Armenia - Economic Indicators

Economic Overview

Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist...

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GDP Reference Last Previous Units Frequency
Real Gross Domestic Product 2017 2,300,164,339,400 2,139,687,757,600 NCU Annual
Real Investment 2017 471,734,052,300 414,165,103,000 NCU Annual
Nominal Fixed Investment (gross fixed capital formation) 2017 964,088,600,000 879,566,600,000 NCU Annual
Real Fixed Investment (gross fixed capital formation) 2017 428,832,861,300 398,173,501,700 NCU Annual
Private Consumption 2017 Q3 1,166,083,200,000 977,879,600,000 AMD, NSA Quarterly
Nominal Gross Domestic Product 2017 Q3 1,583,508,800,000 1,205,304,300,000 AMD, NSA Quarterly
Investment 2017 Q3 269,965,600,000 176,613,100,000 AMD, NSA Quarterly
Government Consumption 2017 Q1 143,601 198,573 Mil. RUR Quarterly
Real Private Consumption 2016 7,556,214,384 7,743,326,129 2010 USD Annual
Real Government Consumption 2016 705,717 661,301 Mil. RUR Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Sep 2018 125.46 125.03 2010=100, NSA Monthly
Producer Price Index (PPI) Jun 2017 114.55 113.95 2010=100, NSA Monthly
Wholesale Price Index 2016 131.9 129.93 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Tertiary Industries Employment 2017 700,240 703,053 # Annual
Secondary Industries Employment 2017 225,307 222,206 # Annual
Agriculture Employment 2017 484,209 477,733 # Annual
Labor Force 2017 1,409,757 1,402,993 # Annual
Total Employment 2017 Q1 974.5 1,009 Ths. Quarterly
Labor Force Employment 2017 Q1 974.5 1,009 Ths. Quarterly
Unemployment Dec 2016 80,700 80,900 #, NSA Monthly
Wage & Salaries 2016 Q3 67,924 65,486 Mil. RUR Quarterly
Unemployment Rate Jan 2012 5.9 5.9 %, NSA Monthly
Trade Reference Last Previous Units Frequency
Exports of Goods 2018 Q2 633,328,885 642,745,623 USD, NSA Quarterly
Imports of Goods 2018 Q2 1,047,272,973 988,784,897 USD, NSA Quarterly
Balance of Goods 2018 Q2 -413,944,087 -346,039,273 USD, NSA Quarterly
Current Account Balance 2018 Q2 -220,002,631 -229,358,626 USD, NSA Quarterly
Real Exports of Goods and Services 2017 917,055,952,200 766,128,615,000 NCU Annual
Real Imports of Goods and Services 2017 906,286,901,500 714,737,304,000 NCU Annual
Exports of Goods and Services 2017 Q3 617,886,900,000 482,498,400,000 AMD, NSA Quarterly
Imports of Goods and Services 2017 Q3 766,130,100,000 625,663,200,000 AMD, NSA Quarterly
Net Exports 2016 1,791,723,680 1,485,331,887 USD Annual
Government Reference Last Previous Units Frequency
Government Budget Balance 2023 -0.78 -0.68 Billions U.s. Dollars Annual
Government Revenues 2023 2,166 1,987 Billions National Currency Annual
Outstanding Public Debt 2023 4,832 4,458 Billions National Currency Annual
Government Expenditures 2023 2,305 2,123 Billions National Currency Annual
Gross External Debt 2018 Q2 0 0 USD, NSA Quarterly
Outstanding Public Debt - Foreign 2016 9,953,091,000 8,928,447,000 DOD; current USD Annual
Outstanding Public Debt - Domestic 2011 Q1 0.44 0.45 Bil. USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Money Market Rate Sep 2018 6.11 6.15 % p.a., NSA Monthly
Treasury Bills (over 31 days) Sep 2018 6.28 6.28 % p.a., NSA Monthly
Lending Rate Jul 2017 6 6 % - End of period Monthly
Average Long-term Government Bond Jun 2017 9 8.72 % Monthly
Stock Market Index 2012 1,023,703 538,200 USD Annual
Consumer Reference Last Previous Units Frequency
Personal Income 2018 Q2 47,398,304 -40,451,087 USD, NSA Quarterly
Business Reference Last Previous Units Frequency
Change in Inventories 2017 95,536,800,000 33,332,100,000 NCU Annual
Real Change in Inventories 2017 42,901,191,000 15,991,601,300 NCU Annual
Industrial Production Jun 2017 201.43 207.76 2010=100, NSA Monthly
Demographics Reference Last Previous Units Frequency
Net Migration 2017 -24,989 # Annual
Population 2017 2,930,450 2,924,816 # Annual
Birth Rate 2016 13.46 13.81 # per Ths. pop. Annual
Death Rate 2016 9.69 9.69 # per Ths. pop. Annual
Births 2015 41,763 43,031 #, NSA Annual
Deaths 2015 27,878 27,714 #, NSA Annual

