Countries
Armenia
Key Economic Indicators
$69.23 billion
$22,823
5.9%
0.27%
12.87%
$25.787 billion (2024 est.)
48 % of GDP
$-1,194,505,095
Economic Overview
<p>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</p>
All Economic Data
Agricultural products
milk, potatoes, grapes, vegetables, wheat, tomatoes, watermelons, apricots, apples, barley (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$6.27 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$5.812 billion (2023 est.)
Currency
code:
AMD
name:
Armenian dram (AMD) [֏]
Current account balance
$-1,194,505,095
Current account balance 2022:
$64.725 million (2022 est.)
Current account balance 2023:
-$556.329 million (2023 est.)
Current account balance 2024:
-$997.086 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$16.4 billion
Debt - external 2023:
$6.002 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
drams (AMD) per US dollar -
Exchange rates 2020:
489.009 (2020 est.)
Exchange rates 2021:
503.77 (2021 est.)
Exchange rates 2022:
435.666 (2022 est.)
Exchange rates 2023:
392.476 (2023 est.)
Exchange rates 2024:
392.73 (2024 est.)
Exports
$19.11 billion
Exports 2022:
$10.118 billion (2022 est.)
Exports 2023:
$14.338 billion (2023 est.)
Exports 2024:
$18.618 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
gold, diamonds, copper ore, broadcasting equipment, jewelry (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Russia 37%, UAE 25%, Hong Kong 7%, China 5%, Georgia 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$131.56 million
GDP - composition, by end use
Exports of goods and services:
76.3% (2024 est.)
Government consumption:
10.7% (2024 est.)
Household consumption:
66.5% (2024 est.)
Imports of goods and services:
-75.8% (2024 est.)
Investment in fixed capital:
21.7% (2024 est.)
Investment in inventories:
0.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
7.9% (2024 est.)
Industry:
23.2% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
61.5% (2024 est.)
GDP (official exchange rate)
$25.787 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$8,556
Gini Index coefficient - distribution of family income
29.9 (2019)
Gini Index coefficient - distribution of family income 2023:
27.2 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$25.04 billion
GNI per capita
$7,810
Gross domestic investment
24 % of GDP
Household income or consumption by percentage share
Highest 10%:
22.9% (2023 est.)
Lowest 10%:
4% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$19.84 billion
Imports 2022:
$10.265 billion (2022 est.)
Imports 2023:
$14.532 billion (2023 est.)
Imports 2024:
$19.087 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, gold, diamonds, broadcasting equipment, natural gas (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Russia 29%, China 12%, Vietnam 6%, Georgia 5%, Iran 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
6.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
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
Inflation rate (consumer prices)
0.27%
Inflation rate (consumer prices) 2022:
8.6% (2022 est.)
Inflation rate (consumer prices) 2023:
2% (2023 est.)
Inflation rate (consumer prices) 2024:
0.3% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.51 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.45 million persons
Labor force - by occupation
agriculture:
26.97%
industry:
21.3%
services:
51.73%
Population below poverty line
24.8% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
48 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
48.3% of GDP (2023 est.)
Real GDP (purchasing power parity)
$69.23 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$53.108 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$57.516 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$60.909 billion (2024 est.)
Real GDP growth rate
5.9%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
12.6% (2022 est.)
Real GDP growth rate 2023:
8.3% (2023 est.)
Real GDP growth rate 2024:
5.9% (2024 est.)
Real GDP per capita
$22,823
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$17,900 (2022 est.)
Real GDP per capita 2023:
$19,400 (2023 est.)
Real GDP per capita 2024:
$20,100 (2024 est.)
Remittances
$1.28 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
10.4% of GDP (2022 est.)
Remittances 2023:
6% of GDP (2023 est.)
Remittances 2024:
4.6% of GDP (2024 est.)
Reserves of foreign exchange and gold
$3.69 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$4.112 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$3.607 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$3.685 billion (2024 est.)
Revenue (excl grants)
24 % of GDP
Tax revenue
22 % of GDP
Taxes and other revenues
22.5% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
12.87%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
13.4% (2022 est.)
Unemployment rate 2023:
13.3% (2023 est.)
Unemployment rate 2024:
13.4% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
27.9% (2024 est.)
Male:
24.8% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
26.2% (2024 est.)
World Bank Indicators
Currency
Armenian dram (AMD) (2025)
Exports (US$)
$19.11B (2024)
External Debt
$16.40B (2024)
FDI Net Inflows (US$)
$131.56M (2024)
GDP Growth (%)
5.90 (2024)
Gdp Nominal
$25.96B (2024)
GDP Per Capita
8,556 (2024)
Gini Index
29.90 (2019)
Govt Debt Pct Gdp
47.88 (2024)
Imports (US$)
$19.84B (2024)
Inflation Rate (%)
0.27 (2024)
Languages
Armenian (2025)
Reserves
$3.69B (2024)
Unemployment Rate (%)
12.41 (2024)
Youth Unemployment
26.66 (2024)
Economic Rankings
GDP Growth Rate
#11
Unemployment Rate
#26
External Debt
#52
GDP per Capita
#83
Exports
#92
Inflation Rate
#94
Imports
#95
Reserves
#107
GDP (PPP)
#112
GDP (Nominal)
#114
Gini Index
#154
Quick Facts
Industries
brandy, mining, diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectro
Agricultural products
milk, potatoes, grapes, vegetables, wheat, tomatoes, watermelons, apricots, apples, barley (2023)
Labor force
1.51 million (2024 est.)
Exports - partners
Russia 37%, UAE 25%, Hong Kong 7%, China 5%, Georgia 4% (2023)
Imports - partners
Russia 29%, China 12%, Vietnam 6%, Georgia 5%, Iran 4% (2023)
Exchange rates
drams (AMD) per US dollar -
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