View source for Economy of Armenia

{{Short description|none}}
{{Use dmy dates|date=September 2024}}
{{Infobox economy
| country = [[Armenia]]
| image = Elite Plaza Business Center at Night.jpg
| image_size = 310px
| caption = [[Yerevan]], the economic centre of Armenia
| currency = [[Armenian dram]] (AMD)
| fixed exchange = 
| year = Calendar year
| organs = [[World Trade Organization|WTO]], [[Eurasian Economic Union|EAEU]], [[Commonwealth of Independent States Free Trade Area|CISFTA]], [[Organization of the Black Sea Economic Cooperation|BSEC]]
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |title=Database—WEO Groups and Aggregates Information |url=https://data.imf.org/en/Datasets/WEO/Groups-and-Aggregates-October-2025 |publisher=[[International Monetary Fund]] |access-date=16 October 2025 |location=Washington, D.C. |date=14 October 2025}}</ref>
*Upper-middle income economy<ref>{{cite web |title=World Bank Country and Lending Groups – World Bank Data Help Desk |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |publisher=The [[World Bank Group]] |access-date=17 April 2023 |location=Washington, D.C. |archive-date=28 October 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |url-status=live }}</ref>}}
| population = {{decrease}} 3.106 million (2025 est.)<ref name="IMF WEO" />
| gdp = {{plainlist|
*{{increase}} $27.859 billion (nominal, 2025 est.)<ref name="IMF WEO" />
*{{increase}} $74.407 billion ([[Purchasing power parity|PPP]], 2025 est.)<ref name="IMF WEO" />}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|113th]] (nominal, 2025 est.)
*[[List of countries by GDP (PPP)|111th]] (PPP, 2025 est.)}}
| per capita = {{plainlist|
*{{increase}} $8,969 (nominal, 2025 est.)<ref name="IMF WEO" />
*{{increase}} $23,954 (PPP, 2025 est.)<ref name="IMF WEO" />}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|83rd]] (nominal, 2025 est.)
*[[List of countries by GDP (PPP) per capita|78th]] (PPP, 2025 est.)}}
| growth = {{plainlist|
*{{increase}} 5.9% (2024 est.)<ref name="IMF WEO" />
*{{increase}} 4.8% {{abbr|(2025f)|2025 forecast}}<ref name="IMF WEO" />}}
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 7.9% (2024)<ref name="CIAWFAM">{{Cite CIA World Factbook|country=Armenia|access-date=17 November 2025|year=2025}}</ref>
*[[Secondary sector of the economy|industry]]: 23.2% (2024)<ref name="CIAWFAM"/>
*[[Tertiary sector of the economy|services]]: 61.5% (2024)<ref name="CIAWFAM"/>
*[[Quaternary sector of the economy|IT]]: 6.25% (2022)<ref>{{cite web | url=https://researchoutreach.org/community-content/perspectives-information-technology-industry-armenia/ | title=Perspectives of the information technology industry in Armenia | date=23 February 2022 }}</ref>}}
| components = 
| inflation = {{plainlist|
*0.3% (2024 est.)<ref name="IMF WEO" />
*3.3% {{abbr|(2025f)|2025 forecast}}<ref name="IMF WEO" />
}}
| poverty = {{plainlist|
*{{decreasePositive}} 23.5% in poverty (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=AM |title=Poverty headcount ratio at national poverty lines (% of population) - Armenia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=20 March 2020 |archive-date=30 March 2023 |archive-url=https://web.archive.org/web/20230330052911/https://data.worldbank.org/indicator/SI.POV.NAHC?locations=AM |url-status=live }}</ref>
*{{decreasePositive}} 44.1% on less than $5.50/day (2020f)<ref name="Spring2020">{{cite book |title=Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19 |url=https://openknowledge.worldbank.org/handle/10986/33476 |website=openknowledge.worldbank.org |date=9 April 2020 |publisher=[[World Bank]] |access-date=9 April 2020 |pages=39, 40 |isbn=9781464815645 |archive-date=11 April 2020 |archive-url=https://web.archive.org/web/20200411231555/https://openknowledge.worldbank.org/handle/10986/33476 |url-status=live }}</ref>}}
| gini = {{steady}} 27.9 {{color|green|low}} (2022)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=AM |title=Gini index - Armenia |publisher=[[World Bank]] |access-date=22 April 2024}}</ref>
| hdi = {{plainlist|
*{{increase}} 0.811 {{color|darkgreen|very high}} (2023)<ref>{{cite web |title=Specific country data |url=https://hdr.undp.org/data-center/specific-country-data#/countries/ARM |publisher=[[United Nations Development Programme]] |access-date=9 May 2025 |location=New York |date=6 May 2025}}</ref> ([[List of countries by Human Development Index|69th]])
*{{increase}} 0.743 {{color|green|high}} (2023)<ref>{{cite web |title=Inequality-adjusted Human Development Index |url=https://hdr.undp.org/inequality-adjusted-human-development-index#/indicies/IHDI |publisher=United Nations Development Programme |access-date=9 May 2025 |location=New York |date=6 May 2025}}</ref> ([[List of countries by inequality-adjusted Human Development Index|IHDI, 54th]])}}
| cpi = {{increase}} 47 out of 100 points (2023, [[Corruption Perceptions Index|62nd rank]])
| labor = {{plainlist|
*{{increase}} 1,380,405 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=AM |title=Labor force, total - Armenia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=3 November 2019 |archive-date=27 March 2023 |archive-url=https://web.archive.org/web/20230327013105/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=AM |url-status=live }}</ref>
*{{increase}} 50.1% employment rate (2017)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=AM |title=Employment to population ratio, 15+, total (%) (national estimate) - Armenia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=21 October 2019 |archive-date=12 December 2022 |archive-url=https://web.archive.org/web/20221212121004/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=AM |url-status=live }}</ref>}}
| occupations = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 36.3%
*[[Secondary sector of the economy|industry]]: 17%
*[[Tertiary sector of the economy|services]]: 46.7%
*(2013 est.)<ref name="CIAWFAM"/>}}
| unemployment = {{plainlist|
*{{increaseNegative}} 13.9% (2024 est.)<ref name="IMF WEO" />
*{{decreasePositive}} 13.5% {{abbr|(2025f)|2025 forecast}}<ref name="IMF WEO" />}}
| industries = brandy, [[Mineral industry of Armenia|mining]], [[Diamond industry in Armenia|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
| average gross salary = [[List of European countries by average wage|AMD 251,822/ €641 / $690]] monthly (February, 2023)
| average net salary = [[List of European countries by average wage|AMD 200,000 / €469 / $509]] monthly (Q3, 2023)
| exports = {{increase}} $8.4 billion (2023)<ref name="Armenia’s Top 10 Exports">{{cite web | url=https://arka.am/en/news/economy/armenian_u_s_economic_cooperation_has_great_potential_kerobyan/ | title=Armenian- U.S. Economic cooperation has great potential - Kerobyan | access-date=2023-04-24 | archive-date=2023-04-22 | archive-url=https://web.archive.org/web/20230422053544/http://arka.am/en/news/economy/armenian_u_s_economic_cooperation_has_great_potential_kerobyan/ | url-status=live }}</ref>
| export-goods = unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy<ref name="CIAWFAM"/>|
| export-partners = {{Tree list}}
*{{flag|EAEU}} 39.6%
**{{flag|Russia}} 37.5%
**{{flag|Belarus}} 1.02%
*{{flag|UAE}} 24.9%
*{{flag|EU}} 9.95%
**{{flag|Netherlands}} 2.61%
**{{flag|Germany}} 1.65%
*{{flag|Hong Kong}} 7.41%
*{{flag|China}} 4.72%
*{{flag|Georgia}} 3.77%
*{{flag|Iraq}} 2% (2023)<ref name="OECexport">{{cite web |title=Export partners of Armenia |url=https://oec.world/en/visualize/tree_map/hs92/export/arm/show/all/2023 |publisher=The Observatory of Economic Complexity |access-date= 2 November 2025}}</ref>
{{tree list/end}}
| imports = {{increase}} $12.3 billion (2023)<ref name="Armenia’s Top 10 Exports"/>
| import-goods = natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars<ref name="CIAWFAM"/>
| import-partners = {{Tree list}}
*{{flag|EAEU}} 29.93%
**{{flag|Russia}} 29%
**{{flag|Belarus}} 0.67%
*{{flag|EU}} 16.65%
**{{flag|Germany}} 3.9%
**{{flag|Italy}} 2.7%
*{{flag|China}} 12.1%
*{{flag|Vietnam}} 6.09%
*{{flag|Georgia}} 5.33%
*{{flag|Iran}} 4.47%
*{{flag|United States}} 4.05% (2023)<ref name="OECimport">{{cite web |title=Import partners of Armenia |url=https://oec.world/en/visualize/tree_map/hs92/import/arm/show/all/2023 |publisher=The Observatory of Economic Complexity |access-date= 2 November 2025}}</ref>
{{tree list/end}}
| current account = {{decrease}} −$328 million (2017 est.)<ref name="CIAWFAM"/>
| FDI = {{plainlist|
*{{increase}} $4.169 billion (2015 est.)<ref name="CIAWFAM"/>
*{{increase}} Abroad: $228 million (2015 est.)<ref name="CIAWFAM"/>}}
| gross external debt = {{increaseNegative}} $13.81 billion (2025, Q2)<ref name="CIAWFAM"/>
| debt = {{DecreasePositive}} 48.4% of GDP (2024 est.)<ref>{{Cite web|url=https://arka.am/en/news/economy/armenian_national_assembly_s_committee_approves_draft_state_budget_for_2024/|title=Armenian National Assembly's committee approves draft state budget for 2024|website=arka.am}}</ref>
| revenue = 8.1 billion (2025 est.)<ref name="CIAWFAM"/>
| expenses = 9.5 billion (2026 est.)<ref>{{cite web |url=https://www.gov.am/en/news/item/10690/ | title=The Government approves the bill of the Republic of Armenia "On the State Budget of the Republic of Armenia for 2026" | publisher=The Government of the Republic of Armenia | date=25 September 2025 | accessdate=30 October 2025 }}</ref>
| balance = −4.6% (of GDP) (2024 est.)<ref name="CIAWFAM"/>
| credit = Moody's: {{increase}} Ba3, Outlook Stable (27 Aug 2019)<ref>{{Cite web|url=http://www.moodys.com:18000/research/Moodys-upgrades-Armenias-rating-to-Ba3-changes-outlook-to-stable--PR_404870|title=Moody's upgrades Armenia's rating to Ba3; changes outlook to stable from positive|date=27 August 2019|website=Moodys.com}}{{dead link|date=November 2023}}</ref><br/>Fitch: {{increase}} B+, Outlook Positive (3 Mar 2022)<ref>{{cite web |url=https://arka.am/en/news/economy/fitch_revises_outlook_for_acba_bank_to_positive_from_stable/|title=Outlook Positive B+ |publisher=fitchratings.com |access-date=2023-03-03}}</ref>
| reserves = {{increase}} $3.6 billion (December 2023)<ref>{{cite web|url=https://www.cba.am/Storage/EN/stat_data_eng/reserve.xls|title=CBA report|publisher=cba.am|access-date=2019-11-25|archive-date=2022-12-12|archive-url=https://web.archive.org/web/20221212113128/https://www.cba.am/Storage/EN/stat_data_eng/reserve.xls|url-status=dead}}</ref>
| spelling = 
}}

The '''economy of Armenia''' is an [[Emerging market|emerging]] [[Market economy|free-market economy]].<ref name="IMF WEO">{{cite web |date=14 October 2025 |title=World Economic Outlook (WEO) database, October 2025 |url=https://data.imf.org/en/Data-Explorer?datasetUrn=IMF.RES:WEO(9.0.0) |access-date=16 October 2025 |publisher=International Monetary Fund |location=Washington, D.C.}}</ref><ref name="economic-index">{{cite web |title=Heritage Index of Economic Freedom |url=http://www.heritage.org/Index/ranking |url-status=unfit |archive-url=https://web.archive.org/web/20090720010300/http://www.heritage.org/index/ranking.aspx |archive-date=20 July 2009 |access-date=22 July 2009 |publisher=[[The Heritage Foundation]]}}</ref><ref>{{Cite web |date=2025-11-13 |title=Market Economy Countries 2025 |url=https://worldpopulationreview.com/country-rankings/market-economy-countries |access-date=2025-11-16 |website=World Population Review |language=en}}</ref> It is the [[List of countries by GDP (PPP)|113th-largest economy in the world]] (out of 192 countries measured by [[IMF]]), with a [[gross domestic product]] (GDP) of $27.86 billion in 2025.<ref name="IMF WEO" /> The [[Tertiary sector|services sector]] is the largest in [[Armenia|Armenia's]] economy, contributing 61.5% of the country's total GDP; followed by the [[Secondary sector|industrial sector]] at 23.2%; and the [[Primary sector of the economy|agricultural sector]] at 7.9%.<ref name=":9">{{cite web |title=GDP growth (annual %) - Armenia |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=AM |access-date=22 April 2025 |publisher=[[World Bank Group]] |location=Washington, D.C.}}</ref> A smaller, but increasingly important piece of the economy is the [[Quaternary sector of the economy|IT sector]], which makes up 6.25% of national GDP and was growing at an average yearly rate of 20% as of 2022.<ref>{{Cite web |last=Outreach |first=Research |date=2022-02-23 |title=Perspectives of the information technology industry in Armenia |url=https://researchoutreach.org/community-content/perspectives-information-technology-industry-armenia/ |access-date=2025-11-18 |website=Research Outreach |language=en-GB}}</ref>

While part of the [[Soviet Union]], the economy of [[Armenian Soviet Socialist Republic|Armenia]] was based largely on manufacturing industry—chemicals, electronic products, machinery, processed food, [[synthetic rubber]] and textiles; it was highly dependent on outside resources.<ref>{{Cite CIA World Factbook|country=Armenia|access-date=2019-07-07|year=2019}}</ref> Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel from Russia, including gas and nuclear fuel for Armenia's [[Armenian Nuclear Power Plant|Metsamor nuclear power plant]].<ref>{{Cite web|url=https://www.export.gov/article?id=Armenia-energy-sector|title=Armenia - Energy Sector {{!}} export.gov|website=www.export.gov|language=en|access-date=2019-07-08|archive-date=2019-09-13|archive-url=https://web.archive.org/web/20190913033749/https://www.export.gov/article?id=Armenia-energy-sector|url-status=live}}</ref> The main domestic energy source is hydroelectric.{{Dubious|date=June 2025|reason=it's nuclear, isn't it?}} Small amounts of coal, gas, and petroleum have not yet been developed.

The severe trade imbalance has been somewhat offset by international aid and remittances from [[Armenian diaspora|Armenians abroad]], and foreign direct investment. Armenia is a member of the [[Eurasian Economic Union]] and ties with Russia remain close, especially in the [[energy industry|energy sector]].

==Overview==
Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agroindustrial complexes of the Soviet era. The agricultural sector has long-term needs for more investment and updated technology. Armenia began borrowing soon after declaring independence. In 2000, Armenian governmental debt reached its greatest level relative to GDP (49.3 percent of GDP).<ref name="Waaniewski 2014">{{Cite journal|last=Waaniewski|first=Krzysztof|date=2014|title=Public Debt, Fiscal Decisions and Political Power|journal=SSRN Electronic Journal|doi=10.2139/ssrn.2517967|s2cid=152939493|issn=1556-5068|doi-access=free}}</ref>

Armenia is a food importer, and its mineral deposits (gold and [[bauxite]]) are small. The [[Nagorno-Karabakh conflict|conflict]] with Azerbaijan over the ethnic [[Armenians|Armenian]]-dominated region of [[Nagorno-Karabakh]] and the breakup of the centrally directed [[Economy of the Soviet Union|economic system]] of the former Soviet Union contributed to a severe economic decline in the early 1990s. Political instability and the threat of war placed a significant strain on economic development. Despite robust growth in recent years, the problem of geopolitical uncertainty resurfaced during the [[Second Nagorno-Karabakh War|2020 war]], contributing to a 7.1% drop in GDP.<ref name="IMF WEO" /> Armenia's public debt rose to 67.4% in 2020, but fell below 50% again in 2022.<ref>{{cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=GGXWDG_NGDP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=International Monetary Fund |access-date=18 October 2023 |location=Washington, D.C. |language=en |date=5 October 2023 |archive-date=30 October 2023 |archive-url=https://web.archive.org/web/20231030045347/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=GGXWDG_NGDP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>

==History==
At the beginning of the 20th century, the territory of present-day Armenia was an agricultural region with some copper mining and [[cognac]] production. From 1914 through 1921, [[Eastern Armenia|Caucasian Armenia]] suffered from the [[Armenian genocide|genocide]] of about 1.5 million Armenian inhabitants in their own homeland which caused total property and financial collapse when all of their assets and belongings were forcibly taken away by the Turks, the consequences of which after 105 years to this day remain incalculable, revolution, the influx of refugees from Turkish Armenia, disease, hunger and economic misery. About 200,000 people died in 1919 alone. At that point, only American relief efforts saved Armenia from total collapse.{{sfn|Curtis|1995|p=42}} Thus, Armenians went from being one of the wealthiest ethnic groups in the region to suffering from poverty and famine.{{Citation needed|date=June 2025}} Armenians were the second richest ethnic group in Anatolia after the Greeks, and they were heavily involved in very high productive sectors such as banking, architecture, and trade.<ref>{{Cite journal|title=The Taboo within the Taboo: The Fate of 'Armenian Capital' at the End of the Ottoman Empire|first=Bedross Der|last=Matossian|date=6 October 2011|journal=European Journal of Turkish Studies. Social Sciences on Contemporary Turkey|volume=37 |doi=10.4000/ejts.4411|doi-access=free}}</ref> However, after the mass killings of Armenian intellectuals in April 1915 and the genocide targeted towards the whole Armenian population left the people and the country in ruins. The genocide was responsible for the loss of many high-quality skills that the Armenians possessed.

