Economy of Armenia
Population: 2.95 M (2018)
GDP per Capita: 4,212 USD (2018)
12,430 M.

GDP USD

(2018)

Display Chart
4,700 M.

EXPORTS USD

(2018)

Display Chart
6,650 M.

IMPORTS USD

(2018)

Display Chart
55.80 %

PUBLIC DEBT

(2018)

Display Chart
Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 5.20 % (2018)
GDP of 2010 USD USD 13.00 B. (2018)
GDP Current USD USD 12.43 B. (2018)
GDP per Capita Current USD USD 4,212 (2018)
GDP per capita, PPP USD 9,178 (2018)
GDP per Capita, 2010 USD USD 4,407 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 12.75 % (2018)
Government Spending USD 1.59 B. (2018)
Government Debt % GDP 55.80 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 131.11 (2018)
Trade Openness 91.29 % (2018)
Exports of Goods and Services % GDP 37.81 % (2018)
Exports Goods & Services USD 4.70 B. (2018)
Exports Annual Growth 2.90 % (2018)
Imports as % GDP 53.48 % (2018)
Total Imports USD 6.65 B. (2018)
Foreign Direct Investment % GDP 2.04 % (2018)
Foreign Direct Investment USD 0.25 B. (2018)
Current Account Balance % GDP USD -9.37 % (2018)
Current Account Balance USD -1.17 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD -1.95 B. (2018)
Foreign Exchange Reserves incl Gold USD 2.26 B. (2018)
Remittances % GDP 11.97 % (2018)
Remittances USD 666 M. (2018)
Balance of Payments USD 356 M. (2018)

Labor Market

Indicator Value
Labor Force 1.38 M. (2019)
Unemployment Rate 17.71 % (2019)
Unemployment Rate Females 17.30 % (2019)
Unemployment Rate Males 16.73 % (2019)
Youth Unemployment (ages 15-24) 35.98 % (2019)
Labor Force Participation Rate 58.89 % (2019)
Labor Force (Percent Female) 46.14 % (2019)
Female Labor Force Participation Rate 49.67 % (2019)
Male Labor Force Participation Rate 69.93 % (2019)
Dependent People 46.82 % (2018)

Agriculture Sector

Indicator Value
Forest Area 11.70 % (2016)
Forest Area km² 3,322 km² (2016)
Agricultural Land 58.90 % (2016)
Agricultural Land km² 16,768 km² (2016)
Employment 33.15 % (2019)
Value added % GDP 13.70 % (2018)
Agriculture Value added USD 1.70 B. (2018)
Crop Production Index 124.90 (2016)
Precipitation 562 mm (2014)
Arable Land 16 % (2016)
Cereal Yield 1,975 kg/hectare (2017)
Food production index 135 (2016)
Rural Population 37 % (2018)
Fertilizer use of Arable Land 111 kg/hectare (2016)
Livestock Production Index 144 (2016)
Economy of Armenia

According to the World Bank and its latest published data, the economy of the Armenia presents a growth rate of 5.20 % (2018) to the previous year.

With a population that reaches 2.95 M (2018) and a gross domestic product of USD 12.43 B. (2018), it translates a Gross Domestic Product per Capita of USD 4,212 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Armenia also has a workforce of 1.38 M. (2019) with an unemployment rate of 17.71 % (2019), where women represent 17.30 % (2019) and men 16.73 % (2019), the unemployment rate for young people between 15-24 years old stood at 35.98 % (2019). The total number of dependent people stands at 46.82 % (2018).

The central government spent 12.75 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.59 B. (2018). Its consolidated public debt reached 55.80 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Armenia exported USD 4.70 B. (2018), which represents 37.81 % (2018) of its gross domestic product, in that same sense its imports reached USD 6.65 B. (2018) with a direct foreign investment of USD 0.25 B. (2018).

Armenia has a forest area of 3,322 km² (2016), which represents 11.70 % (2016) of its total area, an average rainfall of 562 mm (2014) per year and a population of 37 % (2018) living in rural areas. With a total area of 16,768 km² (2016) available for agriculture and 33.15 % (2019) of its employments, the agricultural sector contributes to the economy of the Armenia about USD 1.70 B. (2018) (13.70 % (2018) of its GDP).