Factbook

Background

Background:
Armenia prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. During World War I in the western portion of Armenia, the Ottoman Empire instituted a policy of forced resettlement coupled with other harsh practices that resulted in at least 1 million Armenian deaths. The eastern area of Armenia was ceded by the Ottomans to Russia in 1828; this portion declared its independence in 1918, but was conquered by the Soviet Red Army in 1920.
Armenian leaders remain preoccupied by the long conflict with Azerbaijan over Nagorno-Karabakh, a primarily Armenian-populated region, assigned to Soviet Azerbaijan in the 1920s by Moscow. Armenia and Azerbaijan began fighting over the area in 1988; the struggle escalated after both countries attained independence from the Soviet Union in 1991. By May 1994, when a trilateral cease-fire between Armenia, Azerbaijan, and Nagorno-Karabakh took hold, ethnic Armenian forces held not only Nagorno-Karabakh but also seven surrounding regions - approximately 14 percent of Azerbaijan’s territory. The economies of both sides have been hurt by their inability to make substantial progress toward a peaceful resolution.
Turkey closed the common border with Armenia in 1993 in support of Azerbaijan in its conflict with Armenia over control of Nagorno-Karabakh and surrounding areas, further hampering Armenian economic growth. In 2009, Armenia and Turkey signed Protocols normalizing relations between the two countries, but neither country ratified the Protocols, and Armenia officially withdrew from the Protocols in March 2018. In January 2015, Armenia joined Russia, Belarus, and Kazakhstan as a member of the Eurasian Economic Union. In November 2017, Armenia signed a Comprehensive and Enhanced Partnership Agreement (CEPA) with the EU.

Geography

Location:
Southwestern Asia, between Turkey (to the west) and Azerbaijan; note - Armenia views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both
Geographic coordinates:
40 00 N, 45 00 E
Map references:
Asia
Area:
total: 29,743 sq km
land: 28,203 sq km
water: 1,540 sq km
country comparison to the world: 143
Area - comparative:
slightly smaller than Maryland
Land boundaries:
total: 1,570 km
border countries (4): Azerbaijan 996 km, Georgia 219 km, Iran 44 km, Turkey 311 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
highland continental, hot summers, cold winters
Terrain:
Armenian Highland with mountains; little forest land; fast flowing rivers; good soil in Aras River valley
Elevation:
mean elevation: 1,792 m
elevation extremes: lowest point: Debed River 400 m
highest point: Aragats Lerrnagagat' 4,090 m
Natural resources:
small deposits of gold, copper, molybdenum, zinc, bauxite
Land use:
agricultural land: 59.7%
arable land 15.8%; permanent crops 1.9%; permanent pasture 42%
forest: 9.1%
other: 31.2% (2014 est.)
Irrigated land:
2,740 sq km (2012)
Population - distribution:
most of the population is located in the northern half of the country; the capital of Yerevan is home to more than five times as many people as Gyumri, the second largest city in the country
Natural hazards:
occasionally severe earthquakes; droughts
Environment - current issues:
soil pollution from toxic chemicals such as DDT; deforestation; pollution of Hrazdan (Razdan) and Aras Rivers; the draining of Sevana Lich (Lake Sevan), a result of its use as a source for hydropower, threatens drinking water supplies; restart of Metsamor nuclear power plant in spite of its location in a seismically active zone
Environment - international agreements:
party to: Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Wetlands
signed, but not ratified: Air Pollution-Persistent Organic Pollutants
Geography - note:
landlocked in the Lesser Caucasus Mountains; Sevana Lich (Lake Sevan) is the largest lake in this mountain range