[[File:Trans-100millones-rev.jpg|thumbnail|100 million rubles banknote]]

The first Soviet Armenian government regulated economic activity stringently, nationalizing all economic enterprises, requisitioning grain from peasants, and suppressing most private market activity. This first experiment of state control ended with the advent of Soviet leader [[Vladimir Lenin]]'s [[New Economic Policy]] (NEP) of 1921–1927. This policy continued state control of the large enterprises and banks, but peasants could market much of their grain, and small businesses could function. In Armenia, the NEP years brought partial recovery from the economic disaster of the post-World War I period. By 1926 agricultural production in Armenia had reached nearly three-quarters of its prewar level.{{sfn|Curtis|1995|p=42}}

By the end of the 1920s, Stalin's regime had revoked the NEP and re-established the centralised state monopoly on all economic activity. Once this occurred, the main goal of the Soviet economic policy in Armenia was to turn a predominantly agrarian and rural republic into an industrial and urban one. Among other restrictions, peasants now were forced to sell nearly all of their output to state procurement agencies rather than at the open market. From the 1930s through the 1960s, an industrial infrastructure has been constructed. Besides hydroelectric plants and canals, roads were built and gas pipelines were laid to bring fuel and food from Azerbaijan and Russia.{{sfn|Curtis|1995|p=42}}

The state socialist command economy, in which market forces were suppressed and all orders for production and distribution came from the state authorities, survived in all its essential features until the fall of the Soviet regime in 1991. In the early stages of the communist economic revolution, Armenia underwent a fundamental transformation into a "proletarian" society. Between 1929 and 1939, the percentage of Armenia's work force categorised as industrial workers grew from 13% to 31%. By 1935 industry supplied 62% of Armenia's economic production. Highly integrated and sheltered within artificial barter economy of the Soviet system from the 1930s until the end of the communist era, the Armenian economy showed few signs of self-sufficiency at any time during that period. In 1988, Armenia produced only 0.9% of the [[net material product]] of the Soviet Union (1.2% of industry, 0.7% of agriculture). The republic retained 1.4% of total state budget revenue, delivered 63.7% of its NMP to other republics, and exported only 1.4% of what it produced to markets outside the Soviet Union.{{sfn|Curtis|1995|p=42–43}}

Agriculture accounted for only 20% of net material product and 10% of employment before the breakup of the Soviet Union in 1991.

Armenia's industry was especially dependent on the Soviet military-industrial complex. About 40% of all enterprises in the republic were devoted to defense, and some factories lost 60% to 80% of their business in the last years of the Soviet Union, when massive cuts were made in the national defense expenditures. As the republic's economy faced the prospects of competing in world markets in the mid-1990s, the great liabilities of Armenia's industry were its outdated equipment and infrastructure and the pollution emitted by many of the country's heavy industrial plants.{{sfn|Curtis|1995|p=43}}

The economic downturn that began in 1989 worsened dramatically in 1992. According to statistics, the GDP declined by 37.5 percent in 1991 compared to 1990, and all sectors contributing to the GDP decreased in production. The collapse of industry in favor of agriculture, whose products were mostly imported throughout the Soviet period, changed the structure of sectoral contributions to GDP.<ref name="Sarian 193–222">{{Cite journal|last=Sarian|first=Armand|date=2006-03-01|title=Economic Challenges Faced by the New Armenian State|journal=Demokratizatsiya: The Journal of Post-Soviet Democratization|volume=14|issue=2|pages=193–222|doi=10.3200/demo.14.2.193-222|doi-broken-date=25 September 2025 |issn=1074-6846|doi-access=free}}</ref>

In 1991, Armenia's last year as a Soviet republic, national income fell 12% from the previous year, while per capita gross national product was 4,920 rubles, only 68% of the Soviet average. In large part due to the earthquake of 1988, the Azerbaijani blockade that began in 1989 and the collapse of the international trading system of the Soviet Union, the Armenian economy of the early 1990s remained far below its 1980 production levels. In the first years of independence (1992–93), inflation was extremely high, productivity and national income dropped dramatically, and the national budget ran large deficits.{{sfn|Curtis|1995|p=41}}

A period of chronic shortages, was the first stage of price deregulation, which allowed goods to stay in Armenia as opposed to being exported for better prices; the inflation rates were 10 percent in 1990, 100 percent in 1991, and 642.5 percent during the first four months of 1992, compared with the first four months of 1991. Thus, there were two opposing dynamics: price increases in response to shortages and falling incomes due to the recession and unemployment.<ref name="Sarian 193–222"/>

===Post-communist economic reforms===
Armenia introduced elements of the free market and privatisation into their economic system in the late 1980s, when [[Mikhail Gorbachev]] began advocating [[Perestroika|economic reform]]. To supply the country's basic needs, the first decision was land reform and the privatization of land. This allowed for the emergence of small-parcel agriculture supplying markets and supporting self-sustenance during the period of shortages.<ref name="Sarian 193–222"/> Cooperatives were set up in the service sector, particularly in restaurants, although substantial resistance came from the [[Communist Party of Armenia (Soviet Union)|Communist Party of Armenia]] (CPA) and other groups that had enjoyed privileged position in the old economy. In the late 1980s, much of Armenia's economy already was opening either semi-officially or illegally, with widespread corruption and bribery. The so-called mafia, made up of interconnected groups of powerful officials and their relatives and friends, sabotaged the efforts of reformers to create a lawful market system. When the December 1988 earthquake brought millions of dollars of foreign aid to the devastated regions of Armenia, much of the money went to corrupt and criminal elements.{{sfn|Curtis|1995|p=48–50}}

Beginning in 1991, the democratically elected government pushed vigorously for privatisation and market relations, although its efforts were frustrated by the old ways of doing business in Armenia, the Azerbaijani blockade, and the costs of the [[First Nagorno-Karabakh War]]. In 1992, the Law on the Programme of Privatisation and Decentralisation of Incompletely Constructed Facilities established a state privatisation committee, with members from all political parties. In the middle of 1993, the committee announced a two-year privatisation programme, whose first stage would be privatisation of 30% of state enterprises, mostly services and light industries. The remaining 70%, including many bankrupt, nonfunctional enterprises, were to be privatised in a later stage with a minimum of government restriction, to encourage private initiative. For all enterprises, the workers would receive 20% of their firm's property free of charge; 30% would be distributed to all citizens by means of vouchers; and the remaining 50% was to be distributed by the government, with preference given to members of the labour organisations. A major problem of this system, however, was the lack of supporting legislation covering foreign investment protection, bankruptcy, monopoly policy, and consumer protection.{{sfn|Curtis|1995|p=50}}

In the first post-communist years, efforts to interest foreign investors in joint enterprises were only moderately successful because of the blockade and the energy shortage. Only in late 1993 was a department of foreign investment established in the [[Ministry of Economy (Armenia)|Ministry of Economy]], to spread information about Armenia's investment opportunities and improve the legal infrastructure for investment activity. A specific goal of this agency was creating a market for scientific and technical intellectual property.{{sfn|Curtis|1995|p=50}}

A few Armenians living abroad made large-scale investments. Besides a toy factory and construction projects, diaspora Armenians built a cold storage plant (which in its first years had little produce to store) and established the [[American University of Armenia]] in Yerevan to teach the techniques necessary to run a market economy.{{sfn|Curtis|1995|p=50}}

Armenia was admitted to the [[International Monetary Fund]] in May 1992 and to the [[World Bank]] in September. A year later, the government complained that those organisations were holding back financial assistance and announced its intention to move toward fuller price liberalisation, and the removal of all [[tariff]]s, quotas, and restrictions of foreign trade. Although privatisation had slowed because of catastrophic collapse of the economy, Prime Minister [[Hrant Bagratyan]] informed the United States officials in the fall of 1993 that plans had been made to embark on a renewed privatisation programme by the end of the year.{{sfn|Curtis|1995|p=50–51}}

Like other former states, Armenia's economy suffers from the legacy of a centrally [[planned economy]] and the breakdown of former Soviet trading patterns. Soviet investment in and support of Armenian industry has virtually disappeared, so that few major enterprises are still able to function. In addition, the effects of the [[1988 Spitak earthquake|1988 earthquake]], which killed more than 25,000 people and made 500,000 homeless, are still being felt.<ref>{{Cite book |url=https://www.iitk.ac.in/nicee/wcee/article/10_vol11_7011.pdf |title=Proceedings of the Tenth World Conference on Earthquake Engineering: 19 - 24 July 1992, Madrid, Spain |publisher=Balkema |year=1994 |isbn=978-90-5410-060-7 |editor-last=Asociación Española de Ingeniería Sísmica |location=Rotterdam |pages=7011–7015 |language=en |chapter=Economic and social impacts of Armenia earthquake}}</ref> Although a cease-fire has held since 1994, the conflict with [[Azerbaijan]] over [[Nagorno-Karabakh]] has not been resolved. The consequent blockade along both the Azerbaijani and Turkish borders has devastated the economy, because of Armenia's dependence on outside supplies of energy and most raw materials. Land routes through Azerbaijan and Turkey are closed; routes through Georgia and Iran are adequate and reliable.<ref name=":10">{{Cite book |url=https://books.google.com/books?id=pYsRCgAAQBAJ |title=Commonwealth of Independent States (CIS) Industry: Clothing Industry Directory - Strategic Information and Contacts |publisher=International Business Publications |year=2013 |isbn=978-1-4387-0940-6 |pages=247–248 |language=en}}</ref> In 1992–93, the GDP had fallen nearly 60% from its 1989 level. The national currency, the [[Armenian dram|dram]], suffered [[hyperinflation]] for the first few years after its introduction in 1993.<ref>{{cite web |date=15 August 2012 |title=World Hyperinflations &#124; Steve H. Hanke and Nicholas Krus &#124; Cato Institute: Working Paper |url=http://www.cato.org/publications/working-paper/world-hyperinflations |url-status=live |archive-url=https://web.archive.org/web/20121017012645/http://www.cato.org/publications/working-paper/world-hyperinflations |archive-date=17 October 2012 |publisher=Cato.org}}</ref>

Armenia has registered strong economic growth since 1995 and inflation has been negligible for the past several years. New sectors, such as precious stone processing and jewelry making and communication technology (primarily [[Armenia Telephone Company|Armentel]], which is left from the USSR era and is owned by external investors). This steady economic progress has earned Armenia increasing support from international institutions. The [[International Monetary Fund]] (IMF), [[World Bank]], [[European Bank for Reconstruction and Development|EBRD]], as well as other international financial institutions (IFIs) and foreign countries are extending considerable grants and loans. Total loans extended to Armenia since 1993 exceed [[USD|$]]800 million. These loans are targeted at reducing the budget deficit, stabilizing the local currency; developing private businesses; energy; the agriculture, food processing, transportation, and health and education sectors; and ongoing rehabilitation work in the [[earthquake zone]].<ref name=":10" />

By 1994, however, the Armenian government had launched an ambitious IMF-sponsored economic liberalization program that resulted in positive growth rates in 1995–2005. The economic growth of Armenia expressed in GDP per capita was one of strongest in the CIS. GDP went from $350 to more than $800 on average between 1995 and 2003. Three principal factors explain this result: the credibility of the macroeconomic policies of stabilization, the correction effect following the depression, and the importance of external transfers, in particular since 2000.<ref name="Sarian 193–222"/> Armenia became a member of the [[World Trade Organization]] (WTO) in January 2003. Armenia also has managed to slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. Armenia's unemployment rate, however, remains high, despite strong economic growth.<ref name=":10" />

The chronic energy shortages Armenia suffered in the early and mid-1990s have been offset by the energy supplied by one of its nuclear power plants at [[Metsamor]]. Armenia is now a net energy exporter, although it does not have sufficient generating capacity to replace the [[Armenian Nuclear Power Plant|Metsamor]] nuclear plant, which is under international pressure to close due to its old design. The [[European Union]] had classified the [[VVER]] 440 Model V230 light-water-cooled reactors as the "oldest and least reliable" category of all the 66 Soviet reactors built in the former [[Eastern Bloc]]. However the [[IAEA]] has found that the Metsamor NPP has adequate safety and can function beyond its design lifespan.<ref>{{Cite news |title=International Experts Find Adequate Safety At Armenian Nuclear Plant |url=https://www.azatutyun.am/a/24213743.html |access-date=2022-10-07 |website=«Ազատ Եվրոպա/Ազատություն» ռադիոկայան |date=2 June 2011 |language=hy |last1=Harutyunyan |first1=Sargis |archive-date=2022-10-07 |archive-url=https://web.archive.org/web/20221007130336/https://www.azatutyun.am/a/24213743.html |url-status=live }}</ref>

The country's electricity distribution system was [[Privatization|privatized]] in 2002.<ref name=":10" />

=== 2020 recession ===
The Armenian economy performed poorly in 2020, and contracted by 7.2% after years of consecutive growth. The two biggest contributing factors were the [[COVID-19 recession]] and the [[Second Nagorno-Karabakh War]].<ref name=":18">{{Cite journal |title=IMF Staff Country Reports |url=https://www.elibrary.imf.org/view/journals/002/002-overview.xml |access-date=2024-05-03 |website=IMF eLibrary |language=en |doi=10.5089/9798400262463.002|doi-access=free }}</ref> In the first half of 2020, the Armenian economy was negatively impacted by the economic restrictions that were implemented in response to the [[COVID-19 pandemic in Armenia|COVID-19 pandemic]]. These restrictions included a [[stay-at-home order]], an indoor [[social distancing measures related to the COVID-19 pandemic|social distancing]] requirement, and a [[face masks during the COVID-19 pandemic|mask mandate]]. These restrictions had a negative impact on businesses; according to the [[World Bank]], individual consumption dropped by 9% in the first six months of 2020 due to the stay-at-home order.<ref>{{Cite web |title=COVID-19 leaves a legacy of rising poverty and widening inequality |url=https://blogs.worldbank.org/en/developmenttalk/covid-19-leaves-legacy-rising-poverty-and-widening-inequality |access-date=2024-05-03 |website=World Bank Blogs |language=en}}</ref>

The economy was further impacted by the war against Azerbaijan later in the year.<ref name=":18" />

==Outperforming GDP growth==
[[File:Evolution of GDP PPP per capita of Georgia, Armenia & Azerbaijan.svg|thumb|upright 1.2|GDP (PPP) per capita of Armenia, Azerbaijan and Georgia in years 1994–2022, [[International Monetary Fund|IMF]] data]]

{{Further|Tiger_economy#Caucasian_Tiger}}
According to official preliminary data GDP grew by 7.6 per cent in 2019, largest recording growth since 2008,<ref>{{Cite web|title=7.6% GDP growth recorded in Armenia in 2019 - Pashinyan|url=http://arka.am/en/news/interview/7_6_gdp_growth_recorded_in_armenia_in_2019_pashinyan_/|access-date=2021-12-11|website=arka.am}}</ref> leading to Armenia being described as a "[[Tiger economy#Caucasian Tiger|Caucasian Tiger.]]"<ref>{{Cite web|url=https://openknowledge.worldbank.org/bitstream/handle/10986/6644/392500AM0Cauca101OFFICIAL0USE0ONLY1.pdf?sequence=1&isAllowed=y|title=Open Knowledge Repository|website=openknowledge.worldbank.org}}</ref> Nominal GDP per capita was approximately $4,196 in 2018 and is expected to reach $8,283 in 2023, surpassing neighbouring Azerbaijan and Georgia.<ref name="IMF forecast">{{cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,912,915,&s=NGDPDPC,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=[[International Monetary Fund]] |access-date=18 October 2023 |location=Washington, D.C. |date=5 October 2023 |archive-date=30 October 2023 |archive-url=https://web.archive.org/web/20231030045344/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,912,915,&s=NGDPDPC,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>

With 8.3%, Armenia recorded highest degree of GDP growth among [[Eurasian Economic Union]] countries in 2018 January–June against the same period of 2017.<ref>{{Cite news|url=https://armenpress.am/eng/news/956452.html|title=Armenia leads EEU countries on level of economic growth – official EEC data|work=armenpress.am|access-date=2018-12-03|language=en|archive-date=2018-12-03|archive-url=https://web.archive.org/web/20181203152219/https://armenpress.am/eng/news/956452.html|url-status=live}}</ref>

The economy of Armenia had grown by 7.5% in 2017 and reached a nominal GDP of $11.5 billion per annum, while per capita figure grew by 10.1% and reached $3880.<ref name="arka2017gdp">{{cite web|title=ARKA 2017 GDP|url=http://arka.am/en/news/economy/armenia_ends_2017_with_7_5_economic_growth_/|access-date=18 January 2017|archive-date=1 March 2018|archive-url=https://web.archive.org/web/20180301044618/http://arka.am/en/news/economy/armenia_ends_2017_with_7_5_economic_growth_/|url-status=live}}</ref> With 7.29% Armenia was second best in GDP per capita growth terms in Europe and Central Asia in 2017.<ref>{{Cite web|url=https://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&idim=country:ARM:AZE:GEO&hl=en&dl=en#!ctype=c&strail=false&bcs=d&nselm=s&met_y=ny_gdp_pcap_kd_zg&scale_y=lin&ind_y=false&idim=country:ARM:AZE:GEO:ALB:AND:AUT:BLR:BEL:BIH:BGR:CHI:HRV:CYP:DNK:CZE:EST:FIN:FRO:FRA:DEU:GRC:GRL:HUN:ISL:IRL:IMN:ITA:KAZ:XKX:KGZ:LVA:LIE:LTU:LUX:MKD:MDA:MCO:MNE:NLD:NOR:POL:PRT:ROU:RUS:SMR:SRB:SVK:SVN:ESP:SWE:CHE:TJK:TUR:TKM:UKR:GBR:UZB&ifdim=country:region:ECS&hl=en_US&dl=en&ind=false|title=World Development Indicators - Google Public Data Explorer|website=www.google.com|access-date=2019-04-30|archive-date=2020-07-30|archive-url=https://web.archive.org/web/20200730230101/https://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&idim=country:ARM:AZE:GEO&hl=en&dl=en#!ctype=c&strail=false&bcs=d&nselm=s&met_y=ny_gdp_pcap_kd_zg&scale_y=lin&ind_y=false&idim=country:ARM:AZE:GEO:ALB:AND:AUT:BLR:BEL:BIH:BGR:CHI:HRV:CYP:DNK:CZE:EST:FIN:FRO:FRA:DEU:GRC:GRL:HUN:ISL:IRL:IMN:ITA:KAZ:XKX:KGZ:LVA:LIE:LTU:LUX:MKD:MDA:MCO:MNE:NLD:NOR:POL:PRT:ROU:RUS:SMR:SRB:SVK:SVN:ESP:SWE:CHE:TJK:TUR:TKM:UKR:GBR:UZB&ifdim=country:region:ECS&hl=en_US&dl=en&ind=false|url-status=live}}</ref>

