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 2019 | $11.637 billion (2019 est.) |
| Debt - external 2018 | $10.785 billion (2018 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 | $3.258 billion (2019 est.) |
| Expenditures | $3.392 billion (2019 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 | 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.) |
| 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
Want to know more about Armenia? Check all different factbooks for Armenia below.