People & Society

Population:
3,045,191 (July 2017 est.)
country comparison to the world: 137
Nationality:
noun: Armenian(s)
adjective: Armenian
Ethnic groups:
Armenian 98.1%, Yezidi (Kurd) 1.1%, other 0.7% (2011 est.)
Languages:
Armenian (official) 97.9%, Kurdish (spoken by Yezidi minority) 1%, other 1%
note: Russian is widely spoken (2011 est.)
Religions:
Armenian Apostolic 92.6%, Evangelical 1%, other 2.4%, none 1.1%, unspecified 2.9% (2011 est.)
Age structure:
0-14 years: 18.94% (male 306,322/female 270,388)
15-24 years: 12.89% (male 203,358/female 189,092)
25-54 years: 43.43% (male 640,881/female 681,784)
55-64 years: 13.41% (male 187,178/female 221,071)
65 years and over: 11.33% (male 138,458/female 206,659) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 44.4
youth dependency ratio: 28.7
elderly dependency ratio: 15.8
potential support ratio: 6.3 (2015 est.)
Median age:
total: 35.1 years
male: 33.3 years
female: 36.9 years (2017 est.)
country comparison to the world: 78
Population growth rate:
-0.21% (2017 est.)
country comparison to the world: 210
Birth rate:
12.9 births/1,000 population (2017 est.)
country comparison to the world: 154
Death rate:
9.4 deaths/1,000 population (2017 est.)
country comparison to the world: 54
Net migration rate:
-5.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 195
Population distribution:
most of the population is located in the northern half of the country; the capital of Yerevan is home to more than five times as many people as Gyumri, the second largest city in the country
Urbanization:
urban population: 62.5% of total population (2017)
rate of urbanization: -0.1% annual rate of change (2015-20 est.)
Major urban areas - population:
YEREVAN (capital) 1.044 million (2015)
Sex ratio:
at birth: 1.12 male(s)/female
0-14 years: 1.14 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 0.93 male(s)/female
55-64 years: 0.84 male(s)/female
65 years and over: 0.67 male(s)/female
total population: 0.94 male(s)/female (2017 est.)
Mother's mean age at first birth:
24.4 years (2015/16 est.)
Maternal mortality ratio:
25 deaths/100,000 live births (2015 est.)
country comparison to the world: 121
Infant mortality rate:
total: 12.7 deaths/1,000 live births
male: 14.1 deaths/1,000 live births
female: 11.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 113
Life expectancy at birth:
total population: 74.9 years
male: 71.6 years
female: 78.5 years (2017 est.)
country comparison to the world: 114
Total fertility rate:
1.64 children born/woman (2017 est.)
country comparison to the world: 177
Contraceptive prevalence rate:
57.1% (2015/16)
Health expenditures:
4.5% of GDP (2014)
country comparison to the world: 155
Physicians density:
2.8 physicians/1,000 population (2014)
Hospital bed density:
4.2 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 96.2% of population
rural: 78.2% of population
total: 89.5% of population
unimproved:
urban: 3.8% of population
rural: 21.8% of population
total: 10.5% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.2% (2016 est.)
country comparison to the world: 88
HIV/AIDS - people living with HIV/AIDS:
3,300 (2016 est.)
country comparison to the world: 111
HIV/AIDS - deaths:
<200 (2016 est.)
Obesity - adult prevalence rate:
20.2% (2016)
country comparison to the world: 103
Children under the age of 5 years underweight:
2.6% (2016)
country comparison to the world: 89
Education expenditures:
2.8% of GDP (2016)
country comparison to the world: 132
Literacy:
definition: age 15 and over can read and write
total population: 99.7%
male: 99.7%
female: 99.6% (2015 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 13 years
female: 13 years (2015)
Unemployment, youth ages 15-24:
total: 32.5%
male: 28.6%
female: 37.2% (2013 est.)
country comparison to the world: 30

