Armenia Economy - 2023

Economic overview

EEU-and CIS-member state but seeking more EU and US trade; business-friendly growth environments; stable monetary regime but vulnerable demand economy; key copper and gold exporter; persistent unemployment; large diaspora and remittances

Real GDP (purchasing power parity)

$39.613 billion (2021 est.)

$37.476 billion (2020 est.)

$40.384 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

5.7% (2021 est.)

-7.2% (2020 est.)

7.6% (2019 est.)

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Real GDP per capita

$14,200 (2021 est.)

$13,400 (2020 est.)

$14,300 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$13.694 billion (2019 est.)

Inflation rate (consumer prices)

7.18% (2021 est.)

1.21% (2020 est.)

1.44% (2019 est.)

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Credit ratings

Fitch rating: B+ (2020)

Moody's rating: Ba3 (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 16.7% (2017 est.)

industry: 28.2% (2017 est.)

services: 54.8% (2017 est.)

GDP - composition, by end use

household consumption: 76.7% (2017 est.)

government consumption: 14.2% (2017 est.)

investment in fixed capital: 17.3% (2017 est.)

investment in inventories: 4.1% (2017 est.)

exports of goods and services: 38.1% (2017 est.)

imports of goods and services: -50.4% (2017 est.)

Agricultural products

milk, potatoes, grapes, vegetables, tomatoes, watermelons, wheat, apples, cabbages, barley

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

Industrial production growth rate

3.4% (2021 est.)

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Labor force

1.153 million (2021 est.)

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Labor force - by occupation

agriculture: 36.3%

industry: 17%

services: 46.7% (2013 est.)

Unemployment rate

20.9% (2021 est.)

21.21% (2020 est.)

18.3% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 36.1%

male: 34%

female: 38.7% (2021 est.)

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Population below poverty line

26.4% (2019 est.)

Gini Index coefficient - distribution of family income

25.2 (2020 est.)

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Household income or consumption by percentage share

lowest 10%: 3.5%

highest 10%: 25.7% (2014)

Budget

revenues: $3.258 billion (2019 est.)

expenditures: $3.392 billion (2019 est.)

Budget surplus (+) or deficit (-)

-4.8% (of GDP) (2017 est.)

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Public debt

63.4% of GDP (2020 est.)

50.03% of GDP (2019 est.)

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Taxes and other revenues

21.86% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

-$515.126 million (2021 est.)

-$477.811 million (2020 est.)

-$996.978 million (2019 est.)

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Exports

$5.012 billion (2021 est.)

$3.818 billion (2020 est.)

$5.794 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

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Exports - partners

Russia 22%, Switzerland 20%, China 7%, Bulgaria 6%, Iraq 5%, Serbia 5%, Netherlands 5%, Germany 5% (2019)

Exports - commodities

copper ore, gold, liquors, iron alloys, tobacco (2021)

Imports

$6.12 billion (2021 est.) note: data are in current year dollars

$5.082 billion (2020 est.) note: data are in current year dollars

$7.603 billion (2019 est.) note: data are in current year dollars

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Imports - partners

Russia 29%, China 10%, Georgia 8%, Iran 6%, Turkey 5% (2019)

Imports - commodities

natural gas, cars, refined petroleum, broadcasting equipment, diamonds (2019)

Reserves of foreign exchange and gold

$3.23 billion (31 December 2021 est.)

$2.616 billion (31 December 2020 est.)

$2.85 billion (31 December 2019 est.)

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Debt - external

$11.637 billion (2019 est.)

$10.785 billion (2018 est.)

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Exchange rates

drams (AMD) per US dollar -

503.77 (2021 est.)

489.009 (2020 est.)

480.445 (2019 est.)

482.988 (2018 est.)

482.716 (2017 est.)

NOTE: The information regarding Armenia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Armenia 2023 information contained here. All suggestions for corrections of any errors about Armenia 2023 should be addressed to the CIA or the source cited on each page.