Armenian GDP PPP grew total of 316% per capita in 2000–2017, marking it the sixth-highest worldwide.<ref>{{Cite web|url=https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?end=2017&locations=AM-RO-GE-CN-EU&start=2000|title=GDP per capita, PPP (current international $) - Armenia, Romania, Georgia, China, European Union &#124; Data|website=data.worldbank.org|access-date=2018-12-26|archive-date=2018-12-26|archive-url=https://web.archive.org/web/20181226133936/https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?end=2017&locations=AM-RO-GE-CN-EU&start=2000|url-status=live}}</ref><ref>{{Cite web|url=https://i.redd.it/022odntsae621.png|title=map of GDP PPP 2000-2017 growth rates worldwide (Data by the World Bank)|accessdate=9 November 2021|archive-date=6 May 2021|archive-url=https://web.archive.org/web/20210506175622/https://i.redd.it/022odntsae621.png|url-status=live}}</ref>

GDP grew 40.7% between 2012 and 2018, and key banking indicators like assets and credit exposures almost doubled.<ref name="arka2019growth">{{cite web |title=ARKA: "Armenia's GDP has grown 40.7% over seven year and key banking indicators have almost doubled" |url=http://arka.am/en/news/economy/armenia_s_gdp_has_grown_40_7_over_seven_year_and_key_banking_indicators_have_almost_doubled/?sphrase_id=24650680 |url-status=live |archive-url=https://web.archive.org/web/20191225214246/http://arka.am/en/news/economy/armenia_s_gdp_has_grown_40_7_over_seven_year_and_key_banking_indicators_have_almost_doubled/?sphrase_id=24650680 |archive-date=25 December 2019 |access-date=25 May 2019}}</ref>

== Data ==
The following table shows the main economic indicators in 1992–2021 (with IMF staff estimates in 2022–2026). Inflation below 5% is in green.[https://www.imf.org/en/publications/weo/weo-database/2022/october/weo-report?c=911&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP&sy=1990&ey=2026&ssm=0&scsm=1&ssd=1&scc=1&ssc=1&sic=0&sort=country&ds=.&br=0 Report for Selected Countries and Subjects]

{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(bn US$ PPP)</small>
!GDP per capita<br /><small>(US$ PPP)</small>
!GDP<br /><small>(bn US$ nominal)</small>
!GDP per capita<br /><small>(US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(%)</small>
!Unemployment<br /><small>(%)</small>
!Government debt<br /><small>(% of GDP)</small>
|-
|1992
|5.605
|1,624.695
|0.108
|31.321
|n/a
|n/a
|n/a
|n/a
|-
|1993
|{{Decrease}}4.932
|{{Decrease}}1,463.386
|{{Increase}}0.835
|{{Increase}}247.884
| {{Decrease}}-14.1%
|{{IncreaseNegative}}3,731.8%
|n/a
|n/a
|-
|1994
|{{Increase}}5.309
|{{Increase}}1,613.662
|{{Decrease}}0.648
|{{Decrease}}196.980
|{{Increase}}5.4%
|{{IncreaseNegative}}5,273.4%
|n/a
|n/a
|-
|1995
|{{Increase}}5.856
|{{Increase}}1,818.530
|{{Increase}}1.287
|{{Increase}}399.576
|{{Increase}}8.0%
|{{IncreaseNegative}}176.7%
|n/a
|n/a
|-
|1996
|{{Increase}}6.271
|{{Increase}}1,978.274
|{{Increase}}1.597
|{{Increase}}503.774
|{{Increase}}5.2%
|{{IncreaseNegative}}18.7%
|n/a
|40.8%
|-
|1997
|{{Increase}}6.595
|{{Increase}}2,100.428
|{{Increase}}1.639
|{{Increase}}521.869
|{{Increase}}3.4%
|{{IncreaseNegative}}14.0%
|n/a
|{{IncreaseNegative}}46.5%
|-
|1998
|{{Increase}}7.088
|{{Increase}}2,279.048
|{{Increase}}1.892
|{{Increase}}608.415
|{{Increase}}6.3%
|{{IncreaseNegative}}8.7%
|n/a
|{{DecreasePositive}}45.2%
|-
|1999
|{{Increase}}7.416
|{{Increase}}2,399.862
|{{Decrease}}1.845
|{{Decrease}}597.241
|{{Increase}}3.2%
|{{Increase}}0.7%
|n/a
|{{DecreasePositive}}39.2%
|-
|2000
|{{Increase}}8.027
|{{Increase}}2,606.305
|{{Increase}}1.912
|{{Increase}}620.638
|{{Increase}}5.9%
| {{DecreasePositive}}-0.8%
|n/a
|{{IncreaseNegative}}39.6%
|-
|2001
|{{Increase}}8.985
|{{Increase}}2,936.416
|{{Increase}}2.118
|{{Increase}}692.287
|{{Increase}}9.5%
|{{Increase}}3.2%
|38.4%
|{{DecreasePositive}}38.1%
|-
|2002
|{{Increase}}10.477
|{{Increase}}3,434.980
|{{Increase}}2.376
|{{Increase}}779.122
|{{Increase}}14.8%
|{{Increase}}1.0%
|{{DecreasePositive}}35.3%
|{{IncreaseNegative}}38.2%
|-
|2003
|{{Increase}}12.185
|{{Increase}}4,008.133
|{{Increase}}2.807
|{{Increase}}923.387
|{{Increase}}14.1%
|{{Increase}}4.7%
|{{DecreasePositive}}31.2%
|{{DecreasePositive}}33.0%
|-
|2004
|{{Increase}}13.822
|{{Increase}}4,561.759
|{{Increase}}3.577
|{{Increase}}1,180.399
|{{Increase}}10.5%
|{{IncreaseNegative}}6.9%
|{{IncreaseNegative}}31.6%
|{{DecreasePositive}}26.4%
|-
|2005
|{{Increase}}16.268
|{{Increase}}5,404.495
|{{Increase}}4.900
|{{Increase}}1,628.063
|{{Increase}}14.1%
|{{Increase}}0.6%
|{{DecreasePositive}}31.2%
|{{DecreasePositive}}20.5%
|-
|2006
|{{Increase}}18.983
|{{Increase}}6,327.576
|{{Increase}}6.384
|{{Increase}}2,128.151
|{{Increase}}13.2%
|{{Increase}}2.9%
|{{DecreasePositive}}27.8%
|{{DecreasePositive}}16.2%
|-
|2007
|{{Increase}}22.176
|{{Increase}}7,416.799
|{{Increase}}9.206
|{{Increase}}3,079.031
|{{Increase}}13.7%
|{{Increase}}4.4%
|{{IncreaseNegative}}28.7%
|{{DecreasePositive}}14.3%
|-
|2008
|{{Increase}}24.172
|{{Increase}}8,111.332
|{{Increase}}11.662
|{{Increase}}3,913.436
|{{Increase}}6.9%
|{{IncreaseNegative}}9.1%
|{{DecreasePositive}}16.4%
|{{IncreaseNegative}}14.6%
|-
|2009
|{{Decrease}}20.884
|{{Decrease}}7,031.813
|{{Decrease}}8.648
|{{Decrease}}2,911.763
| {{Decrease}}-14.2%
|{{Increase}}3.5%
|{{IncreaseNegative}}18.7%
|{{IncreaseNegative}}34.1%
|-
|2010
|{{Increase}}21.600
|{{Increase}}7,281.837
|{{Increase}}9.260
|{{Increase}}3,121.778
|{{Increase}}2.2%
|{{IncreaseNegative}}8.2%
|{{IncreaseNegative}}19.0%
|{{DecreasePositive}}33.8%
|-
|2011
|{{Increase}}23.086
|{{Increase}}7,778.182
|{{Increase}}10.142
|{{Increase}}3,417.172
|{{Increase}}4.7%
|{{IncreaseNegative}}7.5%
|{{DecreasePositive}}18.4%
|{{IncreaseNegative}}35.7%
|-
|2012
|{{Increase}}27.009
|{{Increase}}9,093.972
|{{Increase}}10.619
|{{Increase}}3,575.529
|{{Increase}}7.1%
|{{Increase}}2.5%
|{{DecreasePositive}}17.3%
|{{DecreasePositive}}35.6%
|-
|2013
|{{Increase}}28.500
|{{Increase}}9,563.810
|{{Increase}}11.121
|{{Increase}}3,732.035
|{{Increase}}3.4%
|{{IncreaseNegative}}5.7%
|{{DecreasePositive}}16.2%
|{{IncreaseNegative}}36.3%
|-
|2014
|{{Increase}}29.231
|{{Increase}}9,792.081
|{{Increase}}11.610
|{{Increase}}3,889.004
|{{Increase}}3.6%
|{{Increase}}3.0%
|{{IncreaseNegative}}17.6%
|{{IncreaseNegative}}39.4%
|-
|2015
|{{Decrease}}29.167
|{{Decrease}}9,753.364
|{{Decrease}}10.553
|{{Decrease}}3,529.026
|{{Increase}}3.3%
|{{Increase}}3.7%
|{{IncreaseNegative}}18.5%
|{{IncreaseNegative}}44.1%
|-
|2016
|{{Increase}}31.429
|{{Increase}}10,502.091
|{{Decrease}}10.546
|{{Decrease}}3,524.000
|{{Increase}}0.2%
| {{DecreasePositive}}-1.4%
|{{DecreasePositive}}18.0%
|{{IncreaseNegative}}51.9%
|-
|2017
|{{Increase}}35.677
|{{Increase}}11,974.031
|{{Increase}}11.527
|{{Increase}}3,868.906
|{{Increase}}7.5%
|{{Increase}}1.2%
|{{DecreasePositive}}17.8%
|{{IncreaseNegative}}53.7%
|-
|2018
|{{Increase}}38.437
|{{Increase}}12,946.094
|{{Increase}}12.458
|{{Increase}}4,195.963
|{{Increase}}5.2%
|{{Increase}}2.5%
|{{IncreaseNegative}}19.0%
|{{DecreasePositive}}51.2%
|-
|2019
|{{Increase}}42.111
|{{Increase}}14,213.451
|{{Increase}}13.619
|{{Increase}}4,596.861
|{{Increase}}7.6%
|{{Increase}}1.4%
|{{DecreasePositive}}18.3%
|{{DecreasePositive}}50.1%
|-
|2020
|{{Decrease}}39.466
|{{Decrease}}13,323.293
|{{Decrease}}12.641
|{{Decrease}}4,267.487
| {{Decrease}}-7.4%
|{{Increase}}1.2%
|{{DecreasePositive}}18.1%
|{{IncreaseNegative}}63.5%
|-
|2021
|{{Increase}}43.433
|{{Increase}}14,661.017
|{{Increase}}13.928
|{{Increase}}4,701.479
|{{Increase}}5.7%
|{{IncreaseNegative}}7.2%
|{{DecreasePositive}}15.3%
|{{DecreasePositive}}60.2%
|-
|2022
|{{Increase}}49.767
|{{Increase}}16,798.000
|{{Increase}}17.693
|{{Increase}}5,971.816
|{{Increase}}7.0%
|{{IncreaseNegative}}8.5%
|{{DecreasePositive}}15.2%
|{{DecreasePositive}}52.3%
|-
|2023
|{{Increase}}53.356
|{{Increase}}18,007.902
|{{Increase}}19.460
|{{Increase}}6,567.730
|{{Increase}}3.5%
|{{IncreaseNegative}}7.0%
|{{DecreasePositive}}15.1%
|{{IncreaseNegative}}52.9%
|-
|2024
|{{Increase}}56.873
|{{Increase}}19,193.191
|{{Increase}}20.987
|{{Increase}}7,082.740
|{{Increase}}4.4%
|{{IncreaseNegative}}5.0%
|{{DecreasePositive}}14.9%
|{{IncreaseNegative}}53.0%
|-
|2025
|{{Increase}}60.536
|{{Increase}}20,428.009
|{{Increase}}22.901
|{{Increase}}7,728.058
|{{Increase}}4.5%
|{{Increase}}4.5%
|{{DecreasePositive}}14.8%
|{{IncreaseNegative}}53.0%
|-
|2026
|{{Increase}}64.465
|{{Increase}}21,751.933
|{{Increase}}24.533
|{{Increase}}8,278.005
|{{Increase}}4.5%
|{{Increase}}4.2%
|{{DecreasePositive}}14.7%
|{{DecreasePositive}}51.3%

|}
{{Clear}}

== Regional Economies ==
[[File:Poverty rate in Armenia by regions, 2021.png|thumb|Poverty rate in Armenia by region, 2021]]
This is a list of provinces of Armenia by nominal GDP shown in Armenian dram and US$. Statistics shown are for 2017.<ref>{{citation|title=Համախառն ներքին արդյունքն (ՀՆԱ) ըստ ՀՀ մարզերի եւ Երեւան քաղաքի 2015-2017թթ|url=https://armstat.am/file/article/sv_08_19a_112.pdf|website=armstat.am}}</ref>

{| class="wikitable sortable"
!Rank
!Region
!GDP (bil. [[Armenian dram|֏]])
!GDP (bil. [[US$]])
!GDP per capita (֏)
!GDP per capita (US$)
|-
|1
|{{flag|Yerevan}}
|3,032.454
|6.286
|2,816,433
|5,838
|-
|2
|[[Ararat Province]]
|381.659
|0.791
|1,478,727
|3,065
|-
|3
|[[Kotayk Province]]
|346.843
|0.719
|1,375,270
|2,851
|-
|4
|[[Armavir Province]]
|340.604
|0.706
|1,284,327
|2,662
|-
|5
|[[Syunik Province]]
|335.238
|0.695
|2,417,001
|5,010
|-
|6
|[[Lori Province]]
|276.931
|0.574
|1,263,372
|2,619
|-
|7
|[[Shirak Province]]
|238.001
|0.493
|1,002,954
|2,079
|-
|8
|[[Gegharkunik Province]]
|224.241
|0.465
|974,118
|2,019
|-
|9
|[[Aragatsotn Province]]
|175.229
|0.363
|1,371,121
|2,842
|-
|10
|[[Tavush Province]]
|118.657
|0.246
|956,908
|1,984
|-
|11
|[[Vayots Dzor Province]]
|94.636
|0.196
|1,892,716
|3,924
|-
|
|'''{{flag|Armenia}}'''
|5,564.493
|11.535
|1,867,656
|3,872
|-
|}

==Sectors==
===Agriculture===
{{main|Agriculture in Armenia}}

[[File:Armenia - Terrestrial Paradise?.jpg|thumb|left|[[Cornelian cherry|Cornelian cherries]], [[common fig|figs]], [[pear]]s, [[peach]]es and [[apple]]s sold at a market in [[Yerevan]] are among a few of Armenian agricultural products.]]
Although [[agriculture]] used to make up a larger share of Armenia's economy, this share has been declining and sits at 7.9% of Armenia's GDP.<ref name=":9" /> Roughly 16% of Armenia's land is [[Arable land|arable]], with most of the richest farmland concentrated near the [[Aras River]] valley and in the valleys north of [[Yerevan]].<ref>{{Cite book |title=Armenia, Azerbaijan, and Georgia: country studies |date=1995 |publisher=Federal Research Division, Library of Congress : For sale by the Supt. of Docs., U.S. G.P.O |isbn=978-0-8444-0848-4 |editor-last=Curtis |editor-first=Glenn E. |edition=1st |series=Area handbook series |location=Washington, D.C |editor-last2=Library of Congress}}</ref> Armenia grows a variety of crops, with some of the most prominent being [[Ficus|figs]], [[Pomegranate|pomegranates]], [[olives]], [[Peach|peaches]], [[Walnut|walnuts]], [[quince]], and [[apricots]] (Armenia is the world's 9th largest producer).<ref>{{Cite web |title=FAOSTAT |url=https://www.fao.org/faostat/en/#data/QCL |access-date=2025-11-19 |website=www.fao.org}}</ref>

Armenia's agricultural output dropped by 17.9 percent in the period of January–September 2010.  This was owing to bad weather, a lack of a government stimulus package, and the continuing effects of decreased [[agricultural subsidy|agricultural subsidies]] by the Armenian government (per WTO requirements).<ref name="Armenia_in_2010"/> In addition, the share of agriculture in Armenia's GDP hovered around 17.9% until 2012 according to the World Bank. Then already in 2013 the share of it was a bit higher comprising 18.43%. Afterwards a declining trend was registered in the period of 2013-2017 reaching to around 14.90% in 2017.<ref>{{Cite web|url=https://www.theglobaleconomy.com/Armenia/Share_of_agriculture/|title=Armenia GDP share of agriculture - data, chart|website=TheGlobalEconomy.com|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512080752/https://www.theglobaleconomy.com/Armenia/Share_of_agriculture/|url-status=live}}</ref> By comparing the share of agriculture as a component of GDP with the neighboring countries (Georgia, Azerbaijan, Turkey, Iran) one can notice that the percentage is highest for Armenia. As of 2017 the contribution of agriculture to the GDP for the neighboring countries was 6.88, 5.63, 6.08 and 9.05 respectively.<ref>{{Cite web|url=https://www.theglobaleconomy.com/rankings/Share_of_agriculture/|title=GDP share of agriculture by country, around the world|website=TheGlobalEconomy.com|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512080751/https://www.theglobaleconomy.com/rankings/Share_of_agriculture/|url-status=live}}</ref>

===Mining===
{{main|Mining in Armenia}}

[[File:Kajaran Mine.jpg|thumb|Armenia's largest mine, the [[Kajaran Mine|Kajaran copper-molybdenum open-pit mine]] in southern Armenia]]

In 2017, mining industry output with grew by 14.2% to 172 billion AMD at current prices and run at 3.1% of Armenia's GDP.<ref>{{Cite web|url=http://www.armstat.am/file/article/sv_01_18a_112.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_01_18a_112.pdf |archive-date=2022-10-09 |url-status=live|title=Armenian 2017 GDP breakdown by sector - Armstat (am)|accessdate=9 November 2021}}</ref>

In 2017, mineral product (without precious metals and stones) exports grew by 46.9% and run at US$692 million, which comprised 30.1% of all exports.<ref name="2017trade">{{Cite web|url=http://www.armstat.am/file/article/sv_12_17r_411.pdf|title=Armenian 2017 foreign trade summary - Armstat (ru)|accessdate=9 November 2021|archive-date=18 September 2021|archive-url=https://web.archive.org/web/20210918074058/https://armstat.am/file/article/sv_12_17r_411.pdf|url-status=live}}</ref>

===Construction===
Real estate transactions count grew by 36% in September 2019 compared to September 2018. Also, the average market value of one square meter of housing in apartment buildings in Yerevan in September 2019 grew by 10.8% from September 2018.<ref>{{Cite web|url=http://arka.am/en/news/business/some_15_572_real_estate_transactions_effected_in_armenia_in_2019_september_by_36_1_more_than_in_sept/|title=Some 15,572 real estate transactions effected in Armenia in 2019 September, by 36.1% more than in September 2018|website=arka.am|access-date=2019-11-05|archive-date=2019-11-05|archive-url=https://web.archive.org/web/20191105184414/http://arka.am/en/news/business/some_15_572_real_estate_transactions_effected_in_armenia_in_2019_september_by_36_1_more_than_in_sept/|url-status=live}}</ref>

