Economy - overview:
Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agroindustrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.Armenia joined the WTO in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to regain economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan.Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to the sharp deterioration in the global economy and the economic downturn in Russia. Armenia is particularly dependent on Russian commercial and governmental support and most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector, including electricity and natural gas. Remittances from expatriates working in Russia are equivalent to about 20% of GDP and partly offset the country's severe trade imbalance. Armenia joined Russia in the Eurasian Economic Union upon the bloc's launch in January 2015, even though the ruble's sharp depreciation in December 2014 led to currency instability, inflation, and a significant decrease in exports from Armenia to Russia.

GDP (purchasing power parity):
$26.56 billion (2016 est.) $25.73 billion (2015 est.) $24.97 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 137
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.75 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2016 est.) 3% (2015 est.) 3.6% (2014 est.)
country comparison to the world: 88
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,900 (2016 est.) $8,600 (2015 est.) $8,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 145
[see also: GDP - per capita country ranks ]

Gross national saving:
18.1% of GDP (2016 est.) 18.3% of GDP (2015 est.) 13.2% of GDP (2014 est.)
country comparison to the world: 100
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -40.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
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, brandy, mining

Industrial production growth rate:
4.2% (2016 est.)
country comparison to the world: 51
[see also: Industrial production growth rate country ranks ]

Labor force:
1.559 million (2016 est.)
country comparison to the world: 131
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 39%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17%
[see also: Labor force - by occupation - industry country ranks ]
services: 44% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
18.1% (2016 est.)
country comparison to the world: 165
[see also: Unemployment rate country ranks ]

Population below poverty line:
32% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24.8% (2012)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.3 (2012) 31.3 (2011)
country comparison to the world: 119
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.445 billion
[see also: Budget revenues country ranks ]
expenditures: $2.969 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
22.7% of GDP (2016 est.)
country comparison to the world: 131
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.9% of GDP (2016 est.)
country comparison to the world: 157
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.4% of GDP (2016 est.) 48.8% of GDP (2015 est.)
country comparison to the world: 80
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.4% (2016 est.) 3.7% (2015 est.)
country comparison to the world: 16
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10.5% (10 February 2015) 8% (11 January 2012)
note: this is the Refinancing Rate, the key monetary policy instrument of the Armenian National Bank
country comparison to the world: 22
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.5% (31 December 2016 est.) 17.59% (31 December 2015 est.)
note: average lending rate on loans up to one year
country comparison to the world: 25
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.178 billion (31 December 2016 est.) $1.149 billion (31 December 2015 est.)
country comparison to the world: 149
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.949 billion (31 December 2016 est.) $1.779 billion (31 December 2015 est.)
country comparison to the world: 158
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.307 billion (31 December 2016 est.) $5.022 billion (31 December 2015 est.)
country comparison to the world: 121
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$132.1 million (31 December 2012 est.) $139.6 million (31 December 2011 est.) $144.8 million (31 December 2010 est.)
country comparison to the world: 120
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$267 million (2016 est.) -$279 million (2015 est.)
country comparison to the world: 92
[see also: Current account balance country ranks ]

Exports:
$1.678 billion (2016 est.) $1.626 billion (2015 est.)
country comparison to the world: 142
[see also: Exports country ranks ]

Exports - commodities:
pig iron, unwrought copper, nonferrous metals, gold, diamonds, mineral products, foodstuffs, energy

Exports - partners:
Russia 15.2%, China 11.1%, Germany 9.8%, Iraq 8.8%, Georgia 7.8%, Canada 7.6%, Bulgaria 5.3%, Iran 5.3% (2015)

Imports:
$2.638 billion (2016 est.) $2.78 billion (2015 est.)
country comparison to the world: 149
[see also: Imports country ranks ]

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

Imports - partners:
Russia 29.1%, China 9.7%, Germany 6.2%, Iran 6.1%, Italy 4.6%, Turkey 4.2% (2015)

Reserves of foreign exchange and gold:
$1.512 billion (31 December 2016 est.) $1.775 billion (31 December 2015 est.)
country comparison to the world: 124
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.365 billion (31 December 2016 est.) $8.554 billion (31 December 2015 est.)
country comparison to the world: 115
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$4.817 billion (2013)
country comparison to the world: 102
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
drams (AMD) per US dollar - 492.7 (2016 est.) 477.92 (2015 est.) 477.92 (2014 est.) 415.92 (2013 est.) 401.76 (2012 est.)