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Armenia

Hayastani Hanrapetut'yun

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$5.812 billion (2023 est.)

expenditures

$6.27 billion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$10.118 billion (2022 est.)

Exports 2023

$14.338 billion (2023 est.)

Exports 2024

$18.618 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$10.265 billion (2022 est.)

Imports 2023

$14.532 billion (2023 est.)

Imports 2024

$19.087 billion (2024 est.)

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

Labor force

1.51 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2023

48.3% of GDP (2023 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

10.4% of GDP (2022 est.)

Remittances 2023

6% of GDP (2023 est.)

Remittances 2024

4.6% of GDP (2024 est.)

Exchange rates

Currency

drams (AMD) per US dollar -

Exchange rates 2020

489.009 (2020 est.)

Exchange rates 2021

503.77 (2021 est.)

Exchange rates 2022

435.666 (2022 est.)

Exchange rates 2023

392.476 (2023 est.)

Exchange rates 2024

392.73 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$6.002 billion (2023 est.)

Economic overview

upper-middle income, fast-growing Caucasus economy; stable fiscal and monetary regime but vulnerable to geopolitical shocks; economic and energy ties to Russia but seeking more EU and US trade; key copper and gold exporter; business-friendly and anti-corruption reforms; persistent unemployment; influx of migrants from Ukraine war easing

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

13.4% (2022 est.)

Unemployment rate 2023

13.3% (2023 est.)

Unemployment rate 2024

13.4% (2024 est.)

Exports - partners

Russia 37%, UAE 25%, Hong Kong 7%, China 5%, Georgia 4% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Russia 29%, China 12%, Vietnam 6%, Georgia 5%, Iran 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$17,900 (2022 est.)

Real GDP per capita 2023

$19,400 (2023 est.)

Real GDP per capita 2024

$20,100 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

12.6% (2022 est.)

Real GDP growth rate 2023

8.3% (2023 est.)

Real GDP growth rate 2024

5.9% (2024 est.)

Agricultural products

milk, potatoes, grapes, vegetables, wheat, tomatoes, watermelons, apricots, apples, barley (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

gold, diamonds, copper ore, broadcasting equipment, jewelry (2023)

note: top five export commodities based on value in dollars

Imports - commodities

cars, gold, diamonds, broadcasting equipment, natural gas (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

$64.725 million (2022 est.)

Current account balance 2023

-$556.329 million (2023 est.)

Current account balance 2024

-$997.086 million (2024 est.)

Taxes and other revenues

22.5% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$25.787 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

66.5% (2024 est.)

government consumption

10.7% (2024 est.)

investment in inventories

0.5% (2024 est.)

investment in fixed capital

21.7% (2024 est.)

exports of goods and services

76.3% (2024 est.)

imports of goods and services

-75.8% (2024 est.)

Population below poverty line

24.8% (2022 est.)

note: % of population with income below national poverty line

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

8.6% (2022 est.)

Inflation rate (consumer prices) 2023

2% (2023 est.)

Inflation rate (consumer prices) 2024

0.3% (2024 est.)

Industrial production growth rate

6.2% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$53.108 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$57.516 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$60.909 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

24.8% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

26.2% (2024 est.)

female

27.9% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$4.112 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$3.607 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$3.685 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

23.2% (2024 est.)

services

61.5% (2024 est.)

agriculture

7.9% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

4% (2023 est.)

highest 10%

22.9% (2023 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2023

27.2 (2023 est.)