In 2017, construction output increased by 2.2% reaching 416 billion AMD.<ref name="Armstat-2018.01.25-en">{{cite web|url=http://www.armstat.am/file/doc/99506853.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/doc/99506853.pdf |archive-date=2022-10-09 |url-status=live|title=Preliminary Main Macro-Economic Indicators of Armenian Economy in 2017 by Armstat|access-date=28 February 2018}}</ref>

Armenia experienced a construction boom during the latter part of the 2000s.  According to the National Statistical Service, Armenia's booming construction sector generated about 20 percent of Armenia's GDP during the first eight months of 2007.<ref name="ArmeniaLib-Sept-20-2007">[http://www.armenialiberty.org/armeniareport/report/en/2007/09/ac00c04d-a570-479a-8d0c-9554e4acb7b6.asp "Armenian Growth Still In Double Digits"], Armenia Liberty ([[RFE/RL]]), 20 September 2007.</ref> According to a World Bank official, 30 percent of Armenia's economy in 2009 came from the construction sector.<ref name="ArmLib-Nov-27-2009" />

However, during the January to September 2010 period, the sector experienced a 5.2 percent year-on-year decrease, which according to the [[Civilitas Foundation]] is an indication of the unsustainability of a sector based on an elite market, with few products for the median or low budgets.<ref name="Armenia_in_2010">{{Armenia in 2010. A Year of Uncertainty}}</ref> This decrease comes despite the fact that an important component of the government stimulus package was to support the completion of ongoing construction projects.<ref name="Armenia_in_2010"/>

===Energy===
{{main|Energy in Armenia|Electricity sector in Armenia}}

In 2017, electricity generation increased by 6.1% reaching 7.8 billion [[Kilowatt hour|KWh]].<ref name="Armstat-2018.01.25-en" />

===Digital economy===
The digital economy is a branch of the economy based on digital computing technologies. The digital economy is sometimes referred to as the Internet economy or the web economy. The digital economy is often intertwined with the traditional economy, making it difficult to distinguish between them. Aimed at the sector's development on 15 November 2021, the Silicon Mountains Summit dedicated to introducing intelligent solutions in the economy was held in Yerevan. The main topic of the summit was the prospect of digitalization of the economy in Armenia. The main driving force of this sphere in Armenia is the banks. Digital transformation is a necessity for banks and financial institutions. At the moment, ACBA Bank is the leader․<ref>{{cite web| url = http://www.armbanks.am/hy/2021/11/15/136524/| title = Դեպի թվային տնտեսություն․ Կկայանա Silicon Mountains գագաթնաժողովը (ՎԻԴԵՈ) {{!}} ArmBanks.am| date = 15 November 2021| access-date = 2021-12-19| archive-date = 2021-12-19| archive-url = https://web.archive.org/web/20211219130105/http://www.armbanks.am/hy/2021/11/15/136524/| url-status = live}}</ref><ref>{{cite web| url = https://hy.freejournal.org/848510/1/%D5%A9%D5%BE%D5%A1%D5%B5%D5%AB%D5%B6-%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6.html| url-status = dead| archive-url = https://web.archive.org/web/20211219130125/https://hy.freejournal.org/848510/1/%D5%A9%D5%BE%D5%A1%D5%B5%D5%AB%D5%B6-%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6.html| archive-date = 2021-12-19| title = Թվային տնտեսություն, թվային հաշվիչ տեխնոլոգիաների վրա հիմնված տնտեսություն։ Թվային տնտեսությունը երբեմն անվանում են համացանցային տնտեսություն, նոր տնտեսություն}}</ref>

===Industry and Manufacturing===
In 2017, industrial output increased by 12.6% annually reaching 1661 billion AMD.<ref>{{Cite web|url=http://www.armstat.am/file/article/sv_12_17r_03.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_12_17r_03.pdf |archive-date=2022-10-09 |url-status=live|title=Armenian economy macro statistics for 2017|accessdate=9 November 2021}}</ref>

Industrial output was relatively positive throughout 2010, with year-on-year average growth of 10.9 percent in the period January to September 2010, due largely to the mining sector where higher global demand for commodities led to higher prices.<ref name="Armenia_in_2010" /> According to the National Statistical Service, during the January–August 2007 period, Armenia's [[industrial sector]] was the single largest contributor to the country's GDP, but remained largely stagnant with industrial output increasing only by 1.7 percent per year.<ref name="ArmeniaLib-Sept-20-2007" /> In 2005, Armenia's industrial output (including electricity) made up about 30 percent of GDP.<ref name="ArmeniaLib-Feb-10-2006">[http://www.armenialiberty.org/armeniareport/report/en/2006/02/7a425352-3ed4-4b17-a352-e11d38026faa.asp "Government Downplays Economic Cost Of Russian Gas Price Hike"] {{Webarchive|url=https://web.archive.org/web/20231109222036/https://www.azatutyun.am/a/1580461.html |date=2023-11-09 }}, Armenia Liberty ([[RFE/RL]]), 10 February 2006.</ref>

===Services===
In the 2000s, along with the construction sector, the [[services sector]] was the driving force behind Armenia's recent high economic growth rate.<ref name="ArmeniaLib-Sept-20-2007"/>
Between 2017 and 2019, Armenia's economy increased fast, with annual rate of GDP growth averaging 6.8 percent. Following the political realignment of 2018, prudent macroeconomic policy helped develop a track record of macroeconomic stability and an enhanced business environment. In Armenia, the service sector in 2020 reduced volumes by 14.7%, against 15% growth a year earlier, amounting to 1.7 trillion drams ($3.5 billion). According to the Statistical Committee, a negative trend was recorded in all service segments except finance, as well as information and communication.

[[File:VivaCell MTS headquarters in Yerevan.JPG|thumb|Headquarters of VivaCell MTS, Armenia's leading mobile services provider]]

====Retail trade====
In 2010, retail trade turnover was largely unaltered compared to 2009.<ref name="Armenia_in_2010" />  The existing monopolies throughout the retail sector have made the sector non-responsive to the crisis and resulted in near zero growth. The aftermath of the crisis has started to shift the structure in the retail sector in favor of food products.<ref name="Armenia_in_2010" />

Nowadays(2019), Armenia has improved standards of living and growing income, which brought to the improvement of retail sector in Armenia. retail sector has the highest employment level. While the sector improves, currently the major sector is still in Yerevan, and not in the other cities of Armenia.  The development that happened in this sector was the opening of Dalma Garden Mall, and later Yerevan mall, Rio mall and Rossia mall, which dramatically increased the quality of retail in Yerevan. Currently there is a new development, as in [[Gyumri]] there is a new mall opened called Shirak Mall. Another reason for the development of the retail is the development that happened in the banking industry. Today people can easily get financial assistance from the banks right to their credit cards, without visiting the bank.<ref>{{cite web|url=http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|title=Armenia Investment Map, Oct. 2018|website=EV Consulting|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512194236/http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|url-status=live}}</ref>

==== Information and Communication Technologies ====
{{see also|Science and technology in Armenia}}As of February 2019 nearly 23 thousand employees were counted in ICT sector.  With 404 thousand AMD they enjoyed highest pay rate among surveyed sectors of economy.  Average salaries in pure IT sector (excluding communications sub-sector) stood at 582 thousand AMD.<ref>{{Cite web|url=https://www.armstat.am/file/article/sv_03_19r_142.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_03_19r_142.pdf |archive-date=2022-10-09 |url-status=live|title=Armstat - Оплата труда и численность работников|accessdate=9 November 2021}}</ref>

====Financial Services====
{{main|List of banks in Armenia}}

In January 2019 there were 20.5 thousand employees registered in the financial sector.<ref name="auto">{{Cite web|url=https://www.armstat.am/file/article/sv_02_19r_142.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_02_19r_142.pdf |archive-date=2022-10-09 |url-status=live|title=Оплата труда и количество работников|accessdate=9 November 2021}}</ref>

According to Moody's, robust economic growth will benefit banks with GDP growth remaining robust at around 4.5% in 2019–20.<ref>{{Cite web|url=http://www.armbanks.am/|title=ArmBanks.am - Armenian financial-banking portal|website=ArmBanks.am|language=en-US|access-date=2019-05-04|archive-date=2016-11-28|archive-url=https://web.archive.org/web/20161128143506/http://www.armbanks.am/|url-status=live}}</ref>
{| class="wikitable"
|+
Development of Financial Services in 2017 according to [[Central Bank of Armenia|CBA]] report<ref>{{Cite news|url=https://armenpress.am/eng/news/932552.html|title=Net profit of Armenian banks grow 8 billion AMD in 2017|work=armenpress.am|access-date=2018-05-06|language=en|archive-date=2018-05-05|archive-url=https://web.archive.org/web/20180505170013/https://armenpress.am/eng/news/932552.html|url-status=live}}</ref>
!Financial Services Segments
!2017
!2016
|-
|'''Banking system'''
|
|
|-
|Net profit
|39.7 billion AMD
|31.7 billion AMD
|-
|Return on assets (ROA)
|1.0%
|0.9%
|-
|Return on equity (ROE)
|6.0%
|5.8%
|-
|Assets growth rate
|9.2%
|
|-
|Total capital growth rate
|4.9%
|
|-
|Liabilities growth rate
|10.1%
|
|-
|Loans provided to businesses growth rate
|8.5%
|
|-
|General liquidity normative indicator (minimum 15%)
|32.1%
|
|-
|Ongoing liquidity normative indicator (minimum 60%)
|141.7%
|
|-
|'''Credit organizations'''
|
|
|-
|Assets growth rate
|21.1%
|
|-
|Total capital growth rate
|41.4%
|
|-
|Liabilities growth rate
|3.5%
|
|-
|'''Insurance system'''
|
|
|-
|Assets growth rate
|6.1%
|
|-
|Total capital growth rate
| –11%
|
|-
|Liabilities growth rate
|11.2%
|
|-
|'''Investment companies'''
|
|
|-
|Assets growth rate
|54.8%
|
|-
|Total capital growth rate
|51.9%
|
|-
|Liabilities growth rate
|55.3%
|
|-
|'''Mandatory pension funds'''
|
|
|-
|Net assets growth rate
|67.0%
|
|-
|Net assets
|105.6 billion AMD
|
|}
Industry report on banking sector prepared by AmRating presents slightly varying figures for some of above data.<ref name=":4">{{Cite web|url=https://www.raexpert.eu/files/Industry_report_Armenia_Banks_07.05.2018.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.raexpert.eu/files/Industry_report_Armenia_Banks_07.05.2018.pdf |archive-date=2022-10-09 |url-status=live|title=Armenia Industry Research – Banks (07 May 2018)|accessdate=9 November 2021}}</ref>

====Tourism====
{{main|Tourism in Armenia}}

[[File:Hotel Yerevan Royal Tulip (7).JPG|thumb|[[Grand Hotel Yerevan]], established in 1926]]

Tourism in Armenia has been a key sector to the [[Armenian economy]] since the 1990s when tourist numbers exceeded half a million people visiting the country every year (mostly ethnic [[Armenians]] from the [[Armenian diaspora|Diaspora]]). The Armenian Ministry of Economy reports that most international tourists come from [[Russia]], [[European Union|EU]] states, the [[United States]] and [[Iran]]. Though relatively small in size, Armenia has three [[List of World Heritage Sites in Armenia|UNESCO world heritage]] sites.<ref>{{Cite web |last=Centre |first=UNESCO World Heritage |title=Armenia - UNESCO World Heritage Convention |url=https://whc.unesco.org/en/statesparties/am |access-date=2024-05-03 |website=UNESCO World Heritage Centre |language=en}}</ref>

Despite internal and external problems, the number of incoming tourists has been continually increasing. 2018 saw a record high of over 1.6 million inbound tourists.<ref>{{Cite web |last=LLC |first=Helix Consulting |title=The number of tourists visiting Armenia increased by 10.5% in 2018 |url=https://www.panorama.am/en/news/2019/02/08/tourists/2070280 |access-date=2024-05-03 |website=www.panorama.am |language=en}}</ref>

In 2018 receipts from [[international tourism]] amounted to $1.2 billion, nearly twice the value for 2010.<ref>{{Cite book|url=https://www.e-unwto.org/doi/pdf/10.18111/9789284421152|title=International Tourism Highlights, 2019 Edition|year=2019|publisher=World Tourism Organization (UNWTO)|doi=10.18111/9789284421152|isbn=9789284421152|s2cid=240665765|access-date=2019-11-09|archive-date=2019-08-30|archive-url=https://web.archive.org/web/20190830074615/https://www.e-unwto.org/doi/pdf/10.18111/9789284421152|url-status=live}}</ref> In per capita terms these stood at $413, ahead of Turkey and Azerbaijan, but behind Georgia.<ref>{{Cite web|url=https://i.redd.it/i8xqp7h4hix31.jpg|title=Map of international tourism receipts per capita in Europe in 2018.|accessdate=9 November 2021|archive-date=23 November 2021|archive-url=https://web.archive.org/web/20211123132717/https://i.redd.it/i8xqp7h4hix31.jpg|url-status=live}}</ref>

In 2019 the largest growth at 27.2% was shown by accommodation and catering sector, which came as a result of the growth of tourist flows.<ref>{{Cite web|url=http://arka.am/en/news/economy/armenian_premier_largest_growth_in_2019_shown_by_accommodation_and_catering_27_2/|title=Armenian premier: Largest growth in 2019 shown by accommodation and catering - 27.2%|website=arka.am|date=21 February 2020 |access-date=2020-02-24|archive-date=2020-02-24|archive-url=https://web.archive.org/web/20200224100912/http://arka.am/en/news/economy/armenian_premier_largest_growth_in_2019_shown_by_accommodation_and_catering_27_2/|url-status=live}}</ref>

==Financial system==
{{main|Central Bank of Armenia}}

{{see also|Central Depository of Armenia}}

===Foreign debt===
The amount of interest paid on the public debt rose significantly (from AMD 11 billion in 2008 to AMD 46.5 billion in 2013), as did the amount of principle repayments (from annual repayments of US$15–16 million in 2005-2008 exceeding US$150 million in 2013). This is a significant financial load on the state budget. Because of additional borrowings and lower concessionality of new loans, the burden might rise in the future years.<ref name="Waaniewski 2014"/>

In 2019, the Armenian government planned to obtain about $490 million in fresh loans rising public debt to about $7.5 billion. Just over $6.9 billion of that would be the government's debt.<ref name=":8">{{Cite news|url=https://www.azatutyun.am/a/29677662.html|title=Armenia's Public Debt To Rise Further In 2019|website=«Ազատ Եվրոպա/Ազատություն» ռադիոկայան|date=26 December 2018|language=hy|access-date=2019-05-04|last1=Harutyunyan|first1=Sargis|archive-date=2019-05-04|archive-url=https://web.archive.org/web/20190504091201/https://www.azatutyun.am/a/29677662.html|url-status=live}}</ref>

After reaching nearly 60.0 per cent of GDP, the public debt to GDP ratio decreased by approximately three percentage points in 2018 compared with a year before and stood at 55.7 per cent at the end of 2018.<ref name=":13">{{Cite web|url=https://2019.tr-ebrd.com/countries/|title=Countries {{!}} Transition Report 2019|language=en|access-date=2019-11-20|archive-date=2019-12-09|archive-url=https://web.archive.org/web/20191209165121/http://2019.tr-ebrd.com/countries/|url-status=live}}</ref>

The government's public debt at the end of 2019 stood at $6.94 billion, making 50.3% of its GDP.<ref>{{Cite web|url=http://arka.am/en/news/economy/in_2019_armenia_s_public_debt_to_make_50_3_of_its_gdp_/|title=In 2019, Armenia's public debt to make 50.3% of its GDP|website=arka.am|date=31 October 2019 |access-date=2019-11-05|archive-date=2019-11-05|archive-url=https://web.archive.org/web/20191105184418/http://arka.am/en/news/economy/in_2019_armenia_s_public_debt_to_make_50_3_of_its_gdp_/|url-status=live}}</ref>

In March 2019 sovereign debt was $5488 million, $86.5 million (about 2%) less than a year ago.<ref>{{Cite web|url=https://factor.am/150275.html|title=ՀՀ պետական պարտքը նվազել է 86.5 մլն դոլարով կամ գրեթե 2 տոկոսով &#124; Ֆակտոր տեղեկատվական կենտրոն|accessdate=9 November 2021|archive-date=27 October 2021|archive-url=https://web.archive.org/web/20211027161539/https://factor.am/150275.html|url-status=live}}</ref>

Other sources quote Armenia's debt at $10.8 billion in September 2018, possibly including non-public debt too.<ref>{{Cite web|url=https://www.ceicdata.com/en/indicator/armenia/external-debt|title=Armenia External Debt [2002 - 2019] [Data & Charts]|website=www.ceicdata.com|access-date=2019-05-04|archive-date=2017-06-12|archive-url=https://web.archive.org/web/20170612112545/https://www.ceicdata.com/en/indicator/armenia/external-debt|url-status=live}}</ref>

In 2018 debt-to-GDP ratio stood at 55.7% down from 58.7% in 2017.<ref>{{Cite web|url=https://www.ceicdata.com/en/indicator/armenia/government-debt--of-nominal-gdp|title=Armenia Government Debt: % of GDP [2002 - 2019] [Data & Charts]|website=www.ceicdata.com|access-date=2019-05-04|archive-date=2019-05-22|archive-url=https://web.archive.org/web/20190522181131/https://www.ceicdata.com/en/indicator/armenia/government-debt--of-nominal-gdp|url-status=live}}</ref>

Armenia revised the country's fiscal rules in 2018, setting a permissible threshold for public debt in the amount of 40, 50 and 60% of GDP. At the same time, it established that in case of force majeure situations such as natural disasters, wars, the government will be allowed to exceed this threshold.<ref>{{Cite web|url=https://www.finport.am/full_news.php?id=37976&lang=3|title=Vardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDP {{!}} Finport.am|website=www.finport.am|language=en|access-date=2019-05-04|archive-date=2021-05-06|archive-url=https://web.archive.org/web/20210506175622/https://finport.am/full_news.php?id=37976&lang=3|url-status=live}}</ref>

