Economy of armenia
|
|
| Currency | Armenian dram |
|---|---|
| Calendar year | |
|
Trade organisations
|
CISFTA, EEU, WTO |
| Statistics | |
| GDP |
 $10.529 billion (nominal, 2015) $25.395 billion (PPP, 2015) |
| GDP rank | 132nd (nominal, 2015) 129th (PPP, 2015) |
|
GDP growth
|
3.2% (2016 est.) |
|
GDP per capita
|
$3,520 (nominal, 2015 est.)$8,492 (PPP, 2015 est.) |
|
GDP by sector
|
services (51.9%); industry (28.7%); agriculture (19.4%) (2015 est.) |
 -0.4% (2016 est.) |
|
|
Population below poverty line
|
32% (2013 est.) |
|
30.3 (2012) |
|
|
Labour force
|
1.559 million (2016 est.) |
|
Labour force by occupation
|
services (44%); industry (17%); agriculture (39%) (2011 est.) |
| Unemployment |
18.1% (2016 est.) |
|
Main industries
|
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, brandy, mining |
|
38th (2017) |
|
| External | |
| Exports |
$1.678 billion (2016 est.) |
|
Export goods
|
pig iron, unwrought copper, nonferrous metals, gold, diamonds, mineral products, foodstuffs, energy |
|
Main export partners
|
 Russia 15.2% China 11.1% Germany 9.8% Iraq 8.8% Georgia 7.8% Canada 7.6% Bulgaria 5.3% Iran 5.3% (2015) |
| Imports |
$2.638 billion (2016 est.) |
|
Import goods
|
natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars |
|
Main import partners
|
Russia 29.1% China 9.7% Germany 6.2% Iran 6.1% Italy 4.6% Turkey 4.2% (2015) |
|
FDI stock
|
$4.817 billion (2013) |
|
Gross external debt
|
$8.365 billion (31 December 2016 est.)
|
| Public finances | |
 53.4% of GDP (2016 est.) |
|
| Revenues |
$2.445 billion (2016 est.) |
| Expenses | $2.969 billion (2016 est.) |
| Economic aid | $302 million (ODA) (2008) |
|
Foreign reserves
|
$1.512 billion (31 December 2016 est.) |
The economy of Armenia is ranked 132nd in the world, with a nominal gross domestic product (GDP) of $10.561 billion per annum. It is also the 129th largest in the world by purchasing power parity (PPP), at $25.329 billion per annum. Armenia is the second-most densely populated of the post-Soviet states because of its small size. It is situated between the Black Sea and the Caspian Sea, bordered on the north and east by Georgia and Azerbaijan and on the south and west by Iran and Turkey.
Until independence, Armenia's economy was based largely on industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources. Agriculture accounted for only 20% of net material product and 10% of employment before the breakup of the Soviet Union in 1991. Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel, including gas and nuclear fuel from Russia (for its one nuclear power plant.) The main domestic energy source is hydroelectric. Small amounts of coal, gas and petroleum have not yet been developed.
Like other former states, Armenia's economy suffers from the legacy of a centrally planned economy and the breakdown of former Soviet trading patterns. Soviet investment in and support of Armenian industry has virtually disappeared, so that few major enterprises are still able to function. In addition, the effects of the 1988 earthquake, which killed more than 25,000 people and made 500,000 homeless, are still being felt. Although a cease-fire has held since 1994, the conflict with Azerbaijan over Nagorno-Karabakh has not been resolved. The consequent blockade along both the Azerbaijani and Turkish borders has devastated the economy, because of Armenia's dependence on outside supplies of energy and most raw materials. Land routes through Azerbaijan and Turkey are closed; routes through Georgia and Iran are adequate and reliable. In 1992-93, the GDP had fallen nearly 60% from its 1989 level. The national currency, the dram, suffered hyperinflation for the first few years after its introduction in 1993.
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Wikipedia