Economy of Armenia

Economy of Armenia
	Yerevan, the economic centre of Armenia
Currency	Armenian dram (AMD)
Fiscal year	Calendar year
Trade organisations	WTO, EAEU, CISFTA, BSEC
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	2.963 million (2023 est.)
GDP	$26.935 billion (nominal, 2024 est.); $62.814 billion (PPP, 2024 est.);
GDP rank	115th (nominal, 2023 est.); 115th (PPP, 2023 est.);
GDP growth	5% (2024 est.); 8.7% (2023 est.); 12.6% (2022); 5.7% (2021); −7.2% (2020); 7.6% (2019);
GDP per capita	$9,090 (nominal, 2024 est.); $21,200 (PPP, 2024 est.);
GDP per capita rank	82nd (nominal, 2023 est.); 81st (PPP, 2023 est.);
GDP by sector	agriculture: 16.7%; industry: 28.2%; services: 54.8%; IT: 8.25% (2023);
Inflation (CPI)	3.9% (2024); 3.5% (2023); 8.6% (2022); 7.2% (2021); 1.2% (2020); 1.4% (2019);
Population below poverty line	23.5% in poverty (2018); 44.1% on less than $5.50/day (2020f);
Gini coefficient	27.9 low (2022)
Human Development Index	0.786 high (2022) (76th); 0.721 high IHDI (55th) (2022);
Labour force	1,380,405 (2019); 50.1% employment rate (2017);
Labour force by occupation	agriculture: 36.3%; industry: 17%; services: 46.7%; (2013 est.);
Unemployment	13.5% (2023 est.); 13.0% (2022 est.); 15.3% (2021); 18.2% (2020); 18.3% (2019); 19.0% (2018);
Average gross salary	AMD 251,822/ €641 / $690 monthly (February, 2023)
Average net salary	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
Exports	$8.4 billion (2023)
Export goods	unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy
Main export partners	European Union 25%; Russia 22%; Switzerland 20.4%; China 6.58%; Iraq 5.3%; Serbia 4.93%; Canada 2.52%; Iran 2.51% (2019) ;
Imports	$12.3 billion (2023)
Import goods	natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars
Main import partners	Russia 33.1%; European Union 17%; China 12.3%; Iran 6.59%; Turkey 5.04%; Georgia 4.13%; Ukraine 2.54%; India 1.93% (2020);
FDI stock	$4.169 billion (2015 est.); Abroad: $228 million (2015 est.);
Current account	−$328 million (2017 est.)
Gross external debt	$13.81 billion (2021)
Public finances
Government debt	48.4% of GDP (2024 est.)
Budget balance	−4.6% (of GDP) (2024 est.)
Revenues	6.8 billion (2024 est.)
Expenses	8 billion (2024 est.)
Credit rating	Moody's: Ba3, Outlook Stable (27 Aug 2019); Fitch: B+, Outlook Positive (03 Mar 2022)
Foreign reserves	$3.6 billion (December 2023)
	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. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.

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. 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. 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.

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