Economy Overview
Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to the sharp deterioration in the global economy and the economic downturn in Russia. Armenia is particularly dependent on Russian commercial and governmental support and most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector, including electricity and natural gas. Remittances from expatriates working in Russia are equivalent to about 20% of GDP and partly offset the country's severe trade imbalance. Armenia joined Russia in the Eurasian Economic Union upon the bloc's launch in January 2015, even though the ruble's sharp depreciation in December 2014 led to currency instability, inflation, and a significant decrease in exports from Armenia to Russia.
Agriculture Products
fruit (especially grapes), vegetables; livestock
Industries
diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry, software, food processing, brandy, mining
Industrial Production Growth Rate
2.5% (2015 est.)
Labor Force
1.56 million (2015 est.)
Labor Force by Occupation
Agriculture: 39%
Industry: 17%
Services: 44% (2011 est.)
Unemployment Rate
18.5% (2015 est.)
Population Below Poverty Line
32% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.7%
Highest 10%: 24.8% (2012)
Distribution of Family Income Gini Index
31.3 (2011)
Budget
Revenues: $2.471 billion
Expenditures: $2.957 billion (2015 est.)
Public Debt
43.7% of GDP (2014 est.)
Central Bank Discount Rate
8% (11 January 2012)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.118 billion (31 December 2014 est.)
Stock of Broad Money
$1.723 billion (31 December 2014 est.)
Stock of Domestic Credit
$5.205 billion (31 December 2014 est.)
Market Value of Publicly Traded Shares
$144.8 million (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$1.489 billion (31 December 2014 est.)
Debt External
$8.551 billion (31 December 2014 est.)
Stock of Direct Foreign Investment at Home
$4.817 billion (2013)
Stock of Direct Foreign Investment Abroad
Exchange Rates
372.5 (2011 est.)