The debt rose by $863.5 million in 2016 and by another $832.5 million in 2017. It totalled just $1.9 billion  (13.5% of GDP) before the [[2008 financial crisis]] and the [[Great Recession]].<ref name=":8" /><ref name="Armenia_in_2010" />

===Exchange rate of national currency===
National Statistics Office publishes official reference exchange rates for each year.<ref>{{Cite web|url=http://www.armstat.am/am/?nid=12&id=17010|title=Ժամանակագրական շարքեր / Հայաստանի Հանրապետության Ազգային վիճակագրության ծառայություն|website=www.armstat.am|access-date=2018-02-18|archive-date=2020-08-04|archive-url=https://web.archive.org/web/20200804120757/https://www.armstat.am/am/?nid=12&id=17010|url-status=live}}</ref>
{{Chart|definition=Armenian dram exchange rate per USD.chart|data=Armenian dram exchange rate per USD.tab|caption = Armenian dram exchange rate per USD}}

=== Inflation ===
For 2023 the IMF forecasts inflation at 3.5%, which is below most neighbouring countries.<ref>{{cite web |title=World Economic Outlook (October 2023) - Inflation rate, average consumer prices |url=https://www.imf.org/external/datamapper/PCPIPCH@WEO/MECA/ARM |publisher=International Monetary Fund |access-date=18 October 2023 |location=Washington, D.C. |date=5 October 2023 |archive-date=4 April 2023 |archive-url=https://web.archive.org/web/20230404200606/https://www.imf.org/external/datamapper/PCPIPCH@WEO/MECA/ARM |url-status=live }}</ref>

The Armenian government projects inflation at 2.7% in 2019.<ref name=":12">{{Cite web|url=http://arka.am/en/news/economy/armenia_s_economy_is_expected_to_see_7_1_growth_in_2019_central_bank_official_says/|title=Armenia's economy is expected to see 7.1% growth in 2019, central bank official says|website=arka.am|date=5 November 2019 |access-date=2019-11-05|archive-date=2019-11-05|archive-url=https://web.archive.org/web/20191105184416/http://arka.am/en/news/economy/armenia_s_economy_is_expected_to_see_7_1_growth_in_2019_central_bank_official_says/|url-status=live}}</ref>

The inflation rate in Armenia in 2020 was 1.21 percent, a 0.23 percent decrease over 2019, in 2019 was 1.44 percent, a 1.08 percent decrease over 2018, in 2018 was 2.52 percent, up 1.55 percent from 2017 and in 2017 was 0.97 percent, a 2.37 percent rise from 2016.<ref>{{Cite web|url=https://www.macrotrends.net/countries/ARM/armenia/inflation-rate-cpi|title=Armenia Inflation Rate 1994-2021|website=www.macrotrends.net|access-date=2021-12-14|archive-date=2021-12-14|archive-url=https://web.archive.org/web/20211214101645/https://www.macrotrends.net/countries/ARM/armenia/inflation-rate-cpi|url-status=live}}</ref>

===Cash remittances===
[[File:Դիլիջան Ուսումնահետազոտական Կենտրոն 2.JPG|thumb|[[Central Bank of Armenia]]'s Educational Center in [[Dilijan]]]]

Cash remittances from Armenians working abroad — mostly in Russia and the United States — contribute significantly to Armenia's Gross Domestic Product making up 14% of GDP in 2018. They help Armenia sustain double-digit economic growth and finance its massive trade deficit.

In 2008 transfers reached record high of $2.3 billion. In 2015 they reached 10-year low at $1.6 billion. In 2018, they run at round $1.8 billion.  $0.8 billion were transferred in first half of 2019. According to [[Central Bank of Armenia|CBA]] their impact on economy is decreasing, as GDP grows at outperforming rate.<ref>{{Cite web |title=Armenia Economy, Politics and GDP Growth Summary - The Economist Intelligence Unit |url=https://country.eiu.com/armenia |access-date=2022-08-15 |website=country.eiu.com |archive-date=2022-08-15 |archive-url=https://web.archive.org/web/20220815133946/https://country.eiu.com/armenia |url-status=live }}</ref>

Net private transfers decreased in 2009, but saw a continuous increase during the first six months of 2010. Since private transfers from the Diaspora tend to be mostly injected into consumption of imports and not in high value-added sectors, the transfers have not resulted in sizeable increases in productivity.<ref name="Armenia_in_2010" />

According to the [[Central Bank of Armenia]], during the first half of 2008, cash remittances sent back to Armenia by Armenians working abroad rose by 57.5 percent and totaled US$668.6 million, equivalent to 15 percent of the country's first-half Gross Domestic Product.<ref name="ArmeniaLib-Aug5-08">[http://www.armenialiberty.org/armeniareport/report/en/2008/08/4CC57703-F346-4E3C-8CA4-CD1E571BEC5A.ASP "Cash Transfers To Armenia Jump To New High"] {{Webarchive|url=https://web.archive.org/web/20081104153645/http://www.armenialiberty.org/armeniareport/report/en/2008/08/4CC57703-F346-4E3C-8CA4-CD1E571BEC5A.ASP |date=2008-11-04 }}, Armenia Liberty ([[RFE/RL]]), 5 August 2008.</ref> However, the latter figures only represent cash remittances processed through Armenian commercial banks. According to [[Radio Free Europe/Radio Liberty|RFE/RL]], comparable sums are believed to be transferred through non-bank systems, implying that cash remittances make up approximately 30 percent of Armenia's GDP in the first half of 2008.<ref name="ArmeniaLib-Aug5-08" />

In 2007 cash remittances through bank transfers rose by 37 percent to a record-high level of US$1.32 billion.<ref name="ArmeniaLib-Aug5-08"/> According to the Central Bank of Armenia, in 2005, cash remittances from Armenians working abroad reached a record-high level of $1 billion, which is worth more than one fifth of the country's 2005 GDP.<ref name="ArmLib-Feb-9-2006">[http://www.armenialiberty.org/armeniareport/report/en/2006/02/70759614-25c5-449b-8ed9-91ac340adc17.asp "Survey Highlights Armenia's Lingering Unemployment"] {{Webarchive|url=https://web.archive.org/web/20070613074225/http://www.armenialiberty.org/armeniareport/report/en/2006/02/70759614-25C5-449B-8ED9-91AC340ADC17.ASP |date=2007-06-13 }}, Armenia Liberty ([[RFE/RL]]), 9 February 2006.</ref>

=== Banking ===
{{main|List of banks in Armenia}}

[[File:Ameriabank Yerevan.jpg|thumb|[[Ameriabank]] headquarters in Yerevan]]

The central bank has set additional capital buffers in the banking sector. In force since April 2019, the regulator set three buffers exceeding the current capital adequacy requirement compliant with the Basel III regulation: a capital conservation buffer, a counter-cyclical capital buffer and a systemic risk buffer. Full implementation of the buffers over the course of the next few years will strengthen the financial sector's resistance to economic shocks and help increase the efficiency of macroprudential policies.<ref name=":13" />

Armenian banks' lending grew by 10 percent in 2019.<ref>{{Cite web|url=http://arka.am/en/news/business/armenian_banks_lending_in_2019_grows_by_10_percent_to_3_572_trillion_drams/|title=Armenian banks' lending in 2019 grows by 10 percent to 3.572 trillion. drams|website=arka.am|date=14 February 2020 |access-date=2020-02-24|archive-date=2020-02-24|archive-url=https://web.archive.org/web/20200224100911/http://arka.am/en/news/business/armenian_banks_lending_in_2019_grows_by_10_percent_to_3_572_trillion_drams/|url-status=live}}</ref>

=== Microfinance ===
The establishment of [[Microfinance institution]]s in Armenia was dependent on them making a complementary effort to fill the gap in the financial services sector. Its primary goal was to deal with the rising unemployment and poverty brought on by transitory shock. In this context, self-employment in the country emerged as one of the best options to unemployment. [[Commercial bank]]ing institutions in Armenia overlooked micro-business enterprises that lacked credit histories and sufficient funding. [[Microfinance]] has been proposed as an adaptable instrument to assist people in transition economies take advantage of new opportunities.<ref>{{Cite book |last1=Khachatryan |first1=Knar |url=https://www.findevgateway.org/sites/default/files/publications/files/microfinance_in_armenia_sector_characteristics_and_adaptation_strategies.pdf |title=Microfinance in Armenia: Sector characteristics and adaptation strategies |last2=Avetisyan |first2=Emma |last3=Teulon |first3=Frédéric |date=2014-01-01 |publisher=Department of Research, Ipag Business School Working Papers |edition=2014-406 |location=Paris |pages=13–14 |language=en |access-date=2022-12-14 |archive-date=2022-12-14 |archive-url=https://web.archive.org/web/20221214084422/https://www.findevgateway.org/sites/default/files/publications/files/microfinance_in_armenia_sector_characteristics_and_adaptation_strategies.pdf |url-status=live }}</ref>

==Government==
{{See also|State Revenue Committee (Armenia)}}

===Government revenues===
In August 2019 [[Moody's Investors Service]] upgraded Armenia to Ba3 rating with stable outlook.<ref>{{Cite web|url=https://www.moodys.com/research/Moodys-upgrades-Armenias-rating-to-Ba3-changes-outlook-to-stable--PR_404870|title=Moody's upgrades Armenia's rating to Ba3; changes outlook to stable from positive|date=2019-08-27|website=Moodys.com|language=en|access-date=2019-10-29|archive-date=2019-10-29|archive-url=https://web.archive.org/web/20191029120749/https://www.moodys.com/research/Moodys-upgrades-Armenias-rating-to-Ba3-changes-outlook-to-stable--PR_404870|url-status=live}}</ref>

According to the National Statistical Service, Armenia's government debt stood at AMD 3.1 trillion (about $6,4 billion, including $5,1 billion of external debt) as of 30 November 2017. Armenia's debt-to-GDP ratio will drop by 1% in 2018 according to finance minister.<ref>{{Cite news|url=http://www.panarmenian.net/eng/news/250628/|title=Armenia debt-to-GDP ratio to drop 1% in 2018, minister says|work=PanARMENIAN.Net|access-date=2018-03-22|archive-date=2018-03-23|archive-url=https://web.archive.org/web/20180323030601/http://www.panarmenian.net/eng/news/250628/|url-status=live}}</ref>

In Armenia's external debt ($5.5 billion as of 1 January 2018), the arrears for multi-country credit programs dominate – 66.2% or $3.6 billion, followed by debt on bilateral loan programs - 17.5% or $958.9 million and investments of non-residents in Armenian Eurobonds – 15,4% or $844.9 million.<ref>{{Cite news|url=http://finport.am/full_news.php?id=33971&lang=3|title=Armenia's external debt is mainly concentrated on loans of international financial organizations {{!}} Finport.am|access-date=2018-03-22|language=en|archive-date=2021-05-07|archive-url=https://web.archive.org/web/20210507124755/https://finport.am/full_news.php?id=33971&lang=3|url-status=live}}</ref>

For the whole Armenian economy and international commerce, 2020 was a year of decline. In a variety of areas Armenian commodities are being exported and imported at a lower rate. According to the Armenian Statistical Committee, Armenia exported goods worth $2.544 billion in 2020, a fall of 3.9 percent from 2019. Armenia imported items worth 4.559 billion dollars in 2020, down 17.7% from the previous year. The volume of Armenia's international trade has varied throughout the previous 10 years.<ref>{{Cite web|title=2020 - Armenia's Top 10 Foreign Trade Partners|url=https://hetq.am/en/article/128368|access-date=2021-12-11|website=Hetq.am|date=10 March 2021 |language=en|archive-date=2021-12-11|archive-url=https://web.archive.org/web/20211211155418/https://hetq.am/en/article/128368|url-status=live}}</ref>

===Taxation===
{{main|Taxation in Armenia}}

{{See also|Armenian Tax Service}}

==== Employee income tax ====
From 1 January 2020, Armenia will switch to a flat income taxation system, which, regardless of the amount will tax wages at 23%. Moreover, until 2023 the taxation rate will gradually decrease from 23% to 20%.<ref name=":11">{{Cite web|url=https://finport.am/full_news.php?id=38733&lang=3|title=Armenian parliament adopted amendments to Tax Code: changes are aimed at improving the competitiveness of the national economy {{!}} Finport.am|website=finport.am|language=en|access-date=2019-10-29|archive-date=2021-04-29|archive-url=https://web.archive.org/web/20210429084228/https://finport.am/full_news.php?id=38733&lang=3|url-status=live}}</ref>

==== Corporate income tax ====
The reform adopted in June 2019 aims to boost medium-term economic activity and to increase tax compliance. Among other measures, the corporate income tax was reduced by two percentage points to 18.0 per cent and the tax on dividends for non-resident organisations halved to 5.0 per cent.<ref name=":13" />

====Special taxation for small business====
From 1 January 2020, the republic will abandon two alternative tax systems - self-employed and family entrepreneurship. They will be replaced by micro-entrepreneurship with a non-taxable threshold of up to 24 million drams. Business entities that carry out specialized activities, in particular, accounting, advocacy, and consulting will not be considered as micro-business entities. Micro business will be exempted from all types of taxes other than income tax, which will be 5 thousand drams per employee.<ref name=":11" />

====Value-added tax====
Over half of the tax revenues in January–August 2008 were generated from [[value-added tax]]es (VAT) of 20%. By comparison, corporate profit tax generated less than 16 percent of the revenues.<ref name="ArmLib-Oct14-2008-Tax">[http://www.armenialiberty.org/armeniareport/report/en/2008/10/A7925A64-775F-40AF-99A4-8B22C65C89C8.ASP "Government Keeps Up Strong Growth In Tax Revenues"] {{Webarchive|url=https://web.archive.org/web/20231109221932/https://www.azatutyun.am/a/1597777.html |date=2023-11-09 }}, Armenia Liberty ([[RFE/RL]]), 14 October 2008.</ref> This suggests that tax collection in Armenia is improving at the expense of ordinary citizens, rather than wealthy citizens (who have been the main beneficiaries of Armenia's double-digit economic growth in recent years).<ref name="ArmLib-Oct14-2008-Tax" />

VAT (Value Added Tax): In Armenia, VAT-paying individuals subtract the VAT paid on their inputs from the VAT levied on their sales and account to the tax authorities for the difference. The standard rate of VAT on domestic sales of goods and services, as well as imports importation, is 20%. Exports of products and services are not taxed.<ref>{{Cite web|title=General Taxation Overview Armenia - ILex Law Firm Armenia|url=https://www.ilex.am/en/2-ilex/189-general-taxation-overview-armenia.html|access-date=2021-12-11|website=www.ilex.am|archive-date=2021-12-11|archive-url=https://web.archive.org/web/20211211221017/https://www.ilex.am/en/2-ilex/189-general-taxation-overview-armenia.html|url-status=live}}</ref>

==Foreign trade, direct investments, and aid==
===Foreign trade===
====Exports====
{{Clear}}
{{Chart|definition=Armenian exports in million USD.chart|data=Armenian exports in million USD.tab}}
{{Div flex row}}
{{#invoke:Chart|pie chart
| radius = 160
| slices = 
    ( 692 : minerals : black )
    ( 531 : food : green )
    ( 130.6: textile : blue )
    ( 289.6 : precious metals and products of these : gold )
    ( 177.5 : non-precious metals and products of these : gray )
    ( 321.8 : other exports:<ref name="2017trade"/> magenta )
| units suffix = _million_USD
| percent = true
}}
{{#invoke:Chart|pie chart
| radius = 160
| slices = 
    ( 12.8 : Bulgaria : green )
    ( 5.9 : Germany : gold )
    ( 4.0 : Netherlands : cyan )
    ( 5.5 : Other EU countries : navy )
    ( 12.0 : Switzerland )
    ( 3.1 : United States : red )
    ( 24.1 : Russia : blue )
    ( 1.7 : Other CIS countries : Tomato )
    ( 6.9 : Georgia : brown )
    ( 5.5 : China : yellow )
    ( 3.8 : Iran : DimGray )
    ( 5.4 : Iraq : gray )
    ( 4.6 : UAE : black )
    ( 4.7 : exports to other countries:<ref name="2017trade"/> LightSteelBlue )
| units suffix = %
}}
{{Div flex row end}}
{{Clear}}According to the National Statistical Committee, in 2018, exports amounted to $2.411.9 billion, having grown by 7.8% from the previous year.<ref>{{Cite web|url=http://arka.am/en/news/economy/exports_of_products_and_services_last_year_grew_to_38_of_armenia_s_gdp/|title=Exports of products and services last year grew to 38% of Armenia's GDP|website=ARKA News Agency|date=8 February 2019 |access-date=2019-05-04|archive-date=2019-05-04|archive-url=https://web.archive.org/web/20190504080529/http://arka.am/en/news/economy/exports_of_products_and_services_last_year_grew_to_38_of_armenia_s_gdp/|url-status=live}}</ref> After a boom of almost 93% in 2022, the IMF expects exports of goods and services to grow by 22% in 2023 and 8% in 2024.<ref>{{cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=TX_RPCH,TXG_RPCH,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=International Monetary Fund |access-date=18 October 2023 |location=Washington, D.C. |date=5 October 2023 |archive-date=30 October 2023 |archive-url=https://web.archive.org/web/20231030045347/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=TX_RPCH,TXG_RPCH,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |url-status=live }}</ref>

The goods export structure changed considerably in 2018 as the export of the traditional mining sector decreased while the share of textiles, agriculture and precious metals increased.<ref name="auto1">{{cite journal |title=Country Economic Update Winter 2019 |journal=The World Bank Group |date=1 March 2019 |url=http://documents.worldbank.org/curated/en/270691552624070040/pdf/135313-WP-PUBLIC-14-3-2019-18-42-30-CEUMARARMENGWeb.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://documents.worldbank.org/curated/en/270691552624070040/pdf/135313-WP-PUBLIC-14-3-2019-18-42-30-CEUMARARMENGWeb.pdf |archive-date=2022-10-09 |url-status=live |access-date=12 May 2019}}</ref>

Geographical location of the country and relatively low electricity costs are comparative advantages supporting to boost the production of the textile and leather products in Armenia.<ref>{{Cite web|title=Armenian Business Briefs|url=https://bizpages.org/countries--AM--Armenia|url-status=live|archive-url=https://web.archive.org/web/20200420203645/https://bizpages.org/countries--AM--Armenia |archive-date=2020-04-20 }}</ref> Proximity to Europe in comparison with manufacturers in East Asia creates opportunity to strengthen Armenia's position as contract manufacturing destination for European brands. Foreign companies that put orders to Armenian companies are mainly famous European brands, particularly, from Italy (La Perla, SARTIS, VERSACE etc.) and Germany (LEBEK International Fashion, KUBLER Bekleidungswerk). With the Armenia's entry into Eurasian Economic Commission, the opportunity to increase its presence with textile and leather production raised also in the countries of Eurasian Economic Commission as no customs duty applies to Armenian products in the export markets within the customs union.<ref>{{Cite web|url=http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|title=Armenia Investment Map|accessdate=9 November 2021|archive-date=12 May 2019|archive-url=https://web.archive.org/web/20190512194236/http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|url-status=live}}</ref>

According to the study "Regional and International Trade of Armenia",<ref name="auto2">{{cite web |url=http://www.aea.am/files/papers/w1103.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.aea.am/files/papers/w1103.pdf |archive-date=2022-10-09 |url-status=live |title=Regional and International Trade of Armenia: Perspectives and Potentials |website=www.aea.am}}</ref> authors investigated the trade potential of [[Armenia]] for different product groups by employing a [[gravity model of trade]] approach. The study explored Armenia's trade flows to 139 countries for the period of 2003 to 2007. According to the results of the paper, the authors concluded that "Armenia has exceeded its export potential almost with all the [[Commonwealth of Independent States|CIS countries]]". In addition, the authors concluded that the most perspective product groups of Armenian export tend to be "Industrial products", "Food and beverages" and "Consumer goods".<ref name="auto2"/> On the other hand, the paper "The effects of exchange rate volatility on exports: evidence from Armenia" analyzes the effect of Armenian floating exchange rate regime and exchange rate volatility on Armenian exports to Russia. According to the paper exchange rate volatility has long-run and short-run negative effects on exports. Moreover, authors stated that high exchange rate risk resulted in decreasing exports to Russia.<ref>{{Cite journal |doi = 10.1080/13504851.2017.1418064|title = The effects of exchange rate volatility on exports: Evidence from Armenia|journal = Applied Economics Letters|volume = 25|issue = 18|pages = 1266–1268|year = 2018|last1 = Barseghyan|first1 = Gayane|last2 = Hambardzumyan|first2 = Hayk|s2cid = 158406216}}</ref>

According to most recent (2019 Jan-Feb compared to 2018 Jan-Feb) ArmStat calculations,<ref>{{Cite web|url=https://www.facebook.com/hpatvakanyan/posts/10211891076627262|title=Hovsep Patvakanyan|website=www.facebook.com|language=en|access-date=2019-05-09|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109221956/https://www.facebook.com/hpatvakanyan/posts/10211891076627262|url-status=live}}</ref> biggest growth in export quantities was measured towards Turkmenistan by 23.6 times (from $37K to $912K), Estonia by 15 times (from $8.4K to $136.5K) and Canada by 11.5 times (from $623K to $7.8 mln). Meanwhile, exports to Russia, Germany, USA and UAE dropped.

