Economy Overview
Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to deteriorations in the global commodity markets and the economic challenges in Russia. Armenia is particularly dependent on Russian commercial and governmental support, as most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector. Remittances from expatriates working in Russia are equivalent to about 7-8% of GDP. Armenia joined the Russia-led Eurasian Economic Union in January 2015, but has expressed interest in expanding its economic ties with the European Union as well, and in March 2017 an EU-Armenia Comprehensive and Enhanced Partnership Agreement was initiated. Armenia’s rising government debt is leading Yerevan to tighten its fiscal policies – the debt almost reached the debt to GDP threshold set by national legislation as of March 2017.
Agriculture Products
fruit (especially grapes and apricots), vegetables; livestock
Industries
brandy, mining, 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
Industrial Production Growth Rate
-1% (2016 est.)
Labor Force
1.514 million (2016 est.)
Labor Force by Occupation
Agriculture: 36.3%
Industry: 17%
Services: 46.7% (2013 est.)
Unemployment Rate
18.5% (2015 est.)
Population Below Poverty Line
32% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.5%
Highest 10%: 25.7% (2014)
Distribution of Family Income Gini Index
31.5 (2013 est.)
Budget
Revenues: $2.476 billion
Expenditures: $3.046 billion (2016 est.)
Public Debt
48.7% of GDP (2015 est.)
Central Bank Discount Rate
10.5% (10 February 2015)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.149 billion (31 December 2015 est.)
Stock of Broad Money
$1.779 billion (31 December 2015 est.)
Stock of Domestic Credit
$5.022 billion (31 December 2015 est.)
Market Value of Publicly Traded Shares
$144.8 million (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$1.775 billion (31 December 2015 est.)
Debt External
$8.925 billion (31 December 2015 est.)
Stock of Direct Foreign Investment at Home
$4.087 billion (2014 est.)
Stock of Direct Foreign Investment Abroad
$215 million (2014 est.)
Exchange Rates
401.76 (2012 est.)
