Browse a full set of economic indicators

Armenia

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.

Basic Information

Government Type: Parliamentary democracy; note – constitutional changes adopted in December 2015 transformed the government to a parliamentary system

Capital City: Yerevan

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Armenia

Currency Drams (AMD)

International Reserves USD 2.2 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 12.4 billion (2018, estimate)

GDP (Purchasing Power Parity) Intl$ 30.4 billion (2018, estimate)

GDP Data

Real GDP growth 2007 13.7%
2008 6.9%
2009 -14.2%
2010 2.2%
2011 4.7%
2012 7.1%
2013 3.3%
2014 3.6%
2015 3.3%
2016 0.3%
2017* 7.5%
2018* 5%
GDP per capita – current prices USD 4,149.3 (2018, estimate)

GDP per capita – PPP USD 15,487.00 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 0.02% (2019, estimate)
GDP – composition by sector agriculture: 13.7%
industry: 25%
services: 52.6%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 3.7%
2016 -1.4%
2017 1%
2018* 2.5%
2019* 1.7%
2020* 1.6%
2021* 1.9%

*Estimate

Inflation & Debt

Inflation 2017 1%
2018* 2.5%
2019* 1.7%
2020* 1.6%
2021* 1.9%

*Estimate
Government Bond Ratings Standard & Poor’s: N/A

Moody’s: Ba3
Unemployment rate 2015 18.5%
2016 20.3%
2017 18.7%
2018* 18.2%
2019* 177%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 44.1%
2016 51.9%
2017 53.7%
2018* 51.3%
2019* 50%
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -4.8%
2016 -5.6%
2017 -4.8%
2018* -1.8%
2019* -1.5%
*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 5.9% (2017)

Shares in world total merchandising export 0.004% (2018)

Shares in world total commercial services export 0.008% (2018)

Total exports USD 1.6 billion (2018 estimate)

Export commodities Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs

Total imports USD 8.3 billion (2018 estimate)

Import commodities Machinery and other capital goods, food, textiles, petroleum products

Exports – major partners India 56.5%, Pakistan 29.6% (2017)

Imports – major partners China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017)

Competitiveness & Trade

Current account balance USD -1.2 billion (2018 estimate)

Current account balance by percentage of GDP -9.4 % (2018 estimate)

FDI inflows
2016 USD 338 million
2017 USD 250 million
2018 USD 254 million
FDI Outflows
2016 USD 66 million
2017 USD 22 million
2018 USD -12 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
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
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)

Population & Geographic Data

Total Area 29,743 sq km



Total Population 1990 N/A
2000 3.08 million
2010 2.96 million
2015* 2.99 million
2020* 2.97 million
Urban population as % of total population 1960 51.3%
1980 66.1%
2000 64.7%
2020 63.1%
Population median age 35.6 years (2022 est.)


CIA World Factbook / Population median age
Population growth rate -0.25% (2018 estimate)

Life expectancy 75.1 years (2018 estimate)



CIA World Factbook / Life expectancy
% of population living on less than $3.10 a day 12.3% (last available estimate, 2017)

Inequality of wealth distribution (Gini index) 30.8 (last available estimate, 2019)

(0=perfect equality, 100=absolute inequality)

World Bank / Gini Index


33.6 (last available estimate, 2017)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Partly Free
Political Rights: 4
Civil Liberties: 4 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 7.8%

Mobile: 91.0% (2020) (fixed-telephone subscribers and mobile-cellular subscribers)Fixed: 16.1% Mobile: 121.3% (2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 64.74 % (2017)

Language & Religon

Languages Armenian (official) 97.9%, Kurdish (spoken by Yezidi minority) 1%, other 1% (2011 est.)

Literacy
Total population: 99.7%
Male: 99.7%
Female: 99.6%
Definition: age 15 and over can read and write (2015 est.)
Religions Armenian Apostolic 92.6%, Evangelical 1%, other 2.4%, none 1.1%, unspecified 2.9% (2011 est.)​

World Rankings

Population 2.8 M
Mercer Cost of living index N/A
C02 Emissions per capita 1.9 metric tons per capita (2018)

Global Finance Rankings & Awards: Armenia

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

arrow-chevron-right-redarrow-chevron-rightbutton-arrow-left-greybutton-arrow-left-red-400button-arrow-left-red-500button-arrow-left-red-600button-arrow-left-whitebutton-arrow-right-greybutton-arrow-right-red-400button-arrow-right-red-500button-arrow-right-red-600button-arrow-right-whitecaret-downcaret-rightclosecloseemailfacebook-square-holdfacebookhamburger-newhamburgerinstagramlinkedin-square-1linkedinpauseplaysearch-outlinesearchsubscribe-digitalsubscribe-printtwitter-square-holdtwitteryoutube