====Imports====
In 2017 Armenia imported $3.96B, making it the 133rd largest importer in the world. During the last five years the imports of Armenia have decreased at an annualized rate of -1.2%, from $3.82B in 2012 to $3.96B in 2017. The most recent imports are led by Petroleum Gas which represent 8.21% of the total imports of Armenia, followed by Refined Petroleum, which account for 5.46%. Armenia's main imports are oil, natural gas, cereals, rubber manufactures, cork and wood, and electrical machinery. Armenia's main imports partners are Russia, China, Ukraine, Iran, Germany, Italy, Turkey, France and Japan.<ref>{{cite web| url = https://atlas.media.mit.edu/en/profile/country/arm/#Imports| title = OEC - The Observatory of Economic Complexity {{!}} OEC - The Observatory of Economic Complexity| access-date = 2019-05-12| archive-date = 2019-04-10| archive-url = https://web.archive.org/web/20190410192146/https://atlas.media.mit.edu/en/profile/country/arm/#Imports| url-status = live}}</ref>

The European Union (28.7% of total exports), Russia (26.9%), Switzerland (14.1%), and Iraq (14.1%) are Armenia's largest export partners (6.3 percent ). The Russian Federation is the most important import partner (26.2%), followed by the EU (22.6%), China (13.8%), and Iran (13.8%). (5.6 percent ). After the 2008 Russian-Georgian conflict, which briefly halted the nation's hydrocarbon supply and exposed the country's energy vulnerabilities, the country has been looking for other energy sources. Tensions with its neighbors, notably Azerbaijan and Turkey, continue to exist, affecting commerce. Armenia's ties to Russia, as well as its membership in the Eurasian Economic Union, constrain the country's potential to integrate further with the EU.<ref>{{Cite web|title=Foreign trade figures of Armenia - Economic and Political Overview - International Trade Portal International Trade Portal|url=https://www.lloydsbanktrade.com/en/market-potential/armenia/trade-profile|access-date=2021-12-11|website=www.lloydsbanktrade.com|language=en|archive-date=2021-12-11|archive-url=https://web.archive.org/web/20211211200522/https://www.lloydsbanktrade.com/en/market-potential/armenia/trade-profile|url-status=live}}</ref>

Imports in 2017 amounted to $4.183 billion, up 27.8% from 2016.<ref name="hetq2017foreigntrade">{{Cite news|url=http://hetq.am/eng/news/85251/armenia-foreign-trade-deficit-$194-billion-in-2017.html|title=Armenia: Foreign Trade Deficit $1.94 Billion in 2017 - Hetq.am|access-date=2018-02-08|language=en|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109222038/https://hetq.am/en/article/85251|url-status=live}}</ref><ref name="Armstat-2018.01.25-en" />

In 2018 the country's structural trade imbalance was predicted to be 15.7 percent of GDP (World Bank). According to World Trade Organization data, Armenia exported commodities worth US$2.4 billion in 2018, up 7% from the previous year, and imported goods worth US$4.9 billion, up 18%. In terms of services, the country exported US$2 billion in 2018 and imported US$2.1 billion.<ref>{{Cite web|title=Foreign trade figures of Armenia - Economic and Political Overview - International Trade Portal International Trade Portal|url=https://www.lloydsbanktrade.com/en/market-potential/armenia/trade-profile#:~:text=According%20to%20figures%20by%20WTO,it%20imported%20USD%202.1%20billion.|access-date=2021-12-11|website=www.lloydsbanktrade.com|language=en|archive-date=2021-12-11|archive-url=https://web.archive.org/web/20211211200522/https://www.lloydsbanktrade.com/en/market-potential/armenia/trade-profile#:~:text=According%20to%20figures%20by%20WTO,it%20imported%20USD%202.1%20billion.|url-status=live}}</ref>

The global economic crisis has had less impact on imports because the sector is more diversified than exports. In the first nine months of 2010, imports grew about 19 percent, just about equal to the decline of the same sector in 2009.<ref name="Armenia_in_2010" />

====Deficit====
According to the National Statistical Service foreign trade deficit amounted to US$1.94 billion in 2017.<ref name="foreignsector2017">{{cite web|title=Foreign sector of economy in 2017 - Armstat|url=http://www.armstat.am/file/article/sv_12_17r_411.pdf|website=Armstat|language=ru|access-date=2018-02-28|archive-date=2018-03-01|archive-url=https://web.archive.org/web/20180301044259/http://www.armstat.am/file/article/sv_12_17r_411.pdf|url-status=live}}</ref>
{{Clear}}The current account deficit represented 2.4 percent of GDP in 2017 and increased up to 8.1 percent of GDP during the first three quarters of 2018. This was a result of about 8 percent increase in goods export and 21 percent increase on goods import in nominal terms year on year in 2018.<ref name="auto1"/>

Armenia's foreign trade turnover increased by 11.6 percent in January–May 2021, compared to an 11.2 percent decline a year earlier, owing to a reversal of the y-o-y dynamics of exports and imports from 8.1 to 12.8 percent decline to 20.8-6.7 percent growth, according to preliminary data from the RA Statistical Committee. As a consequence, Armenia's foreign trade turnover reached 1.5 trillion drams ($2.9 billion), with exports totaling 567.4 billion drams ($1.1 billion) and imports being 931.8 billion drams ($1.8 billion), resulting in a 364.4 billion drams ($695 million) international trade deficit. Foreign trade turnover climbed by 3.9 percent in May 2021, resulting to a 7.9% increase in exports and a minimal 1.5 percent increase in imports. As a consequence, Armenia's international trade deficit in May 2021 was 83.4 billion drams ($160 million), decreasing 7.4% from the same month in 2020. (by 21.1 percent ). Foreign trade turnover increased by 13% year over year in May 2020, due to a 30.7 percent increase in exports and a moderate 4.3 percent increase in imports.<ref>{{Cite web|last=Badalian|first=Naira|date=26 June 2021|title=Armenia's foreign trade deficit increased by 33% per annum in May 2021|url=https://finport.am/full_news.php?id=44297&lang=3|url-status=live|access-date=12 December 2021|website=finport.am|archive-url=https://web.archive.org/web/20211211201938/https://finport.am/full_news.php?id=44297&lang=3 |archive-date=2021-12-11 }}</ref>
[[File:Current Account Balance .png|thumb|alt=|300x300px]]

===Partners===
====European Union====
{{See also|Armenia-EU Comprehensive and Enhanced Partnership Agreement|European Business Association (Armenia)}}
In 2022 Armenia's bilateral trade with the EU topped $2.3 billion, making the EU one of Armenia's biggest and most important economic partners.<ref>{{Cite web|url=https://www.civilnet.am/en/news/692603/as-armenia-eu-trade-blooms-armenian-exporters-look-to-new-opportunities/#:~:text=Armenia's%20bilateral%20trade%20with%20the,and%20most%20important%20economic%20partners.|title=As Armenia-EU trade blooms, Armenian exporters look to new opportunities|website=[[civilnet.am]]|date=21 February 2023|access-date=20 March 2023|archive-date=28 March 2023|archive-url=https://web.archive.org/web/20230328000409/https://www.civilnet.am/en/news/692603/as-armenia-eu-trade-blooms-armenian-exporters-look-to-new-opportunities/#:~:text=Armenia's%20bilateral%20trade%20with%20the,and%20most%20important%20economic%20partners.|url-status=live}}</ref>

EU-Armenia trade increased by 15% in 2018 reaching a total value of €1.1 billion.<ref>{{Cite web|url=https://armenpress.am/eng/news/975571.html|title=EU-Armenia Partnership Implementation Report: EU is a crucial partner for Armenia's reform agenda|website=armenpress.am|date=21 May 2019 |access-date=2022-06-21|archive-date=2020-09-28|archive-url=https://web.archive.org/web/20200928115755/https://armenpress.am/eng/news/975571.html/|url-status=live}}</ref>

In 2017 EU countries accounted for 24.3 percent of Armenia's foreign trade.<ref name=":2">{{Cite news|url=https://hetq.am/hy/article/85410|title=Արտաքին առևտուր. Հայաստանի TOP 10 գործընկերները 2017 թվականին|language=hy|access-date=2022-12-29|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109221933/https://hetq.am/hy/article/85410|url-status=live}}</ref> Whereby exports to EU countries grew by 32,2% to $633 million.<ref name=":3">{{Cite web|url=http://arka.am/ru/news/economy/eksport_armenii_po_itogam_2017_goda_sostavil_2_242_9_mln_rost_stal_maksimalnym_za_5_let/|title=Экспорт Армении по итогам 2017 года составил $2 242.9 млн., рост стал максимальным за 5 лет|website=arka.am|date=31 January 2018 |access-date=2018-02-08|archive-date=2018-02-09|archive-url=https://web.archive.org/web/20180209002827/http://arka.am/ru/news/economy/eksport_armenii_po_itogam_2017_goda_sostavil_2_242_9_mln_rost_stal_maksimalnym_za_5_let/|url-status=live}}</ref>

In 2010 EU countries accounted for 32.1 percent of Armenia's foreign trade.<ref name="Armenia_in_2010" /> Germany is Armenia's largest trading partner among EU member states, accounting for 7.2 percent of trade; this is due largely to mining exports. Armenian exports to EU countries have skyrocketed by 65.9 percent, making up more than half of all 2010 January to September exports. Imports from EU countries increased by 17.1 percent, constituting 22.5 percent of all imports.<ref name="Armenia_in_2010" />

During January–February 2007, Armenia's trade with the [[European Union]] totaled $200 million.<ref name="ArmeniaLib-Mar-30-2007">[http://www.armenialiberty.org/armeniareport/report/en/2007/03/43d15c73-f5fe-49e8-a4ce-2d4234f33cf6.asp "Armenia Keeps Up Robust Growth"] {{Webarchive|url=https://web.archive.org/web/20231109221933/https://www.azatutyun.am/a/1587530.html |date=2023-11-09 }}, Armenia Liberty ([[RFE/RL]]), 30 March 2007.</ref> During the first 11 months of 2006, the European Union remained Armenia's largest trading partner, accounting for 34.4 percent of its $2.85 billion commercial exchange during the 11-month period.<ref name="ArmLib-Jan-8-2007">[http://www.armenialiberty.org/armeniareport/report/en/2007/01/4b0b1a8a-57d2-4bfe-80a7-fe750c1c3ce9.asp "Armenia Posts Record-High Trade Deficit"] {{Webarchive|url=https://web.archive.org/web/20070223143516/http://www.armenialiberty.org/armeniareport/report/en/2007/01/4B0B1A8A-57D2-4BFE-80A7-FE750C1C3CE9.ASP |date=2007-02-23 }}, Armenia Liberty ([[RFE/RL]]), 8 January 2007.</ref>

====Russia and former Soviet republics====
On 14 October 2024, Armenia notified its ratification of the [[Commonwealth of Independent States Agreement on Free Trade in Services, Establishment, Operations and Investment]], which entered into force on 13 November 2024 for Armenia.<ref>{{Cite web|url=https://cis.minsk.by/reestrv2/print/documentCard?ids=6738|title=ÐÐ´Ð¸Ð½ÑÐ¹ ÑÐµÐµÑÑÑ Ð¿ÑÐ°Ð²Ð¾Ð²ÑÑ Ð°ÐºÑÐ¾Ð² Ð¸ Ð´ÑÑÐ³Ð¸Ñ Ð´Ð¾ÐºÑÐ¼ÐµÐ½ÑÐ¾Ð² Ð¡Ð¾Ð´ÑÑÐ¶ÐµÑÑÐ²Ð° ÐÐµÐ·Ð°Ð²Ð¸ÑÐ¸Ð¼ÑÑ ÐÐ¾ÑÑÐ´Ð°ÑÑÑÐ²}}</ref>

In the first quarter of 2019, share of Russia in foreign trade turnover fell to 11% from 29% from the previous year.<ref>{{Cite web|url=https://news.am/eng/news/510449.html|title=Armenian economist on fall of Russian-Armenian trade turnover|website=news.am|language=en|access-date=2019-05-02|archive-date=2019-05-02|archive-url=https://web.archive.org/web/20190502120814/https://news.am/eng/news/510449.html|url-status=live}}</ref>

In 2017, CIS countries accounted for 30 percent of Armenia's foreign trade.<ref name=":2" /> Exports to CIS countries rose by 40,3% to $579,5 million.<ref name=":3" />

Bilateral trade with Russia stood at more than $700 million for the first nine months of 2010 – on track to rebound to $1 billion mark first reached in 2008 prior to the global economic crisis.<ref name="Armenia_in_2010" />

During January–February 2007, Armenia's trade with Russia and other [[former Soviet republics]] was $205.6 million (double the amount from the same period the previous year), making them the country's number one trading partner.<ref name="ArmeniaLib-Mar-30-2007"/> During the first 11 months of 2006, the volume of Armenia's trade with Russia was $376.8 million or 13.2 percent of the total commercial exchange.<ref name="ArmLib-Jan-8-2007"/>

====China====
In 2017 trade with China grew by 33.3 percent.<ref name=":2" />

As of early 2011 trade with China is dominated by imports of Chinese goods and accounts for about 10 percent of Armenia's foreign trade.<ref name="ArmLib-Feb-17-2011">[http://www.azatutyun.am/content/article/2312784.html ''Chinese FM Visits Armenia, Urges Closer Ties''] {{Webarchive|url=https://web.archive.org/web/20110219093806/http://www.azatutyun.am/content/article/2312784.html |date=2011-02-19 }}, Armenia Liberty ([[RFE/RL]]), 17 February 2011.</ref> The volume of Chinese-Armenian trade soared by 55 percent to $390 million in January–November 2010. Armenian exports to China, though still modest in absolute terms, nearly doubled in that period.<ref name="ArmLib-Feb-17-2011" />

====Iran====
Armenia's trade with Iran grew significantly from 2015 and 2020. Because Armenia's land borders to the east and west have been closed by the governments of Turkey and Azerbaijan, domestic firms have looked to Iran as a key economic partner. In 2020, trade between the countries exceeded $300 million.<ref name=":17">{{Cite web|date=2021-01-26|title=Trade between Iran, Armenia can reach $1b annually: Minister|url=https://en.irna.ir/news/84200385/Trade-between-Iran-Armenia-can-reach-1b-annually-Minister|access-date=2021-03-07|website=IRNA English|language=en|archive-date=2021-02-25|archive-url=https://web.archive.org/web/20210225070421/https://en.irna.ir/news/84200385/Trade-between-Iran-Armenia-can-reach-1b-annually-Minister|url-status=live}}</ref> The number of Iranian tourists has risen in recent years, with an estimated 80,000 Iranian tourists in 2010.<ref name="Armenia_in_2010"/> In January 2021, Iran's finance minister Farhad Dejpasand said that trade between the two countries could reach $1 billion annually as Iran looks to become a regional economic force.<ref name=":17" />

====United States====
From January to September 2010, bilateral trade with the United States was about $150 million, on track for about a 30 percent increase over 2009.<ref name="Armenia_in_2010" /> An increase in Armenia's exports to the US in 2009 and 2010 has been due to shipments of aluminum foil.<ref name="Armenia_in_2010" />

During the first 11 months of 2006 US–Armenian trade totaled $152.6 million.<ref name="ArmLib-Jan-8-2007" />

====Georgia====
The volume of Georgian–Armenian trade remains modest in both relative and absolute terms. According to official Armenian statistics it rose by 11 percent to $91.6 million in January–November 2010. The figure was equivalent to just over 2 percent of Armenia's overall foreign trade.<ref name="ArmLib-Feb-16-2011">[http://www.azatutyun.am/content/article/2311549.html ''Armenia, Georgia Agree On Joint Border Control''] {{Webarchive|url=https://web.archive.org/web/20110219015947/http://www.azatutyun.am/content/article/2311549.html |date=2011-02-19 }}, Armenia Liberty ([[RFE/RL]]), 16 February 2011.</ref>

====Turkey====
In 2019 the volume of bilateral trade with Turkey was about $255 million, with trade taking place across Georgian territory.<ref>{{cite web| url=https://oec.world/en/profile/bilateral-country/tur/partner/arm#:~:text=Bilateral%20Trade%20by%20Products,-%23permalink%20to%20section&text=In%202019%2C%20Turkey%20exported%20%24255M%20to%20Armenia.,-The%20main%20products&text=(%2410.4M).-,During%20the%20last%2022%20years%20the%20exports%20of%20Turkey%20to,exported%20%244.86M%20to%20Turkey.,| title=Bilateral Trade by Products Turkey-Armenia| access-date=17 February 2022| archive-date=18 February 2022| archive-url=https://web.archive.org/web/20220218124419/https://oec.world/en/profile/bilateral-country/tur/partner/arm#:~:text=Bilateral%20Trade%20by%20Products,-%23permalink%20to%20section&text=In%202019%2C%20Turkey%20exported%20%24255M%20to%20Armenia.,-The%20main%20products&text=(%2410.4M).-,During%20the%20last%2022%20years%20the%20exports%20of%20Turkey%20to,exported%20%244.86M%20to%20Turkey.,| url-status=live}}</ref>  This figure is not expected to increase significantly so long as the land border between the Armenia and Turkey remains closed.<ref name="Armenia_in_2010" />

===Foreign direct investments===
[[Armenia]] [[International Investment Agreements of Armenia|has concluded a number of]] [[Bilateral Investment Treaties]] (BITs), [[Treaties with Investment Provisions]] (TIPs) and [[Investment Related Instruments]] (IRIs) according to the database of [[UN Trade and Development|UNCTAD]].<ref>{{cite web | title=Armenia &#124; International Investment Agreements Navigator &#124; UNCTAD Investment Policy Hub | url=https://investmentpolicy.unctad.org/international-investment-agreements/countries/9/armenia }}</ref>

Between 40%-53% of all [[foreign direct investment]]s in Armenia between 1988 and 2022 originate from Russia.<ref>{{Cite web |last=Nazaretyan |first=Hovhannes |date=2023-07-07 |title=Armenia's Economic Dependence on Russia: How Deep Does It Go? |url=https://evnreport.com/economy/armenias-economic-dependence-on-russia-how-deep-does-it-go/ |access-date=2025-06-03 |website=EVN Report |language=en-US}}</ref> Foreign direct investment (FDI) into Armenia decreased by US$2.7 million in December 2020, compared to a reduction of US$10.3 million the previous quarter.

