Skyline in Armenia

Armenia Economy

Armenia's economy in numbers:

Nominal GDP of USD 19.5 billion in 2022.

GDP per capita of USD 6,589 compared to the global average of USD 10,589.

Average real GDP growth of 4.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 62% of overall GDP, manufacturing 11%, other industrial activity 16%, and agriculture 11%. Looking at GDP by expenditure, private consumption accounted for 72% of GDP in 2021, government consumption 16%, fixed investment 20%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 23% of total merchandise exports, mineral fuels 2%, food 31%, ores and metals 40% and agricultural raw materials 0%, with other categories accounting for 4% of the total. In the same period, manufactured products made up 60% of total merchandise imports, mineral fuels 17%, food 17%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 3% of the total. Total exports were worth USD 6 billion in 2022, while total imports were USD 8 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.5% in the decade to 2022. To read more about GDP growth in Armenia, go to our dedicated page.

Fiscal policy:

Armenia's fiscal deficit averaged 3.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 17.6% in the decade to 2022. For more information on Armenia's unemployment click here.

Inflation:

Inflation averaged 3.2% in the decade to 2022. Go to our Armenia inflation page for extra insight.

Monetary Policy:

Armenia's monetary policy rate ended 2022 at 10.75%, up from 8.00% a decade earlier. See our Armenia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dram strengthened by 2% vs the U.S. dollar. For more info on the dram, click here.
Economic growth accelerated to 9.2% year on year in Q1 (Q4 2023: +7.7% yoy) on the back of an over-100% surge in exports of goods and services. Domestic demand, meanwhile, was dented by elevated interest rates and cooling real wage growth. Shifting to Q2, momentum seems to have dwindled: Annual economic activity growth nearly halved from Q1 in April–May, industrial output growth dropped sharply in the same two-month period, and still-tight financing conditions and rebounding inflation in May weighed on household budgets. In other news, protests that began in late April have recently intensified as peace negotiations with Azerbaijan progress, threatening political and economic stability. More positively, the IMF disbursed around USD 24.5 million under a stand-by arrangement with Armenia on 17 June, aimed at promoting economic growth and financial stability.
Projections out to 2033.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Armenia in the coming years? FocusEconomics collects projections out to 2033 on 45 economic indicators for Armenia from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Armenia economy. To download a sample report on the Armenia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Armenia Economic Data

2019 2020 2021 2022 2023
Population (million) 3.0 3.0 3.0 3.0 3.0
GDP (USD bn) 13.6 12.6 13.9 19.5 24.2
GDP per capita (USD) 4,598 4,266 4,687 6,589 8,176
GDP (EUR bn) 12.2 11.1 11.7 18.5 22.4
GDP per capita (EUR) 4,109 3,732 3,959 6,233 7,560
GDP (AMD bn) 6,543 6,182 6,992 8,501 9,505
Economic Growth (Nominal GDP, ann. var. %) 8.7 -5.5 13.1 21.6 11.8
Economic Growth (GDP, ann. var. %) 7.7 -7.2 5.8 12.6 8.8
Private Consumption (ann. var. %) 11.5 -13.8 2.7 5.6 6.5
Government Consumption (ann. var. %) 12.9 9.2 -6.2 -2.2 28.3
Fixed Investment (ann. var. %) 4.4 -1.5 23.6 14.0 10.1
Industrial Production (ann. var. %) 9.0 -0.9 3.3 7.9 4.1
Unemployment (% of active population, aop) 19.0 17.9 15.4 13.0 12.6
Fiscal Balance (% of GDP) -0.8 -5.1 -4.5 -2.2 -1.9
Public Debt (% of GDP) 50.1 63.5 60.2 46.7 48.1
Money (ann. var. of M2 %) 21.5 14.8 12.8 13.4 22.1
Inflation (CPI, ann. var. %, aop) 1.4 1.2 7.2 8.6 2.0
Refinancing Rate (%, eop) 5.50 5.25 7.75 10.75 9.25
Exchange Rate (AMD per USD, eop) 475 523 480 394 404
Exchange Rate (AMD per USD, aop) 480 489 504 436 392
Exchange Rate (AMD per EUR, eop) 533 640 546 420 447
Exchange Rate (AMD per EUR, aop) 537 559 596 460 424
Current Account Balance (USD bn) -1.0 -0.5 -0.5 0.1 -0.6
Current Account Balance (% of GDP) -7.1 -4.0 -3.5 0.3 -2.3
Merchandise Trade Balance (USD bn) -1.7 -1.4 -1.5 -1.9 -2.5
Merchandise Exports (USD bn) 3.4 2.7 3.3 5.7 8.6
Merchandise Imports (USD bn) 5.1 4.1 4.8 7.6 11.2
Merchandise Exports (ann. var. %) 23.3 -19.1 20.5 74.3 51.4
Merchandise Imports (ann. var. %) 13.3 -19.3 16.6 58.5 47.3
Foreign Direct Investment (USD bn) 0.1 0.1 0.4 1.0 0.4
International Reserves (USD bn) 2.8 2.6 3.2 4.1 3.6
International Reserves (months of imports) 6.7 7.7 8.1 6.5 3.9
External Debt (USD bn) 12.4 12.9 13.8 15.3 15.5
External Debt (% of GDP) 90.9 102.2 99.8 78.2 63.8

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