Armenia - Economy
How is the economy of Armenia? Based on the information we have, Armenia has a 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. Key agricultural products in this country include: milk, potatoes, grapes, tomatoes, vegetables, wheat, watermelons, apricots, apples, barley (2022).
More about the economy of Armenia
Labor force 1.356 million (2023 est.)
Industrial production growth rate 5.51% (2023 est.)
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
Population below poverty line 24.8% (2022 est.)
Taxes and other revenues 21.83% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency drams (AMD) per US dollar -
Exchange rates 2023 392.476 (2023 est.)
Exchange rates 2022 435.666 (2022 est.)
Exchange rates 2021 503.77 (2021 est.)
Exchange rates 2020 489.009 (2020 est.)
Exchange rates 2019 480.445 (2019 est.)
Debt - external
Debt - external 2022 $6.028 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $3.607 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $4.112 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $3.23 billion (2021 est.)
Current account balance
Current account balance 2023 -$510.104 million (2023 est.)
Current account balance 2022 $150.994 million (2022 est.)
Current account balance 2021 -$482.982 million (2021 est.)
Public debt
Public debt 2022 46.55% of GDP (2022 est.)
Budget
Revenues $4.617 billion (2022 est.)
Expenditures $4.13 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 7.64% of GDP (2023 est.)
Remittances 2022 10.43% of GDP (2022 est.)
Remittances 2021 11.22% of GDP (2021 est.)
Household income
Lowest 10% 3.9% (2022 est.)
Highest 10% 23% (2022 est.)
Imports
Imports 2023 $14.279 billion (2023 est.)
Imports 2022 $10.186 billion (2022 est.)
Imports 2021 $6.12 billion (2021 est.)
Imports (partners) Russia 23%, UAE 19%, China 10%, Georgia 5%, Iran 5% (2022)
Comodities Imports force postage stamps/documents, cars, broadcasting equipment, refined petroleum, natural gas (2022)
Exports
Imports 2023 $14.279 billion (2023 est.)
Imports 2022 $10.186 billion (2022 est.)
Imports 2021 $6.12 billion (2021 est.)
Exports (partners) Russia 41%, UAE 9%, China 7%, Georgia 4%, Switzerland 4% (2022)
Comodities Exports force copper ore, gold, diamonds, tobacco, iron alloys (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $57.728 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $53.108 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $47.165 billion (2021 est.)
GDP (official exchange rate) $24.212 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $20,800 (2023 est.)
Real GDP per capita 2022 $19,100 (2022 est.)
Real GDP per capita 2021 $16,900 (2021 est.)
GDP - composition, by sector of origin
Agriculture 8.4% (2023 est.)
Industry 23.9% (2023 est.)
Services 59% (2023 est.)
GDP - composition, by end use
Household consumption 65.3% (2023 est.)
Government consumption 14.1% (2023 est.)
Investment in fixed capital 20.8% (2023 est.)
Investment in inventories 0.6% (2023 est.)
Exports of goods and services 58.2% (2023 est.)
Imports of goods and services -58.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 8.59% (2023 est.)
Unemployment rate 2022 8.61% (2022 est.)
Unemployment rate 2021 10.01% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 19% (2023 est.)
Male 21.5% (2023 est.)
Female 16% (2023 est.)
All Important Facts about Armenia

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Armenia is found in Western Asia