Armenia foreign direct investment: USD mn Net Flows data is available from March 1993 through December 2020, and is updated quarterly.

The statistics ranged from a high of US$425.9 million in December 2008 to a low of –67.6 USD mn in December 2014.

Armenia's current account surplus is US$51.7 million in December 2020, according to the most recent statistics.

-In June 2021, Armenian Direct Investment Abroad increased by 12.8 million dollars.

-In June 2021, it boosted its Foreign Portfolio Investment by $14.6 million.

-In December 2020 the country's nominal GDP was reported to be 3.8 billion dollars.<ref>{{Cite web|title=Armenia Foreign Direct Investment, 1993 – 2021 {{!}} CEIC Data|url=https://www.ceicdata.com/en/indicator/armenia/foreign-direct-investment|access-date=2021-12-11|website=www.ceicdata.com|archive-date=2021-12-11|archive-url=https://web.archive.org/web/20211211220202/https://www.ceicdata.com/en/indicator/armenia/foreign-direct-investment|url-status=live}}</ref>

====Yearly FDI figures====
{{align|right|
{{Chart|definition=Armenian foreign direct investments in million USD.chart|data=Armenian foreign direct investments in million USD.tab}}
}}Despite robust economic growth [[foreign direct investment]] (FDI) in Armenia remain low as of 2018.<ref name=":0">{{Cite news|url=https://www.azatutyun.am/a/29150307.html|title=Foreign Investment In Armenia Down In 2017|website=«Ազատ Եվրոպա/Ազատություն» ռադիոկայան|date=6 April 2018|language=hy|access-date=2018-04-18|last1=Harutyunyan|first1=Sargis|archive-date=2018-04-18|archive-url=https://web.archive.org/web/20180418162041/https://www.azatutyun.am/a/29150307.html|url-status=live}}</ref><ref name=":1">{{Cite web|url=http://www.armstat.am/file/article/sv_02_18r_420.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_02_18r_420.pdf |archive-date=2022-10-09 |url-status=live|title=Foreign investments in 2017 – armstat.am|language=ru}}</ref><ref>{{Cite web|url=http://arka.am/ru/news/economy/pravitelstvo_armenii_namereno_dovesti_uroven_kapitalnykh_investitsiy_do_23_ot_vvp_ministr/|title=Правительство Армении намерено довести уровень капитальных инвестиций до 23% от ВВП – министр|website=ARKA News Agency|date=3 May 2019 |access-date=2019-05-04|archive-date=2019-05-04|archive-url=https://web.archive.org/web/20190504080534/http://arka.am/ru/news/economy/pravitelstvo_armenii_namereno_dovesti_uroven_kapitalnykh_investitsiy_do_23_ot_vvp_ministr/|url-status=live}}</ref>

in January–September 2019 the net flow of direct foreign investment in the real sector of the Armenian economy stood at about $267 million.<ref>{{Cite web|url=http://arka.am/en/news/economy/economist_armenia_s_authorities_should_not_expect_influx_of_foreign_investment_in_near_future/|title=Economist: Armenia's authorities should not expect influx of foreign investment in near future|website=arka.am|access-date=2020-02-24|archive-date=2020-02-24|archive-url=https://web.archive.org/web/20200224100909/http://arka.am/en/news/economy/economist_armenia_s_authorities_should_not_expect_influx_of_foreign_investment_in_near_future/|url-status=live}}</ref>
{| class="wikitable"
|+FDI inward flows as percentage of gross fixed capital formation<ref name=":14">{{Cite web|url=https://unctad.org/sections/dite_dir/docs/wir2019/wir19_fs_am_en.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://unctad.org/sections/dite_dir/docs/wir2019/wir19_fs_am_en.pdf |archive-date=2022-10-09 |url-status=live|title=World Investment Report 2019 – Country Report – Armenia|accessdate=9 November 2021}}</ref>
!Year
!Armenia
!Georgia
!South-East Europe and the CIS
!World
|-
|2005–2007 p.a. average
|20.0%
|
|
|
|-
|2016
|17.6%
|35.9%
|15.8%
|10.2%
|-
|2017
|11.4%
|42.3%
|9.6%
|7.5%
|-
|2018
|9.5%
|25.3%
|6.4%
|6.0%
|}
[[Jersey]] was the main source of FDI in 2017. Moreover, combined net FDI from all other sources was negative, indicating capital outflow.<ref name=":1" /> The tax haven Jersey is home to an Anglo-American company, [[Lydian International]], which is currently building a controversial massive gold mine in the southeastern [[Vayots Dzor Province]]. Lydian has pledged to invest a total of $370 million in the Amulsar gold mine.<ref name=":0" />

{| class="wikitable"
!Country
(with FDI net flow

exceeding 1 billion AMD)
!Net flow of FDI<br />in 2017,
in billion AMD<ref name=":1" />
!Net flow of FDI
in 9 months of 2018,

in billion AMD<ref name=":5">{{Cite news|url=http://arka.am/en/news/economy/net_foreign_direct_investment_in_armenia_s_real_sector_in_9_months_amount_to_59_8_billion_drams/|title=Net foreign direct investment in Armenia's real sector in 9 months amount to 59.8 billion drams|work=ARKA News Agency|access-date=2018-12-03|archive-date=2018-12-02|archive-url=https://web.archive.org/web/20181202044002/http://arka.am/en/news/economy/net_foreign_direct_investment_in_armenia_s_real_sector_in_9_months_amount_to_59_8_billion_drams/|url-status=live}}</ref><ref>{{Cite web|url=https://www.armstat.am/file/article/sv_10_18a_420.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_10_18a_420.pdf |archive-date=2022-10-09 |url-status=live|title=Օտարերկրյա ներդրումները 2018 թվականի հունվար-սեպտեմբերին|accessdate=9 November 2021}}</ref>
|-
|Jersey
|108
|20.6
|-
|Germany
|14
|14.3
|-
|Netherlands
|3
|0.4
|-
|Argentina
|3
|1.72
|-
|UK
|2
|1.31
|-
|Hungary
|2
|0
|-
|Ireland
|0.6
|0.6
|-
|Cyprus
|  −1
|1.76
|-
|France
|  −6
| −2
|-
|Lebanon
|  −7
|3.4
|-
|Russia
|  −12
|11.7
|-
|Luxembourg
|  −22
| −1
|-
|Italy
| −0.68
| −0.5
|-
|USA
|0.5
|1.78
|}
Negative values indicate investments of Armenian corporations to foreign country exceeding investments from that country in Armenia.

====Stock FDI====
FDI stock to GDP ratio grew continuously during 2014–2016 and reached 44.1% in 2016, surpassing average figures for [[Commonwealth of Independent States]] countries, [[Transition economy|transition economies]] and the world.<ref name="fdi2016">{{Cite news|url=http://unctad.org/sections/dite_dir/docs/wir2017/wir17_fs_am_en.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://unctad.org/sections/dite_dir/docs/wir2017/wir17_fs_am_en.pdf |archive-date=2022-10-09 |url-status=live|title=FDI data – United Nations Conference on Trade and Development|access-date=2018-02-28|language=en}}</ref>
{| class="wikitable"
|+Stock inward FDI<ref name=":14" />
!Year
!Million dollars
!Share of GDP
|-
|2015
|4 338
|
|-
|2016
|4 635
|43.9%
|-
|2017
|4 752
|41.2%
|-
|2018
|5 511
|44.4%
|}
By the end of 2017 stock net FDI (for the period 1988–2017) reached 1824 billion AMD, while gross flow of FDI for the same period reached 3869 billion AMD.<ref name=":1" />
{| class="wikitable"
!Countries
with largest positions
!Stock net FDI <br />by end of 2017,
in billion AMD<ref name=":1" />
|-
|Russia
|773
|-
|Jersey
|159
|-
|Argentina
|112
|-
|France
|83
|-
|Lebanon
|77
|-
|Cyprus
|77
|-
|USA
|73
|-
|Germany
|73
|-
|UK
|53
|-
|Netherlands
|50
|-
|U.A.E.
|29
|-
|Luxembourg
|24
|-
|Italy
|14
|-
|Switzerland
|10
|}
As of February 2019, the [[European Investment Bank]] (EIB) has invested about 380 million euros in the various projects implemented in Armenia.<ref>{{Cite web|url=http://arka.am/en/news/economy/european_investment_bank_ready_to_carry_out_new_programs_in_armenia/|title=European Investment Bank ready to carry out new programs in Armenia|website=arka.am|access-date=2019-11-05|archive-date=2019-11-05|archive-url=https://web.archive.org/web/20191105184414/http://arka.am/en/news/economy/european_investment_bank_ready_to_carry_out_new_programs_in_armenia/|url-status=live}}</ref>

====FDI in founding capital of financial institutions====
During the sector consolidation process in 2014–2017 the share of foreign capital in the authorized capital of the Armenian commercial banks decreased from 74,6% to 61,8%.<ref name=":4" />

Net FDI in founding capital of financial institutions accumulated by end of September 2017 is presented in pie chart below.<ref name="bank_fdi">{{Cite news|url=http://www.armstat.am/file/article/sv_10_17a_420.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_10_17a_420.pdf |archive-date=2022-10-09 |url-status=live|title=FDI data by ArmStat|access-date=2018-02-18|language=hy-HY}}</ref>
{{align|right|
{{#invoke:Chart|pie chart
| radius = 160
| slices = 
    ( 98.06 : Cyprus : cyan )
    ( 82.42 : UK : blue )
    ( 58.28 : Russia : red )
    ( 54.18 : USA )
    ( 38.32 : Lebanon : green )
    ( 33.71 : Iran : grey )
    ( 21.86 : Luxembourg )
    ( 21.2 : EBRD )
    ( 16.57 : Netherlands )
    ( 16.22 : France )
    ( 14.54 : Virgin Islands )
    ( 10.78 : Lichtenstein )
    ( 6.73 : Switzerland )
    ( 2.06 :  Latvia )
    ( 0.6 : Canada )
    ( 0.55 : Germany )
    ( 0.46 : Austria<ref name="bank_fdi"/> )
| units suffix = _bill._AMD
| percent = true
}}
}}

{{Clear}}

===Foreign aid===
====United States====
The [[Armenian government]] receives [[foreign aid]] from the government of the United States through the [[United States Agency for International Development]] and the [[Millennium Challenge Corporation]].

On 27 March 2006, the Millennium Challenge Corporation signed a five-year, $235.65 million compact with the Government of Armenia. The single stated goal of the "Armenian Compact" is "the reduction of rural poverty through a sustainable increase in the economic performance of the agricultural sector." The compact includes a $67 million to rehabilitate up to 943 kilometers of rural roads, more than a third of Armenia's proposed "Lifeline road network". The Compact also includes a $146 million project to increase the productivity of approximately 250,000 farm households through improved water supply, higher yields, higher-value crops, and a more competitive agricultural sector.<ref name="MCC-AM-FactSheet">[http://www.mcc.gov/documents/factsheet-032706-armenia.pdf "Armenia and Millennium Challenge Corporation: Building a Dynamic Partnership for Poverty Reduction through Economic Growth"] {{webarchive |url=https://web.archive.org/web/20090514221214/http://www.mcc.gov/documents/factsheet-032706-armenia.pdf |date=14 May 2009 }}, Millennium Challenge Corporation, 27 March 2006.</ref>

In 2010 the volume of US assistance to Armenia remained near 2009 levels; however, longer-term decline continued. The original Millennium Challenge Account commitment for $235 million had been reduced to about $175 million due to Armenia's poor governance record. Thus, the MCC would not complete road construction. Instead, the irrigated agriculture project was headed for completion with apparently no prospects for extension beyond 2011.<ref name="Armenia_in_2010"/>

On 8 May 2019, conditioned with the political events in Armenia since April 2018, United States Agency for International Development signed an extension of US–Armenia bilateral agreement in the area of governance and public administration, which would add additional US$8.5 million to the agreement. By signing another document on the same day, USAID increased the aid by additional US$7.5 million in support for more competitive and diversified private sector in Armenia. The financial allocations will be directed to the financing of the USAID-funded project in infrastructures, agriculture, tourism․ After the signing of the new bilateral agreements, the total amount of the U.S. grants to Armenia amounted to around US$81 million.<ref>{{cite web |title=Deputy Prime Minister Mher Grigoryan receives USAID Deputy Assistant Administrator |url=http://www.gov.am/en/news/item/9483/ |website=The Government of the Republic of Armenia |access-date=12 May 2019 |archive-date=12 May 2019 |archive-url=https://web.archive.org/web/20190512075518/http://www.gov.am/en/news/item/9483/ |url-status=live }}</ref><ref>{{cite web |title=Հայաստանն ԱՄՆ-ից լրացուցիչ կտրամադրի 7,449,000 ԱՄՆ դոլարի չափով ֆինանսական հատկացում |url=http://mineconomy.am/hy/1243 |website=Ministry of Economic Development and Investments of the Republic of Armenia |access-date=12 May 2019 }}{{dead link|date=November 2023}}</ref>

====European Union====
According to the agreement signed in 2020 EU will provide Armenia with 65 million euros for implementation of three programs in such areas as energy efficiency, environment and community development and formation of tools for implementation of the Comprehensive and Enhanced Partnership Agreement.

With curtailment of the MCC funding, the European Union may replace the US as Armenia's chief source of foreign aid for the first time since independence. From 2011 to 2013 the EU is expected to advance at least €157.3 million ($208 million) in aid to Armenia.<ref name="Armenia_in_2010" />

==Domestic business environment==
[[File:Armenian State Revenue Committee building.JPG|thumb|Headquarters of the [[State Revenue Committee (Armenia)|Armenian State Revenue Committee]] (housing both the [[Armenian Customs Service]] and the [[Armenian Tax Service]])]]{{see also|List of companies of Armenia}}Since transition of power to new leadership in 2018 Armenian government works on improving domestic business environment.  Numerous formerly privileged business are now required to pay taxes and officially register all workers.  Mainly due to this there were 9.7% more payroll employees registered in January 2019 as compared to January 2018.<ref name="arka.am">{{Cite web|url=http://arka.am/en/news/economy/armenian_premier_explains_where_50_000_new_jobs_have_come_from/|title=Armenian premier explains where 50,000 new jobs have come from|website=ARKA News Agency|access-date=2019-04-30|archive-date=2019-04-29|archive-url=https://web.archive.org/web/20190429153244/http://arka.am/en/news/economy/armenian_premier_explains_where_50_000_new_jobs_have_come_from/|url-status=live}}</ref>

In April 2019 Armenian parliament approved reforms of management of joint stock companies effectively enacting a blocking minority shareholders stake of 25%<ref>{{Cite web|url=http://arka.am/en/news/economy/armenian_parliament_approves_reforms_of_management_of_joint_stock_companies_/|title=Armenian parliament approves reforms of management of joint stock companies|website=ARKA News Agency|access-date=2019-04-30|archive-date=2019-04-30|archive-url=https://web.archive.org/web/20190430082836/http://arka.am/en/news/economy/armenian_parliament_approves_reforms_of_management_of_joint_stock_companies_/|url-status=live}}</ref> to cope with [[shareholder oppression]].

