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Armenia |
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Last reviewed: 24 April 2008 |
Country information
ECONOMY
Main Macroeconomic Indicators
Sources – Armenian Ministry of Finance and Economy and the National Statistical Service of Armenia.
Nominal GDP (in mln USD): 6,386.7 (2006)
GDP deflator: 4.6 (2006)
GDP per capita: USD 1983.0 (2006)
GDP real growth: 13.3% (2006)
Net Exports/GDP: -14.4 (2006)
Investment/GDP: 33.6 (2006)
Consumption/GDP: 83.1 (2006)
Import of goods/GDP: 34.4 (2006)
Export of goods/GDP: 15.7 (2006)
Trade balance (Exports/Imports): -1,190.4 (2006)
External debt/GDP: 18.9 (2006)
Interest payments/GDP: 0.3 (2006)
Wages/GDP: 1.5 (2006)
Taxes and duties/GDP: 14.5 (2006)
Total Expenditure/GDP: 17.0 (2006)
Capital Expenditure/GDP: 3.3 (2006)
Deficit (-)/GDP: -1.5 (2006)
Foreign Direct Investments, (mln USD) net: 340.4 (2006)
Inflation (period average): 2.9% (2006)
Exchange rate (period average): (Dram/USD): 416.0 (2006)
Openness of Economy: 59.3% (2006)
Unemployment rate: 7.5% (2006)
GDP by Sector – Jan-Oct 2007
Industry: 16.6%
Agriculture: 19.6%
Construction: 24.0%
Services (including trade, transport and communications): 31.1%
Other: 8.7%
Industries
Diamond-processing, metal-cutting machine tools, forging-pressing machines, electric motors, tyres, knitwear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewellery manufacturing, software development, food processing, brandy.
Export Commodities
Diamonds, mineral products, foodstuffs, energy.
Import Commodities
Natural gas, petroleum, tobacco products, foodstuffs.
Import Partners
Russia 21.8%, Ukraine 7.8%, Belgium 7.6%, Turkmenistan 7.1%, Italy 6.1%, Germany 5.7%, Iran 5.7%, Israel 4.8%, US 4.5%, Georgia 4.1% (2006).
Export Partners
Germany 18.1%, Netherlands 14.1%, Belgium 13.4%, Russia 13.1%, Israel 7.1%, US 6.1%, Georgia 5.1%, Iran 4.9% (2006).
At the fall of the Soviet Union Armenia experienced extensive economic collapse, with the economy already damaged as a consequence of the 1988 earthquake, and hard hit by the breakdown of inter-Soviet and former Warsaw pact trade and the consequences of the war over NK. An example of the severity of this is that average real wages for Armenians at end 1993 were at 6% of their level 2 years earlier. The economy recovered somewhat in subsequent years, and Armenia weathered the 1998 Russian financial crisis better than other CIS states.
Foreign debt in 2005 amounted to approximately US$1,099 (millions). This was US$1,026, US$1,098, and US$1,183 in 2002, 2003, and 2004, respectively. Armenia has a fairly good relationship with the IMF and World Bank.
The 2004 household survey shows a further decline in poverty and inequality, but the overall level of poverty remains high. The headline poverty rate fell from 56% in 1999 to 39% in 2004, with extreme poverty declining slightly in 2004, following a sharp drop in 2003. The reduction in poverty was driven by a decline in rural poverty, and, to a lesser extent, of poverty in non-Yerevan urban areas, owing mainly to higher growth of agricultural incomes, private transfers from abroad, and state social assistance.