Armenia - Economy
How is the economy of Armenia? Based on the information we have, Armenia has a
upper-middle income, fast-growing Caucasus economy; stable fiscal and monetary regime but vulnerable to geopolitical shocks; economic and energy ties to Russia but seeking more EU and US trade; key copper and gold exporter; business-friendly and anti-corruption reforms; persistent unemployment; influx of migrants from Ukraine war easing
. Key agricultural products in this country include: milk, potatoes, grapes, vegetables, wheat, tomatoes, watermelons, apricots, apples, barley (2023).More about the economy of Armenia
| Labor force | 1.478 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.7% (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 | 22.5% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | drams (AMD) per US dollar - |
| Exchange rates 2024 | 392.73 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $6.002 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $3.684 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $3.607 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $4.112 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | -$556.329 million (2023 est.) |
| Current account balance 2022 | $64.725 million (2022 est.) |
| Current account balance 2021 | -$482.982 million (2021 est.) |
| Public debt | |
| Public debt 2023 | 48.3% of GDP (2023 est.) |
| Budget | |
| Revenues | $4.617 billion (2022 est.) |
| Expenditures | $4.13 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 6.03% of GDP (2023 est.) |
| Remittances 2022 | 10.41% 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 | $14.532 billion (2023 est.) |
| Imports 2022 | $10.265 billion (2022 est.) |
| Imports 2021 | $6.155 billion (2021 est.) |
| Imports (partners) | Russia 29%, China 12%, Vietnam 6%, Georgia 5%, Iran 4% (2023) |
| Comodities Imports force | cars, gold, diamonds, broadcasting equipment, natural gas (2023) |
| Exports | |
| Imports 2023 | $14.532 billion (2023 est.) |
| Imports 2022 | $10.265 billion (2022 est.) |
| Imports 2021 | $6.155 billion (2021 est.) |
| Exports (partners) | Russia 37%, UAE 25%, Hong Kong 7%, China 5%, Georgia 4% (2023) |
| Comodities Exports force | gold, diamonds, copper ore, broadcasting equipment, jewelry (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $57.516 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) | $24.086 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $19,200 (2023 est.) |
| Real GDP per capita 2022 | $17,900 (2022 est.) |
| Real GDP per capita 2021 | $15,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.5% (2023 est.) |
| Industry | 23.4% (2023 est.) |
| Services | 59.4% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 65.4% (2023 est.) |
| Government consumption | 14.1% (2023 est.) |
| Investment in fixed capital | 20.9% (2023 est.) |
| Investment in inventories | 0.4% (2023 est.) |
| Exports of goods and services | 59.5% (2023 est.) |
| Imports of goods and services | -60.3% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 13.3% (2024 est.) |
| Unemployment rate 2023 | 13.2% (2023 est.) |
| Unemployment rate 2022 | 13.4% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 26.2% (2024 est.) |
| Male | 24.8% (2024 est.) |
| Female | 27.9% (2024 est.) |
All Important Facts about Armenia
Want to know more about Armenia? Check all different factbooks for Armenia below.
