Armenia Economy - 2024

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

Real GDP growth rate

5.7% (2021 est.)
-7.2% (2020 est.)
7.6% (2019 est.)

Real GDP per capita

$14,200 (2021 est.)
$13,400 (2020 est.)
$14,300 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

1.153 million (2021 est.)

Unemployment rate

20.9% (2021 est.)
21.21% (2020 est.)
18.3% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 36.1% (2021 est.)

male: 34%

female: 38.7%

Population below poverty line

26.4% (2019 est.)

Gini Index coefficient - distribution of family income

25.2 (2020 est.)

Household income or consumption by percentage share

lowest 10%: 3.5%

highest 10%: 25.7% (2014)

Remittances

11.62% of GDP (2021 est.)
10.5% of GDP (2020 est.)
11.22% of GDP (2019 est.)

Budget

revenues: $3.258 billion (2019 est.)

expenditures: $3.392 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

63.4% of GDP (2020 est.)
50.03% of GDP (2019 est.)

Taxes and other revenues

21.86% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$515.126 million (2021 est.)
-$477.811 million (2020 est.)
-$996.978 million (2019 est.)

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.

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

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.)

Debt - external

$11.637 billion (2019 est.)
$10.785 billion (2018 est.)

Exchange rates

drams (AMD) per US dollar -

Exchange rates:
503.77 (2021 est.)
489.009 (2020 est.)
480.445 (2019 est.)
482.988 (2018 est.)
482.716 (2017 est.)