| Economy | Armenia |
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Economy - overview:
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After several years of double-digit economic growth, Armenia faced a severe economic recession with GDP declining more than 14% in 2009, despite large loans from multilateral institutions. Sharp declines in the construction sector and workers' remittances, particularly from Russia, were the main reasons for the downturn. The economy began to recover in 2010 with 2.1% growth, and picked up to 4.6% growth in 2011. 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 agroindustrial complexes of the Soviet era. Armenia has managed to reduce poverty, slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. 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. The conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh contributed to a severe economic decline in the early 1990s and Armenia's borders with Turkey remain closed. 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. The electricity distribution system was privatized in 2002 and bought by Russia's RAO-UES in 2005. Natural gas is primarily imported from Russia but construction of a pipeline to deliver natural gas from Iran to Armenia was completed in December 2008, and gas deliveries expanded after the April 2010 completion of the Yerevan Thermal Power Plant. Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Armenia joined the WTO in January 2003. The government made some improvements in tax and customs administration in recent years, but anti-corruption measures have been ineffective and the economic downturn has led to a sharp drop in tax revenue and forced the government to accept large loan packages from Russia, the IMF, and other international financial institutions. Armenia will need to pursue additional economic reforms in order to regain economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan. |
GDP (purchasing power parity):
|
$17.95 billion (2011 est.)
$17.14 billion (2010 est.)
$16.83 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$5,400 (2011 est.)
$5,200 (2010 est.)
$5,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$10.2 billion (2011 est.) |
GDP - real growth rate:
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4.6% (2011 est.)
2.1% (2010 est.)
-14.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 17.8%
industry: 37.7%
services: 44.5% (2011 est.) |
Investment (gross fixed):
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35.3% of GDP (2011 est.) |
Population below poverty line:
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26.5% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.7%
highest 10%: 25.4% (2008) |
Distribution of family income - Gini index:
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30.9 (2008)
44.4 (1996) |
Inflation rate (consumer prices):
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7.6% (2011 est.)
8.2% (2010 est.) |
Central bank discount rate:
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NA% (31 December 2009)
7.25% (2 December 2008)
note: this is the Refinancing Rate, the key monetary policy instrument of the Armenian National Bank |
Commercial bank prime lending rate:
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18.4% (31 December 2011 est.)
19.2% (31 December 2010 est.) |
Stock of money:
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$1.359 billion (31 December 2008)
$1.507 billion (31 December 2007) |
Stock of money - per capita:
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458 USD per capita |
Stock of quasi money:
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$950.1 million (31 December 2008)
$765.2 million (31 December 2007) |
Stock of quasi money - per capita:
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321 USD per capita |
Stock of domestic credit:
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$2.42 billion (31 December 2011 est.)
$2.485 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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816 USD per capita |
Stock of narrow money:
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$1.168 billion (31 December 2011 est.)
$1.201 billion (31 December 2010 est.) |
Stock of broad money:
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$3.61 billion (31 December 2011 est.)
$3.708 billion (31 December 2010 est.) |
Labor force:
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1.481 million (2007 est.) |
Labor force participation rate:
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49.90 % of population |
Labor force - by occupation:
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agriculture: 46.2%
industry: 15.6%
services: 38.2% (2006 est.) |
Unemployment rate:
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7.1% (2007 est.) |
Unemployment, youth ages 15-24:
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total: 57.6%
male: 47.2%
female: 69.4% (2007) |
Budget:
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revenues: $2.16 billion
expenditures: $2.554 billion (2011 est.) |
Budget revenues per capita:
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728 USD per capita |
Taxes and other revenues:
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21.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.9% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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diamond-processing, metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry manufacturing, software development, food processing, brandy |
Industrial production growth rate:
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8% (2010 est.) |
Electricity - production:
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5.863 billion kWh (2008 est.) |
Electricity - production per capita:
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1,976 kWh per capita |
Electricity - consumption:
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4.986 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,680 kWh per capita |
Electricity - exports:
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360 million kWh; note - exports an unknown quantity to Georgia; includes exports to Nagorno-Karabakh region in Azerbaijan (2008 est.) |
Electricity - imports:
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17 million kWh; note - imports an unknown quantity from Iran (2008 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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52,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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6.39 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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46,680 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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1.86 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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627 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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1.86 billion cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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fruit (especially grapes), vegetables; livestock |
Current account balance:
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-$1.265 billion (2011 est.)
-$1.3 billion (2010 est.) |
Current account balance - per capita:
|
-426 USD per capita |
Exports:
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$1.319 billion (2011 est.)
$1.113 billion (2010 est.) |
Exports per capita:
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445 USD per capita |
Exports - commodities:
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pig iron, unwrought copper, nonferrous metals, diamonds, mineral products, foodstuffs, energy |
Exports - partners:
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Russia 15.9%, Bulgaria 15.5%, Germany 13.1%, Netherlands 9.8%, US 8.2%, Belgium 7.2%, Iran 5.2%, Georgia 5% (2010) |
Imports:
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$3.538 billion (2011 est.)
$3.255 billion (2010 est.) |
Imports per capita:
|
1,193 USD per capita |
Imports - commodities:
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natural gas, petroleum, tobacco products, foodstuffs, diamonds |
Imports - partners:
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Russia 22.1%, China 10.7%, Ukraine 6.1%, Iran 5.7%, Germany 5.6%, Turkey 5.6% (2010) |
Reserves of foreign exchange and gold:
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$1.971 billion (31 December 2011 est.)
$1.866 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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665 USD per capita |
Debt - external:
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$6.965 billion (30 June 2011)
$5.227 billion (30 June 2010) |
Debt - external - per capita:
|
2,347 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$27.99 million (31 December 2010)
$140.5 million (31 December 2009)
$176 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
10 USD per capita |
Currency (code):
|
dram (AMD) |
Exchange rates:
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drams (AMD) per US dollar -
371 (2011 est.)
373.66 (2010 est.)
363.28 (2009)
303.93 (2008)
344.06 (2007) |
Fiscal year:
|
calendar year |
|
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