Armenia: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Lower Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
In Transition |
| Economic Trivia | The agriculture sector accounts for more than 40% of employment. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2019): Russia, China, and Switzerland |
| Top Industries Source: CIA World Factbook | Diamond-Processing; Metal-Cutting Machine Tools; Forging-Pressing Machines; Electric Motors |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $43,424,437,526 (2021) |
| GDP Growth Rate (annual %) | 5.7% (2021) |
| GDP Per Capita, PPP (current international) | $14,630 (2021) |
GDP Country Rank 119/197 (2021)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 7.185% (2021) |
| External debt stocks, total (DOD, current US$) | $13,093,864,396 (2020) |
| Total tax rate (% of commercial profits) | 22.6% (2019) |
| Real Interest Rate (5 year average %) | 4.578% (2021) |
| Manufacturing, value added (% of GDP) | 11.336% (2021) |
| Current Account Balance (BoP, current US$) | ($511,267,992) (2021) |
Labor and Employment [1]
| Labor Force, Total | 1,220,481 (2021) |
| Employment in Agriculture (% of total employment) | 28.886% (2020) |
| Employment in Industry (% of total employment) | 17.526% (2020) |
| Employment in Services (% of total employment) | 53.588% (2020) |
| Unemployment Rate | 20.897% (2021) |
Trade [1]
| Imports of goods and services (current US$) | $5,957,470,274 (2021) |
| Exports of goods and services (current US$) | $4,855,736,546 (2021) |
| Total Merchandise Trade (% of GDP) | 60.457% (2021) |
| FDI, net inflows (BoP, current US$) | $58,582,750 (2020) |
| Commercial Service Exports (current US$) | $1,643,217,573 (2021) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Armenia’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.