Travel and tourism, ICT, transport, insurance and finance, copper ore, gold, diamonds, cigars and cigarettes, spirits and alcohol, wine, fish and textiles are major industries of Armenia. In 2017, Agriculture industry contributed 16.70% to GDP of Armenia. Manufacturing had a share of 28.20% while services industry had a share of 54.80% of GDP in 2017.
In 2017, Services industry exports was valued at USD 1.92 billion for Armenia. Machinery export accounted for USD 40.5 million, metals for USD 200 million, minerals for USD 853 million, stone for USD 250 million, texiles for USD 210 million and agriculture for USD 613 million in 2017.
Armenia is located between Asia and Europe and occupies a land area of 29,800 square kilometers, bordered by Turkey to the west, Georgia to the north, Azerbaijan to the east, and Iran to the south. Armenia declared independence on 21 September 1991, following the dissolution of the Soviet Union. Armenia is made up of 11 provinces, with Yerevan as the capital, and has a presidential republic form of government. The official language is Armenian, although Russian is also widely used. The currency of Armenia is the dram (AMD).
Armenia will have estimated population of 2991 million in the year 2019 and expected to reach 2.993 million by 2024. Armenia’s unemployment rate is expected to be 17.912% of total labor force.
Armenia’s real gross domestic product (GDP) is expected to be around AMD 3974.93 billion in 2019 whereas the nominal GDP is expected to be AMD 6583.97 billion. This will result in GDP deflator 165.637. Per capita GDP is estimated to be USD 4380.86 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 10828.05.
In 2019, Armenia government’s revenue is expected to be AMD 1482.21 billion whereas the expenditure is expected to be AMD 1648.06 billion. This will result in Armenia government’s net lending / borrowing negative at AMD 165.858 billion in 2019 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Armenia is estimated to be negative at USD 0.603 billion for the year 2019 and is expected to decline at a CAGR of 12.75% and reach USD 0.76 by 2024. This negative current account balance indicates the Armenia will be a net borrower from the whole world.
In World Bank’s ease of doing business ranking Armenia was ranked 47th out of 190 countries in 2019. Armenia’s ease of doing business ranking has declined from 41 position in 2018.
*If Applicable.