Caucasus: Cautious Optimism
Conflicts persist, but analysts see economic reforms continuing and democracy taking hold in a crossroads region.
Armenia GDP and Economic Data
Includes Armenia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Armenia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Armenia best banks and safest banks are also available.
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International Reserves
USD 2.2 billion (2018)
International Monetary Fund (IMF), data retrieved October 2019
Real GDP growth
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 13.7% | 6.9% | -14.2% | 2.2% | 4.7% | 7.1% | 3.3% |
| 2014 | 2015 | 2016 | 2017* | 2018* | ||
| 3.6% | 3.3% | 0.3% | 7.5% | 5% |
*Estimate
Source
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GDP - composition by sector
- agriculture: 13.7%
- industry: 25%
- services: 52.6%
(2018 estimate)
Inflation
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 3.7% | -1.4% | 1% | 2.5% | 1.7% |
*Estimate
Source
Unemployment rate
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 18.5% | 20.3% | 18.7% | 18.2% | 17.7% |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 44.1% | 51.9% | 53.7% | 51.3% | 50% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2015 | 2016 | 2017 | 2018* | 2019* |
| -4.8% | -5.6% | -4.8% | -1.8% | -1.5% |
*Estimate
Source
Market value of publicly traded shares
| 2016 | 2017 | 2018 |
| N/A | N/A | N/A |
Source
Current account balance by percentage of GDP
-9.4 % (2018 estimate)
Source
Exports as percent of GDP (Exports of goods and services)
37.5% (2018)
Shares in world total merchandising export
0.01% (2018)
Shares in world total commercial services export
0.03% (2018)
Export commodities
Unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy
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Import commodities
Natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars
Exports - major partners
Russia 24.2%, Bulgaria 12.8%, Switzerland 12%, Georgia 6.9%, Germany 5.9%, China 5.5%, Iraq 5.4%, UAE 4.6%, Netherlands 4.1% (2017)
Imports - major partners
Russia 28%, China 11.5%, Turkey 5.5%, Germany 4.9%, Iran 4.3% (2017)
FDI inflows
| 2016 | 2017 | 2018 |
| USD 338 million | USD 250 million | USD 254 million |
FDI outflows
| 2016 | 2017 | 2018 |
| USD 66 million | USD 22 million | USD -12 million |
Value of cross-border M&A, by country of purchaser
| 2015 | 2016 | 2017 | 2018 |
| USD 0.1 million | N/A | N/A | N/A |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking:
47 out of 190 countries
Subcategories:
Starting a Business: 10 out of 190 countries
Dealing with Construction Permits: 62 out of 190 countries
Getting Electricity: 30 out of 190 countries
Registering Property: 13 out of 190 countries
Getting Credit: 48 out of 190 countries
Protecting Minority Investors: 120 out of 190 countries
Paying Taxes: 52 out of 190 countries
Trading across Borders: 43 out of 190 countries
Enforcing Contracts: 30 out of 190 countries
Resolving Insolvency: 95 out of 190 countries
Source
Global competitiveness ranking
69 out of 141 countries
(2019)
Index of Economic Freedom
Ranking: 47 / Score: 67.7 (Moderately free)
(100=totally free 0=totally repressed)
Source
Source
Government type
Parliamentary democracy; note - constitutional changes adopted in December 2015 transformed the government to a parliamentary system
Languages
Armenian (official) 97.9%, Kurdish (spoken by Yezidi minority) 1%, other 1% (2011 est.)
Religions
Armenian Apostolic 92.6%, Evangelical 1%, other 2.4%, none 1.1%, unspecified 2.9% (2011 est.)
Total population
| 1990 | 2000 | 2010 | 2015* | 2020* |
| N/A | 3.08 million | 2.96 million | 2.99 million | 2.97 million |
*Estimate
Source
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2018 |
| 51.3% | 66.1% | 64.7% | 63.1% |
Literacy
Total population: 99.7%
Male: 99.7%
Female: 99.6%
Definition: age 15 and over can read and write (2015 est.)
% of population living on less than $3.10 a day
12.3% (last available estimate, 2017)
Inequality of wealth distribution (Gini index)
33.6 (last available estimate, 2017)
(0=perfect equality, 100=absolute inequality)
Source
Freedom House rating
Partly Free
Political Rights: 4
Civil Liberties: 4 (2019)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed: 16.1% Mobile: 121.3% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)