Government

Country name:
conventional long form: Republic of Armenia
conventional short form: Armenia
local long form: Hayastani Hanrapetut'yun
local short form: Hayastan
former: Armenian Soviet Socialist Republic, Armenian Republic
etymology: the etymology of the country's name remains obscure; according to tradition, the country is named after Hayk, the legendary patriarch of the Armenians and the great-great-grandson of Noah; Hayk's descendant, Aram, purportedly is the source of the name Armenia
Government type:
parliamentary democracy
Capital:
name: Yerevan
geographic coordinates: 40 10 N, 44 30 E
time difference: UTC+4 (9 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
11 provinces (marzer, singular - marz); Aragatsotn, Ararat, Armavir, Geghark'unik', Kotayk', Lorri, Shirak, Syunik', Tavush, Vayots' Dzor, Yerevan
Independence:
21 September 1991 (from the Soviet Union)
National holiday:
Independence Day, 21 September (1991)
Constitution:
history: previous 1915, 1978; latest adopted 5 July 1995
amendments: proposed by the president of the republic or by the National Assembly; passage requires approval by the president, by the National Assembly, and by a referendum with at least 25% registered voter participation and more than 50% of votes; constitutional articles on the form of government and democratic procedures are not amendable; amended 2005, 2007, 2008, last in 2015
note: a 2015 amendment, approved in December 2015 by a public referendum and effective for the 2017-18 electoral cycle, changes the government type from the current semi-presidential system to a parliamentary system (2017)
Legal system:
civil law system
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Armenia
dual citizenship recognized: yes
residency requirement for naturalization: 3 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Armen SARKISSIAN (since 9 April 2018)
head of government: Prime Minister Nikol PASHINYAN (since 8 May 2018); First Deputy Prime Minister Ararat MIRZOYAN (since 11 May 2018)
cabinet: Council of Ministers appointed by the prime minister
elections/appointments: president elected by the National Assembly in 3 rounds if needed for a single 7-year term; election last held on 2 March 2018; prime minister elected by majority vote in 2 rounds if needed by the National Assembly; election last held on 8 May 2018
election results: Armen SARKISSIAN elected president in first round; note - Armen SARKISSIAN ran unopposed and won the Assembly vote 90-10; Nikol PASHINYAN elected prime minister in second round; note - Nikol PASHINYAN ran unopposed and won the Assembly vote 59-42
note: constitutional changes adopted in December 2015 transformed the government to a parliamentary system
Legislative branch:
description: unicameral National Assembly (Parliament) or Azgayin Zhoghov (minimum 101 seats, currently 105; members directly elected in single-seat constituencies by proportional representation vote; members serve 5-year terms)
elections: last held on 2 April 2017 (next to be held in spring of 2022, unless election called earlier)
election results: percent of vote by party - RPA 49.2%, Tsarukyan Alliance 27.4%, Yelk (Way Out) 7.8%, ARF (Dashnak) 6.6%, other 9%; seats by party - RPA 58, Tsarukyan Alliance 31, Yelk (Way Out) 9, ARF (Dashnak) 7
Judicial branch:
highest court(s): Court of Cassation (consists of the court chairman and organized into the criminal chamber and a civil and administrative chamber, each with a chamber chairman and 2 judges); Constitutional Court (consists of 9 judges)
judge selection and term of office: Court of Cassation judges nominated by the Judicial Council, a 9-member body of selected judges and legal scholars; judges appointed by the president; Constitutional Court judges - 4 appointed by the president, and 5 elected by National Assembly; judges of both courts can serve until retirement at age 65
subordinate courts: 2 Courts of Appeal (for civil cases and for criminal and military cases); district courts; Administrative Court
Political parties and leaders:
Armenian National Congress or ANC (bloc of independent and opposition parties) [Levon TER-PETROSSIAN]
Armenian National Movement or ANM [Ararat ZURABIAN]
Armenian Revolutionary Federation or ARF ("Dashnak" Party) [Hrant MARKARIAN]
Bright Armenia [Edmon MARUKYAN]
Civil Contract [Nikol PASHINYAN]
Heritage Party [Raffi HOVHANNISIAN]
People's Party of Armenia [Stepan DEMIRCHIAN]
Prosperous Armenia [Gagik TSARUKYAN]
Republic [Aram SARGSYAN]
Republican Party of Armenia or RPA [Serzh SARGSIAN]
Rule of Law Party (Orinats Yerkir) [Artur BAGHDASARIAN]
Tsarukyan Alliance [Gagik TSARUKYAN]
Political pressure groups and leaders:
Aylentrank (Impeachment Alliance) [Nikol PASHINIAN]
Yerkrapah Union [Manvel GRIGORIAN]
International organization participation:
ADB, BSEC, CD, CE, CIS, CSTO, EAEC (observer), EAEU, EAPC, EBRD, FAO, GCTU, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, MIGA, NAM (observer), OAS (observer), OIF, OPCW, OSCE, PFP, UN, UNCTAD, UNESCO, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Grigor HOVHANNISSIAN (since 28 January 2016)
chancery: 2225 R Street NW, Washington, DC 20008
telephone: [1] (202) 319-1976
FAX: [1] (202) 319-2982
consulate(s) general: Glendale (CA)
Diplomatic representation from the US:
chief of mission: Ambassador Richard MILLS (since 13 February 2015)
embassy: 1 American Ave., Yerevan 0082
mailing address: American Embassy Yerevan, US Department of State, 7020 Yerevan Place, Washington, DC 20521-7020
telephone: [374](10) 464-700
FAX: [374](10) 464-742
Flag description:
three equal horizontal bands of red (top), blue, and orange; the color red recalls the blood shed for liberty, blue the Armenian skies as well as hope, and orange the land and the courage of the workers who farm it
National symbol(s):
Mount Ararat, eagle, lion; national colors: red, blue, orange
National anthem:
name: "Mer Hayrenik" (Our Fatherland)
lyrics/music: Mikael NALBANDIAN/Barsegh KANACHYAN
note: adopted 1991; based on the anthem of the Democratic Republic of Armenia (1918-1922) but with different lyrics

