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 agro industrial 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 World Trade Organization in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.
Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia. Armenia is particularly dependent on Russian commercial and governmental support, as most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector. Remittances from expatriates working in Russia are equivalent to about 12-14% of GDP. Armenia joined the Russia-led Eurasian Economic Union in January 2015, but has remained interested in pursuing closer ties with the EU as well, signing a Comprehensive and Enhanced Partnership Agreement with the EU in November 2017. Armenia’s rising government debt is leading Yerevan to tighten its fiscal policies – the amount is approaching the debt to GDP ratio threshold set by national legislation.
7.5% (2017 est.)
0.3% (2016 est.)
3.3% (2015 est.)
1.4% (2019 est.)
2.5% (2018 est.)
0.9% (2017 est.)
Fitch rating: B+ (2020)
Moody's rating: Ba3 (2019)
$40.384 billion (2019 est.)
$37.531 billion (2018 est.)
$35.676 billion (2017 est.)
note: data are in 2017 dollars
$13.694 billion (2019 est.)
$13,654 (2019 est.)
$12,715 (2018 est.)
$12,115 (2017 est.)
note: data are in 2017 dollars
10.2% of GDP (2019 est.)
15.5% of GDP (2018 est.)
16.9% of GDP (2017 est.)
agriculture: 16.7% (2017 est.)
industry: 28.2% (2017 est.)
services: 54.8% (2017 est.)
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.)
Overall score: 74.5 (2020)
Starting a Business score: 96.1 (2020)
Trading score: 91.7 (2020)
Enforcement score: 69.7 (2020)
milk, potatoes, grapes, vegetables, tomatoes, watermelons, wheat, apples, cabbages, barley
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
5.4% (2017 est.)
1.507 million (2017 est.)
agriculture: 36.3%
industry: 17%
services: 46.7% (2013 est.)
18.9% (2017 est.)
18.8% (2016 est.)
26.4% (2019 est.)
34.4 (2018 est.)
31.5 (2013 est.)
lowest 10%: 3.5%
highest 10%: 25.7% (2014)
revenues: 2.644 billion (2017 est.)
expenditures: 3.192 billion (2017 est.)
22.9% (of GDP) (2017 est.)
-4.8% (of GDP) (2017 est.)
53.5% of GDP (2017 est.)
51.9% of GDP (2016 est.)
calendar year
-$328 million (2017 est.)
-$238 million (2016 est.)
$2.361 billion (2017 est.)
$1.891 billion (2016 est.)
Russia 22%, Switzerland 20%, China 7%, Bulgaria 6%, Iraq 5%, Serbia 5%, Netherlands 5%, Germany 5% (2019)
copper ore, gold, tobacco, liquors, iron alloys (2019)
$3.771 billion (2017 est.)
$2.835 billion (2016 est.)
Russia 29%, China 10%, Georgia 8%, Iran 6%, Turkey 5% (2019)
natural gas, cars, refined petroleum, broadcasting equipment, diamonds (2019)
$2.314 billion (31 December 2017 est.)
$2.204 billion (31 December 2016 est.)
$11.637 billion (2019 est.)
$10.785 billion (2018 est.)
drams (AMD) per US dollar -
487.9 (2017 est.)
480.49 (2016 est.)
480.49 (2015 est.)
477.92 (2014 est.)
415.92 (2013 est.)
NOTE: The information regarding Armenia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Armenia 2021 information contained here. All suggestions for corrections of any errors about Armenia 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.