Includes historical data for Armenia’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Strong Economy Despite Regional Tensions
With a population of about three million, Armenia is an attractive hub for foreign investment, particularly in industries such as energy, banking, pharmaceuticals and information technology. The nation benefits from trade and investment agreements with the United States and the European Union, and the membership in the Eurasian Economic Union. Furthermore, Armenia can count on significant mineral resources, comfortable foreign exchange reserves, and a commitment to reform in the justice, competition, and anti-corruption domains.
However, challenges persist, including a small market size, heavy reliance on Russia for trade and security, and geographic isolation due to border closures with Turkey and Azerbaijan amidst political and territorial disputes.
Macroeconomy & Sovereign Data
| Type of Government | Parliamentary democracy |
|---|---|
| Capital | Yerevan |
| Sovereign Ratings |
S&P: BB– Moody’s: Ba3 Fitch: B+ |
| Total Population | 2.96 million |
| Median Age | 35.2 |
| Adult Per Capita Income (PPP) | USD 22,451.60 |
| Total GDP (2023) | USD 26.935 billion |
Armenia GDP & Economic Overview
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Banking & Finance
Trade & Investment
| Total Exports | USD 6.4 billion (2022) |
|---|---|
| Leading Exports |
Copper Ore Gold Liquors Iron Alloys Tobacco |
| Total Imports |
USD 2.5 billion (2022) |
| Leading Imports |
Natural Gas Cars Refined Petroleum Broadcasting Equipment Diamonds |
| Source: | IMF, CIA The World Factbook |
Trade & Investment
| Total Exports | USD 6.4 billion (2022) |
|---|---|
| Leading Exports |
Copper Ore Gold Liquors Iron Alloys Tobacco |
| Total Imports |
USD 2.5 billion (2022) |
| Leading Imports |
Natural Gas Cars Refined Petroleum Broadcasting Equipment Diamonds |
| Source: | IMF, CIA The World Factbook |
Major Trade Partners — Import
| Russia | 26.8% |
|---|---|
| China | 13.3% |
| Switzerland | 12.1% |
| Bulgaria | 6.7% |
| Netherlands | 6.5% |
Major Trade Partners — Export
| Russia | 33.5% |
|---|---|
| China | 16.2% |
| Islamic Republic of Iran | 8.22% |
| Italy | 4.2% |
| Germany | 3.9% |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000