Economy

Economy - overview:
Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.
Armenia joined the World Trade Organization in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.
Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility 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 12-14% of GDP. Armenia joined the Russia-led Eurasian Economic Union in January 2015, but has remained interested in pursuing closer ties with the EU as well, signing Comprehensive and Enhanced Partnership Agreement with the EU in November 2017. Armenia’s rising government debt is leading Yerevan to tighten its fiscal policies – the amount is approaching the debt to GDP ratio threshold set by national legislation.
GDP (purchasing power parity):
$27.21 billion (2017 est.)
$26.28 billion (2016 est.)
$26.23 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 138
GDP (official exchange rate):
$11.04 billion (2017 est.)
GDP - real growth rate:
3.5% (2017 est.)
0.2% (2016 est.)
3.3% (2015 est.)
country comparison to the world: 93
GDP - per capita (PPP):
$9,100 (2017 est.)
$8,800 (2016 est.)
$8,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 143
Gross national saving:
17.4% of GDP (2017 est.)
17% of GDP (2016 est.)
18.4% of GDP (2015 est.)
country comparison to the world: 106
GDP - composition, by end use:
household consumption: 76.6%
government consumption: 13.1%
investment in fixed capital: 17.9%
investment in inventories: 3%
exports of goods and services: 37.3%
imports of goods and services: -47.9% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 17.7%
industry: 27.8%
services: 54.5% (2017 est.)
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:
5% (2017 est.)
country comparison to the world: 45
Labor force:
1.507 million (2017 est.)
country comparison to the world: 132
Labor force - by occupation:
agriculture: 36.3%
industry: 17%
services: 46.7% (2013 est.)
Unemployment rate:
18.9% (2017 est.)
18.8% (2016 est.)
country comparison to the world: 182
Population below poverty line:
32% (2013 est.)
Household income or consumption by percentage share:
lowest 10%: 3.5%
highest 10%: 25.7% (2014 est.)
Distribution of family income - Gini index:
31.5 (2014 est.)
31.5 (2013 est.)
country comparison to the world: 123
Budget:
revenues: $2.536 billion
expenditures: $2.91 billion (2017 est.)
Taxes and other revenues:
23% of GDP (2017 est.)
country comparison to the world: 129
Budget surplus (+) or deficit (-):
-3.4% of GDP (2017 est.)
country comparison to the world: 127
Public debt:
56.7% of GDP (2017 est.)
56.5% of GDP (2016 est.)
country comparison to the world: 84
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.9% (2017 est.)
-1.4% (2016 est.)
country comparison to the world: 86
Central bank discount rate:
6.5% (14 December 2016 est.)
10.5% (10 February 2015 est.)
note: this is the Refinancing Rate, the key monetary policy instrument of the Armenian National Bank
country comparison to the world: 61
Commercial bank prime lending rate:
16% (31 December 2017 est.)
17.36% (31 December 2016 est.)
note: average lending rate on loans up to one year
country comparison to the world: 34
Stock of narrow money:
$1.514 billion (31 December 2017 est.)
$1.355 billion (31 December 2016 est.)
country comparison to the world: 143
Stock of broad money:
$2.563 billion (31 December 2017 est.)
$2.219 billion (31 December 2016 est.)
country comparison to the world: 145
Stock of domestic credit:
$6.616 billion (31 December 2017 est.)
$5.689 billion (31 December 2016 est.)
country comparison to the world: 120
