". New York: United Nations Development Programme. 13 March 2024. Retrieved 22 April 2024.
  10. ^ "Inequality-adjusted Human Development Index". New York: United Nations Development Programme. 13 March 2024. Retrieved 22 April 2024.
  11. ^ "Labor force, total - Armenia". data.worldbank.org. World Bank. Archived from the original on 27 March 2023. Retrieved 3 November 2019.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Armenia". data.worldbank.org. World Bank. Archived from the original on 12 December 2022. Retrieved 21 October 2019.
  13. ^ "Armenian- U.S. Economic cooperation has great potential - Kerobyan". Archived from the original on 2023-04-22. Retrieved 2023-04-24.
  14. ^ "Export partners of Armenia". The Observatory of Economic Complexity. Archived from the original on 12 December 2022. Retrieved 19 June 2021.
  15. ^ "Armenian- U.S. Economic cooperation has great potential - Kerobyan". Archived from the original on 2023-04-22. Retrieved 2023-04-24.
  16. ^ "Import partners of Armenia". The Observatory of Economic Complexity. Archived from the original on 12 December 2022. Retrieved 19 June 2021.
  17. ^ https://arka.am/en/news/economy/armenian_national_assembly_s_committee_approves_draft_state_budget_for_2024/. {{cite web}}: Missing or empty |title= (help)
  18. ^ "Armenia's Budget for 2023 to Increase to $6.4 Billion Largest in the History of the Country". massispost.com. 2022-11-01. Archived from the original on 2023-05-29. Retrieved 2023-06-03.
  19. ^ "Moody's upgrades Armenia's rating to Ba3; changes outlook to stable from positive". Moodys.com. August 27, 2019.[dead link]
  20. ^ "Outlook Positive B+". fitchratings.com. Retrieved 2023-03-03.
  21. ^ "CBA report". cba.am. Archived from the original on 2022-12-12. Retrieved 2019-11-25.
  22. ^ "Time series". Yerevan: Statistical Committee of the Republic of Armenia. Retrieved 18 October 2023.
  23. ^ "Overview". World Bank. Washington, D.C.: The World Bank Group. 7 April 2023. Archived from the original on 25 June 2020. Retrieved 17 April 2023.
  24. ^ https://www.armstat.am/file/article/sv_12_22a_411.pdf Archived 2023-03-01 at the Wayback Machine [bare URL PDF]
  25. ^ "2019թ.-ի համախառն ներքին արդյունքի (ՀՆԱ) ռամսյակային և տարեկան նախնական տվյալները" (PDF). Archived (PDF) from the original on 2022-10-09. Retrieved November 9, 2021.
  26. ^ "GDP growth (annual %) - Armenia | Data". data.worldbank.org. Archived from the original on 2023-05-03. Retrieved 2020-05-06.
  27. ^ "ARKA: "Armenia's GDP has grown 40.7% over seven year and key banking indicators have almost doubled"". Archived from the original on 25 December 2019. Retrieved 25 May 2019.
  28. ^ "Armenia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 2019-07-07. (Archived 2019 edition.)
  29. ^ "Armenia - Energy Sector | export.gov". www.export.gov. Archived from the original on 2019-09-13. Retrieved 2019-07-08.

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