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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. Further, 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

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 6.4 billion (2022)
Leading Exports Natural Gas
Refined Petroleum
Broadcasting Equipment
Total Imports USD 2.5 billion (2022)

Leading Imports Copper Ore
Iron Alloys
Source: World Integrated Trade Solution

Armenia Leading Companies

Ardshinbank Financials
Ameriabank Financials
Dundee Precious Metals Kapan Metal & Mining
Multi Group Concern Conglomerates, Hotels, Resorts & Leisure, Consumer Staples, Financials
Ucom Telecommunication Services
Beeline Armenia Telecommunication Services
Gazprom Armenia Integrated Oil & Gas

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%

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


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