Market value of publicly traded shares:
$132.1 million (31 December 2012 est.)
$139.6 million (31 December 2011 est.)
$144.8 million (31 December 2010 est.)
country comparison to the world: 121
Current account balance:
$-398 million (2017 est.)
$-238 million (2016 est.)
country comparison to the world: 100
Exports:
$2.233 billion (2017 est.)
$1.891 billion (2016 est.)
country comparison to the world: 137
Exports - commodities:
unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy
Exports - partners:
Russia 21%, Bulgaria 8.7%, Georgia 8.1%, Canada 7.9%, Germany 7.9%, Iraq 7.8%, China 5.7%, Iran 4.2%, Switzerland 4.2% (2016)
Imports:
$3.361 billion (2017 est.)
$2.835 billion (2016 est.)
country comparison to the world: 139
Imports - commodities:
natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars
Imports - partners:
Russia 30.7%, China 11%, Iran 5.1%, Turkey 5%, Germany 5% (2016)
Reserves of foreign exchange and gold:
$2.242 billion (31 December 2017 est.)
$2.204 billion (31 December 2016 est.)
country comparison to the world: 116
Debt - external:
$9.17 billion (31 December 2017 est.)
$8.987 billion (31 December 2016 est.)
country comparison to the world: 117
Stock of direct foreign investment - at home:
$4.169 billion (2015 est.)
$4.087 billion (2014 est.)
country comparison to the world: 107
Stock of direct foreign investment - abroad:
$228 million (2015 est.)
$215 million (2014 est.)
country comparison to the world: 101
Exchange rates:
drams (AMD) per US dollar -
487.9 (2017 est.)
480.49 (2016 est.)
480.49 (2015 est.)
477.92 (2014 est.)
415.92 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
7.393 billion kWh (2015 est.)
country comparison to the world: 112
Electricity - consumption:
5.331 billion kWh (2015 est.)
country comparison to the world: 119
Electricity - exports:
1.424 billion kWh (2015 est.)
country comparison to the world: 50
Electricity - imports:
174 million kWh (2015 est.)
country comparison to the world: 95
Electricity - installed generating capacity:
4.068 million kW (2015 est.)
country comparison to the world: 87
Electricity - from fossil fuels:
58.8% of total installed capacity (2015 est.)
country comparison to the world: 133
Electricity - from nuclear fuels:
9.2% of total installed capacity (2015 est.)
country comparison to the world: 19
Electricity - from hydroelectric plants:
31.9% of total installed capacity (2015 est.)
country comparison to the world: 67
Electricity - from other renewable sources:
0.1% of total installed capacity (2015 est.)
country comparison to the world: 166
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 105
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 87
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 91
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 105
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 114
Refined petroleum products - consumption:
8,000 bbl/day (2015 est.)
country comparison to the world: 161
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 130
Refined petroleum products - imports:
7,736 bbl/day (2014 est.)
country comparison to the world: 148
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 103
Natural gas - consumption:
2.73 billion cu m (2015 est.)
country comparison to the world: 80
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 61
Natural gas - imports:
2.05 billion cu m (2015 est.)
country comparison to the world: 51
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 110
Carbon dioxide emissions from consumption of energy:
12 million Mt (2013 est.)
country comparison to the world: 98

