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 1.51 million (2024 est.)
Industrial production growth rate 6.2% (2024 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 $3.685 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 2024 -$997.086 million (2024 est.)
Current account balance 2023 -$556.329 million (2023 est.)
Current account balance 2022 $64.725 million (2022 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 2024 4.6% of GDP (2024 est.)
Remittances 2023 6% of GDP (2023 est.)
Remittances 2022 10.4% of GDP (2022 est.)
Household income
Lowest 10% 4% (2023 est.)
Highest 10% 22.9% (2023 est.)
Imports
Imports 2024 $19.087 billion (2024 est.)
Imports 2023 $14.532 billion (2023 est.)
Imports 2022 $10.265 billion (2022 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 2024 $19.087 billion (2024 est.)
Imports 2023 $14.532 billion (2023 est.)
Imports 2022 $10.265 billion (2022 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) 2024 $60.909 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $57.516 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $53.108 billion (2022 est.)
GDP (official exchange rate) $25.787 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $20,100 (2024 est.)
Real GDP per capita 2023 $19,400 (2023 est.)
Real GDP per capita 2022 $17,900 (2022 est.)
GDP - composition, by sector of origin
Agriculture 7.9% (2024 est.)
Industry 23.2% (2024 est.)
Services 61.5% (2024 est.)
GDP - composition, by end use
Household consumption 66.5% (2024 est.)
Government consumption 10.7% (2024 est.)
Investment in fixed capital 21.7% (2024 est.)
Investment in inventories 0.5% (2024 est.)
Exports of goods and services 76.3% (2024 est.)
Imports of goods and services -75.8% (2024 est.)
Unemployment rate
Unemployment rate 2024 13.4% (2024 est.)
Unemployment rate 2023 13.3% (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.

Armenia is found in Western Asia