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    Armenia Economy - 2003

      Economy - overview: Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agroindustrial complexes of the Soviet era. The agricultural sector has long-term needs for more investment and updated technology. The privatization of industry has been at a slower pace, but has been given renewed emphasis by the current administration. Armenia is a food importer, and its mineral deposits (copper, gold, bauxite) are small. The ongoing conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh and the breakup of the centrally directed economic system of the former Soviet Union contributed to a severe economic decline in the early 1990s. By 1994, however, the Armenian Government had launched an ambitious IMF-sponsored economic program that has resulted in positive growth rates in 1995-2002. Armenia also managed to slash inflation, stabilize the local currency (the dram), and privatize most small- and medium-sized enterprises. The chronic energy shortages Armenia suffered in the early and mid-1990s have been offset by the energy supplied by one of its nuclear power plants at Metsamor. Armenia is now a net energy exporter, although it does not have sufficient generating capacity to replace Metsamor, which is under international pressure to close. The electricity distribution system was privatized in 2002. Armenia's severe trade imbalance, which has decreased in recent years, has been offset somewhat by international aid, domestic restructuring of the economy, and foreign direct investment.

      GDP: purchasing power parity - $12.6 billion (2002 est.)

      GDP - real growth rate: 12.7% (2002 est.)

      GDP - per capita: purchasing power parity - $3,800 (2002 est.)

      GDP - composition by sector: agriculture: 30%
      industry: 26%
      services: 44% (2001 est.)

      Population below poverty line: 50% (2002 est.)

      Household income or consumption by percentage share: lowest 10%: 2.3%
      highest 10%: 46.2% (1996)

      Distribution of family income - Gini index: 44.4 (1996)

      Inflation rate (consumer prices): 1.1% (2002 est.)

      Labor force: 1.4 million (2001)

      Labor force - by occupation: agriculture 45%, services 30%, industry 25% (2002 est.)

      Unemployment rate: 20% (2001 est.)

      Budget: revenues: $402 million
      expenditures: $482 million, including capital expenditures of $NA (2003 est.)

      Industries: metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, gem cutting, jewelry manufacturing, software development, food processing, brandy

      Industrial production growth rate: 15% (2002 est.)

      Electricity - production: 6.479 billion kWh (2001)

      Electricity - production by source: fossil fuel: 42.3%
      hydro: 27%
      other: 0% (2001)
      nuclear: 30.7%

      Electricity - consumption: 5.784 billion kWh (2001)

      Electricity - exports: 704 million kWh; note - exports an unknown quantity to Georgia; includes exports to Nagorno-Karabakh region in Azerbaijan (2001)

      Electricity - imports: 463 million kWh; note - imports an unknown quantity from Iran (2001)

      Oil - production: 0 bbl/day (2001 est.)

      Oil - consumption: 5,700 bbl/day (2001 est.)

      Oil - exports: NA (2001)

      Oil - imports: NA (2001)

      Agriculture - products: fruit (especially grapes), vegetables; livestock

      Exports: $525 million f.o.b. (2001 est.)

      Exports - commodities: diamonds, mineral products, foodstuffs, energy

      Exports - partners: Russia 17.7%, US 15.2%, Belgium 13.6%, Israel 9.7% (2001)

      Imports: $991 million f.o.b. (2001 est.)

      Imports - commodities: natural gas, petroleum, tobacco products, foodstuffs, diamonds

      Imports - partners: Russia 19.5%, UK 10.4%, US 9.6%, Iran 8.9%, Belgium (2001)

      Debt - external: $905 million (June 2001)

      Economic aid - recipient: ODA $170 million (2000)

      Currency: dram (AMD)

      Currency code: AMD

      Exchange rates: drams per US dollar - NA (2002), 555.078 (2001), 539.526 (2000), 535.062 (1999), 504.915 (1998)

      Fiscal year: calendar year

      NOTE: The information regarding Armenia on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Armenia Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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