Communications

Telephones - fixed lines:
total subscriptions: 531,624
subscriptions per 100 inhabitants: 17 (July 2016 est.)
country comparison to the world: 93
Telephones - mobile cellular:
total: 3,434,567
subscriptions per 100 inhabitants: 113 (July 2016 est.)
country comparison to the world: 134
Telephone system:
general assessment: telecommunications investments have made major inroads in modernizing and upgrading the outdated telecommunications network inherited from the Soviet era; now 100% privately owned and undergoing modernization and expansion; mobile-cellular services monopoly terminated in late 2004, and a second and third provider began operations in 2005 and 2009 respectively
domestic: reliable modern fixed-line and mobile-cellular services are available across Yerevan and in major cities and towns; mobile-cellular coverage available in most rural areas
international: country code - 374; Yerevan is connected to the Trans-Asia-Europe fiber-optic cable through Iran; additional international service is available by microwave radio relay and landline connections to the other countries of the Commonwealth of Independent States, through the Moscow international switch, and by satellite to the rest of the world; satellite earth stations - 3 (2015)
Broadcast media:
2 public TV networks operating alongside about 40 privately owned TV stations that provide local to near nationwide coverage; major Russian broadcast stations are widely available; subscription cable TV services are available in most regions; Armenian TV completed conversion from analog to digital broadcasting in late 2016; Public Radio of Armenia is a national, state-run broadcast network that operates alongside 21 privately owned radio stations; several major international broadcasters are available (2017)
Internet country code:
.am
Internet users:
total: 1,891,775
percent of population: 62.0% (July 2016 est.)
country comparison to the world: 117

Transportation

National air transport system:
number of registered air carriers: 3
inventory of registered aircraft operated by air carriers: 5 (2015)
Civil aircraft registration country code prefix:
EK (2016)
Airports:
11 (2013)
country comparison to the world: 154
Airports - with paved runways:
total: 10
over 3,047 m: 2
2,438 to 3,047 m: 2
1,524 to 2,437 m: 4
914 to 1,523 m: 2 (2017)
Airports - with unpaved runways:
total: 1
914 to 1,523 m: 1 (2013)
Pipelines:
gas (high and medium pressure) 3,838 km (2017)
Railways:
total: 780 km
broad gauge: 780 km 1.520-m gauge (780 km electrified)
note: 726 km operational (2014)
country comparison to the world: 99
Roadways:
total: 7,792 km (2013)
country comparison to the world: 142

Military & Security

Military expenditures:
4.09% of GDP (2016)
4.25% of GDP (2015)
3.94% of GDP (2014)
4% of GDP (2013)
3.58% of GDP (2012)
country comparison to the world: 14
Military branches:
Armenian Armed Forces: Ground Forces, Air Force and Air Defense; "Nagorno-Karabakh Republic": Nagorno-Karabakh Self-Defense Force (NKSDF) (2011)
Military service age and obligation:
18-27 years of age for voluntary or compulsory military service; 2-year conscript service obligation; 17 year olds are eligible to become cadets at military higher education institutes, where they are classified as military personnel (2012)

Transnational Issues

Disputes - international:
the dispute over the break-away Nagorno-Karabakh region and the Armenian military occupation of surrounding lands in Azerbaijan remains the primary focus of regional instability; residents have evacuated the former Soviet-era small ethnic enclaves in Armenia and Azerbaijan; Turkish authorities have complained that blasting from quarries in Armenia might be damaging the medieval ruins of Ani, on the other side of the Arpacay valley; in 2009, Swiss mediators facilitated an accord reestablishing diplomatic ties between Armenia and Turkey, but neither side has ratified the agreement and the rapprochement effort has faltered; local border forces struggle to control the illegal transit of goods and people across the porous, undemarcated Armenian, Azerbaijani, and Georgian borders; ethnic Armenian groups in the Javakheti region of Georgia seek greater autonomy from the Georgian Government
Refugees and internally displaced persons:
refugees (country of origin): 14,626 (Syria - ethnic Armenians) (2016)
IDPs: 8,400 (conflict with Azerbaijan over Nagorno-Karabakh) (2016)
stateless persons: 512 (2016)
Illicit drugs:
illicit cultivation of small amount of cannabis for domestic consumption; minor transit point for illicit drugs - mostly opium and hashish - moving from Southwest Asia to Russia and to a lesser extent the rest of Europe

Economic Indicators for Armenia including actual values, historical data, and latest data updates for the Armenia economy.