Following the advice of economic advisers who cautioned Armenia's leadership against the consolidation of economic power in the hands of a few, in January 2001 the government of Armenia established the State Commission for the Protection of Economic Competition.<ref>{{Cite web|url=http://www.competition.am/?lng=2|title=State Commission for the Protection of Economic Competition of the Republic of Armenia|website=www.competition.am|access-date=2008-11-15|archive-date=2008-12-05|archive-url=https://web.archive.org/web/20081205012836/http://www.competition.am/?lng=2|url-status=live}}</ref> Its members cannot be dismissed by the government.<ref name="ArmeniaNow-Jan-4-2008">[http://www.armenianow.com/?action=viewArticle&AID=2724 ''Competitive Edge: The pitfalls of monopolies, and the challenges of a business-influenced parliament''] {{Webarchive|url=https://web.archive.org/web/20160303193556/http://www.armenianow.com/?action=viewArticle&AID=2724 |date=2016-03-03 }}, ArmeniaNow.com, 4 January 2008.</ref>

===Foreign trade facilitation===
In June 2011 Armenia adopted a Law on Free Economic Zones (FEZ), and developed several key regulations at the end of 2011 to attract foreign investments into FEZs: exemptions from VAT (value added tax), profit tax, customs duties, and property tax.<ref name="State Dept"/>

The "Alliance" FEZ was opened in August 2013, and currently has nine businesses taking advantage of its facilities. The focus of "Alliance" FEZ is on high-tech industries which include information and communication technologies, electronics, pharmaceuticals and biotechnology, architecture and engineering, industrial design and alternative energy. In 2014, the government expanded operations in the Alliance FEZ to include industrial production as long as there is no similar production already occurring in Armenia.<ref name="State Dept"/>

In 2015 another "Meridian" FEZ, focused on jewelry production, watch-making, and diamond-cutting opened in Yerevan, with six businesses operating in it. The investment programs for these companies must still be approved by government.<ref name="State Dept"/>

The Armenian government approved the program to construct the Meghri free economic zone at the border with Iran, which is expected to open in 2017.<ref name="State Dept">{{Source-attribution|sentence=yes|{{Cite web|url=https://2009-2017.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2017&dlid=269872|title=Investment Climate Statements for 2017|website=www.state.gov|language=en-US|access-date=2018-02-17|archive-date=2020-07-30|archive-url=https://web.archive.org/web/20200730212501/https://2009-2017.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2017&dlid=269872|url-status=live}} }}</ref>

===Controversial issues===
{{see also|Corruption in Armenia}}

====Monopolies====
Major monopolies in Armenia include:

#[[Natural gas]] import and distribution, held by [[Gazprom Armenia]], formerly named ArmRosGazprom (controlled by Russian monopoly [[Gazprom]])<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/09/629c6da9-9ef2-4469-93ef-928d82ed758c.asp ''New Russian Gas Price For Armenia Unveiled''] {{Webarchive|url=https://web.archive.org/web/20231109221932/https://www.azatutyun.am/a/1597463.html |date=2023-11-09 }}, Armenia Liberty (RFE/RL), 23 September 2008.</ref>
# Armenia's railway, [[South Caucasus Railway]], owned by Russian Railways ([[Russian Railways|RZD]])<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/11/efe6841d-bbe4-434b-ae7e-ed9028694e5a.asp ''Armenian Railway Under Anti-Trust Investigation''] {{Webarchive|url=https://web.archive.org/web/20231109221933/https://www.azatutyun.am/a/1598190.html |date=2023-11-09 }}, Armenia Liberty ([[RFE/RL]]), 5 November 2008.</ref>
# Electricity transmission and distribution (see [[Electricity sector in Armenia]])
#Newspaper distribution, held by [[Haymamul]]<ref>[http://www.armenialiberty.org/armeniareport/report/en/2007/09/279f0964-3700-4061-be5e-a02482aca24c.asp ''Editors Concerned About Sale Of Newspaper Distribution Firm''], Armenia Liberty (RFE/RL), 13 September 2007.</ref>

Former notable monopolies in Armenia :

# Wireless (mobile) telephony, held by [[Armentel]] until 2004<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/10/c27847d4-bce4-467a-937b-2bb5aae0b9d8.asp ''French Mobile Giant Set To Win Armenia Tender''], Armenia Liberty (RFE/RL), 6 October 2008.</ref>
# Internet access, held by Armentel until September 2006<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/07/5d999270-2079-4b19-8ec5-691bf2651f02.asp ''Armenian Telecom Operator Fined $1 Mln''] {{Webarchive|url=https://web.archive.org/web/20090108175414/http://www.armenialiberty.org/armeniareport/report/en/2008/07/5D999270-2079-4B19-8EC5-691BF2651F02.asp |date=2009-01-08 }}, Armenia Liberty (RFE/RL), 30 July 2008.</ref>
# Fixed-line telephony, held by Armentel until August 2007<ref>[http://www.armenialiberty.org/armeniareport/report/en/2007/08/17c75bb8-27b2-4388-8fd1-725d103e8b2d.asp ''Armenian Telecom Sector Further Liberalized''], Armenia Liberty (RFE/RL), 24 August 2007.</ref>

Assumed (unofficial) monopolies until [[2018 Armenian revolution|2018 velvet revolution]]:

#Oil import and distribution (claimed by Armenian opposition parties to belonging to a handful of government-linked individuals,<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/08/3b1ffa7f-f9ac-4dce-b011-50aa2b3d2a88.asp ''Armenian Premier Downplays Impact Of Georgia War''] {{Webarchive|url=https://web.archive.org/web/20081104160225/http://www.armenialiberty.org/armeniareport/report/en/2008/08/3B1FFA7F-F9AC-4DCE-B011-50AA2B3D2A88.ASP |date=2008-11-04 }}, Armenia Liberty (RFE/RL), 28 August 2008.</ref> one of which – "Mika Limited" – is owned by [[Mikhail Baghdasarian]],<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/08/9b068f64-91ba-46c1-9a76-196317cc1012.asp ''Armenian Cement Plant ‘Sold To Russian Firm’''] {{Webarchive|url=https://web.archive.org/web/20081014093837/http://www.armenialiberty.org/armeniareport/report/en/2008/08/9B068F64-91BA-46C1-9A76-196317CC1012.ASP |date=2008-10-14 }}, Armenia Liberty (RFE/RL), 15 August 2008.</ref> while the other – "Flash" – is owned by Barsegh Beglarian, a "prominent representative of the Karabakh clan"<ref>[http://www.armenialiberty.org/press/press/en/2007/03/13d6aa27-b1ec-4fdd-bcb7-78f73c47790b.asp ''Press Review''] (quoting ''Zhamanak Yerevan''), Armenia Liberty, 19 March 2007.</ref>)
# Aviation [[kerosene]] (supplying to [[Zvartnots International Airport|Zvartnots airport]]), held by Mika Limited<ref>[http://www.armenialiberty.org/armeniareport/report/en/2005/11/e45b96b0-5df0-4f06-9c90-28811edad21e.asp ''Armenia Airport Hamstrung By Mysterious Fuel Shortage''], Armenia Liberty (RFE/RL), 7 November 2005.</ref>
# Various basic foodstuffs such as rice, sugar, wheat, cooking oil and butter<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/06/676b804e-251e-4ef7-a670-94b55cf25ab3.asp ''Armenian Central Bank Approves Another Rate Rise''], Armenia Liberty (RFE/RL), 3 June 2008.</ref><ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/05/49D8330F-1952-4009-A551-D965586E47D8.ASP ''Government Vows To Curb Rising Inflation''] {{Webarchive|url=https://web.archive.org/web/20081123054009/http://www.armenialiberty.org/armeniareport/report/en/2008/05/49D8330F-1952-4009-A551-D965586E47D8.asp |date=2008-11-23 }}, Armenia Liberty (RFE/RL), 29 May 2008.</ref> (the Salex Group enjoys a de facto monopoly on imports of wheat, sugar, flour, butter and cooking oil. Its owner was a parliament deputy Samvel Aleksanian (a.k.a. "Lfik Samo") and close to the country's leadership.<ref>[http://www.armenialiberty.org/armeniareport/report/en/2008/01/aa033b02-6450-412b-8951-bf5a1763089c.asp ''Mining Giant Remains Armenia's Top Taxpayer''] {{Webarchive|url=https://web.archive.org/web/20080131101601/http://www.armenialiberty.org/armeniareport/report/en/2008/01/AA033B02-6450-412B-8951-BF5A1763089C.ASP |date=2008-01-31 }}, Armenia Liberty (RFE/RL), 29 January 2008.</ref><ref>[http://www.armenialiberty.org/armeniareport/report/en/2007/10/E6DB75C0-2646-4BB0-9554-1C69E3849998.ASP ''Armenia Hit By Sugar Shortage''] {{Webarchive|url=https://web.archive.org/web/20071224212000/http://www.armenialiberty.org/armeniareport/report/en/2007/10/E6DB75C0-2646-4BB0-9554-1C69E3849998.ASP |date=2007-12-24 }}, Armenia Liberty (RFE/RL), 23 October 2007.</ref>).

According to one analyst, Armenia's economic system in 2008 was [[anticompetitive]] due to the structure of the economy being a type of "[[monopoly]] or [[oligopoly]]". "The result is the prices with us do not drop even if they do on international market, or they do quite belated and not to the size of the international market."<ref name="ArmeniaNow-Nov-14-2008">[https://archive.today/20130117025908/http://www.armenianow.com/?action=viewArticle&AID=3382&CID=3245&IID=1209&lng=eng ''Price Predictions: With present inflation at nearly triple expectation, economists challenge 2009 forecast''], ArmeniaNow.com, 14 November 2008.</ref>

According to the 2008 estimate of a former [[Prime Minister of Armenia|prime minister]], [[Hrant Bagratyan]], 55 percent of Armenia's [[GDP]] is controlled by 44 families.<ref name="ArmeniaNow-Jan-4-2008" />

In early 2008 the State Commission for the Protection of Economic Competition named 60 companies having "dominant positions" in Armenia.<ref name="ArmeniaNow-Jan-4-2008"/>

In October 2009, when visiting [[Yerevan]], the [[World Bank]]’s managing director, [[Ngozi Okonjo-Iweala]], warned that Armenia will not reach a higher level of development unless its leadership changes the "oligopolistic" structure of the national economy, bolsters the rule of law and shows "zero tolerance" towards corruption.<ref name="ArmLib-Oct-10-2009">[http://www.armenialiberty.org/content/article/1855547.html Armenia Warned To End ‘Oligopoly’] {{Webarchive|url=https://web.archive.org/web/20091124082227/http://www.armenialiberty.org/content/article/1855547.html |date=2009-11-24 }}, Armenia Liberty ([[RFE/RL]])10 October 2009.</ref> "I think you can only go so far with this economic model," Ngozi Okonjo-Iweala told a news conference in Yerevan. "Armenia is a lower middle-income country. If it wants to become a high-income or upper middle-income country, it can not do so with this kind of economic structure. That is clear." She also called for a sweeping reform of tax and customs administration, the creation of a "strong and independent judicial system" as well as a tough fight against government corruption.<ref name="ArmLib-Oct-10-2009"/> The warning was echoed by the [[International Monetary Fund]].<ref name="ArmLib-Nov-27-2009">[http://www.armenialiberty.org/content/article/1889521.html "Armenia Learning From Crisis, Says World Bank "] {{Webarchive|url=https://web.archive.org/web/20120307083532/http://www.armenialiberty.org/content/article/1889521.html |date=2012-03-07 }}, Armenia Liberty ([[RFE/RL]]), 27 November 2009.</ref>

====Takeover of Armenian industrial property by the Russian state and Russian companies====
Since 2000 the Russian state has acquired several key assets in the energy sector and Soviet-era industrial plants. Property-for-debt or equity-for-debt swaps (acquiring ownership by simply writing off the Armenian government's debts to Russia) are usually the method of acquiring assets. The failure of market reforms, clan-based economics, and official [[corruption in Armenia]] have allowed the success of this process.<ref name="IASPS-Nov13-02">Socor, Vladimir. [http://www.iasps.org/strategic/socor12.htm "Armenia's Energy Sector, Other Industrial Assets Passing Under Russia's Control"] {{Webarchive|url=https://web.archive.org/web/20081006052910/http://www.iasps.org/strategic/socor12.htm |date=2008-10-06 }}, ''IASPS Policy Briefings: Oil in Geostrategic Perspective'', 13 November 2002.</ref>

In August 2002 the Armenian government sold an 80 percent stake in the [[Armenian Electricity Network]] (AEN) to Midland Resources, a British offshore-registered firm which is said to have close Russian connections.<ref name="IASPS-Nov13-02"/>

In September 2002 the Armenian government handed over Armenia's largest cement factory to the Russian [[ITERA]] gas exporter in payment for its $10 million debt for past gas deliveries.<ref name="Eurasianet-May-7-03">[http://www.eurasianet.org/departments/business/articles/eav050703.shtml >Danielyan, Emil. RUSSIA TIGHTENS GRIP ON ARMENIA WITH DEBT AGREEMENTS]{{Webarchive|url=https://web.archive.org/web/20080813030604/http://www.eurasianet.org/departments/business/articles/eav050703.shtml |archive-date=2008-08-13 }}, ''Eurasianet'', 7 May 2003</ref>

On 5 November 2002, Armenia transferred control of 5 state enterprises to Russia in an assets-for-debts transaction which settled $100 million of Armenian state debts to Russia. The document was signed for Russia by Prime Minister [[Mikhail Kasyanov]] and Industry Minister [[Ilya Klebanov]], while Prime Minister [[Andranik Markarian]] and National Security Council Secretary [[Serge Sarkisian]] signed for Armenia.<ref name="IASPS-Nov13-02"/> The five enterprises which passed to 100 percent Russian state ownership are:
* Armenia's largest thermal gas-burning power plant, which is in the town of [[Hrazdan]]
* "Mars" — electronics and robotics plant in Yerevan, a Soviet-era flagship for both civilian and military production
* three research-and-production enterprises — for mathematical machines, for the study of materials, and for automated control equipment — these being Soviet-era military-industrial plants

In January 2003 the Armenian government and [[United Company RUSAL]] signed an investment cooperation agreement, under which United Company RUSAL (which already owned a 76% stake) acquired the Armenian government's remaining 26% share of [[RUSAL ARMENAL]] aluminum foil mill, giving RUSAL 100% ownership of RUSAL ARMENAL.<ref name="IASPS-Nov13-02"/><ref>{{Cite web|url=http://www.rusal.ru/en/armenal.aspx|archiveurl=https://web.archive.org/web/20151231191738/http://www.rusal.ru/en/armenal.aspx|url-status=dead|title=RUSAL ARMENAL|archivedate=31 December 2015}}</ref>

On 1 November 2006, the Armenian government handed de facto control of the Iran-Armenia gas pipeline to Russian company [[Gazprom]] and increased Gazprom's stake in the Russian-Armenian company [[ArmRosGazprom]] from 45% to 58% by approving an additional issue of shares worth $119 million.<ref name="EURA-Nov-3-06">Socor, Vladimir. [http://www.jamestown.org/edm/article.php?article_id=2371612 "Russia Cements Control of Armenia's Energy System"], ''Eurasia Daily Monitor'', 3 November 2006. {{webarchive |url=https://web.archive.org/web/20070913115602/http://www.jamestown.org/edm/article.php?article_id=2371612 |date=13 September 2007 }}</ref> This left the Armenian government with a 32% stake in ArmRosGazprom. The transaction will also help finance ArmRosGazprom's acquisition of the [[Hrazdan Thermal Power Plant|Hrazdan electricity generating plant]]’s fifth power bloc (Hrazdan-5), the leading unit in the country.<ref name="EURA-Nov-3-06"/>

In October 2008 the Russian bank [[Gazprombank]], the banking arm of Gazprom, acquired 100 percent of Armenian bank [[Areximbank]] after previously buying 80 percent of said bank in November 2007 and 94.15 percent in July of the same year.<ref>{{Cite web|url=http://www.armenews.com/article.php3?id_article=44934|archiveurl=https://web.archive.org/web/20081005215742/http://www.armenews.com/article.php3?id_article=44934|url-status=dead|title=Gazprombank acquiert entièrement la banque arménienne Areximbank|archivedate=5 October 2008}}</ref>

In December 2017 government transferred natural gas distribution networks in cities [[Meghri]] and [[Agarak, Meghri|Agarak]] to [[Gazprom Armenia]] for cost-free use. Construction of these was funded by foreign aid and costed about 1.3 billion AMD.<ref>{{Cite news|url=https://hetq.am/hy/article/84327|title=Մեղրիի և Ագարակի գազամատակարարման ցանցն անհատույց հանձնվեց "Գազպրոմ Արմենիա"-ին. վաճառելու առաջարկը մերժվել է|language=hy}}</ref>

====Non-transparent deals====
Critics of the [[Robert Kocharyan]] government (in office until 2008) say that the Armenian administration never considered alternative ways of settling the Russian debts. According to economist Eduard Aghajanov, Armenia could have repaid them with low-interest loans from other, presumably Western sources, or with some of its hard currency reserves which then totaled about $450 million. Furthermore, Aghajanov points to the Armenian government's failure to eliminate widespread corruption and mismanagement in the energy sector – abuses that cost Armenia at least $50 million in losses each year, according to one estimate.<ref name="Eurasianet-May-7-03"/>

Political observers say that Armenia's economic cooperation with Russia has been one of the least transparent areas of the Armenian government's work. The debt arrangements have been personally negotiated by (then) Defense Minister (and later President) [[Serge Sarkisian]], initially Kocharyan's closest political associate. Other top government officials, including former Prime Minister [[Andranik Markarian]], had little say on the issue. Furthermore, all of the controversial agreements have been announced after Sarkisian's frequent trips to Moscow, without prior public discussion.<ref name="Eurasianet-May-7-03"/>

While Armenia is not the only ex-Soviet state that has incurred multi-million-dollar debts to Russia over the past decades, it is the only state to have so far given up such a large share of its economic infrastructure to Russia. For example, pro-Western [[Ukraine]] and [[Georgia (country)|Georgia]] (both of which owe Russia more than Armenia) have managed to reschedule repayment of their debts.<ref name="Eurasianet-May-7-03"/>

==Infrastructure==
{{see also|Transport in Armenia}}
[[File:Yerevan Zvartnots International.jpg|thumb|Zvartnots International Airport main concourse]]

===Domestic===
Since early 2008, Armenia's entire rail network is managed by the Russian state railway under brand [[South Caucasus Railway]]s.<ref name="ArmLib-Oct14-2008">[http://www.armenialiberty.org/armeniareport/report/en/2008/10/6B68C3F8-5DCC-4B9B-81E5-C638FEDE172D.ASP "Armenia ‘Pressing Ahead’ With Iran Rail Link"] {{Webarchive|url=https://web.archive.org/web/20081017102959/http://www.armenialiberty.org/armeniareport/report/en/2008/10/6B68C3F8-5DCC-4B9B-81E5-C638FEDE172D.ASP |date=2008-10-17 }}, Armenia Liberty ([[RFE/RL]]), 14 October 2008.</ref><ref name="ArmLib-Aug13-2008">[http://www.armenialiberty.org/armeniareport/report/en/2008/08/F3509195-D04E-4187-AA45-23B61ACF430F.asp "Armenia Scrambles To Restore Vital Supplies Via Georgia"] {{Webarchive|url=https://web.archive.org/web/20081105085647/http://www.armenialiberty.org/armeniareport/report/en/2008/08/F3509195-D04E-4187-AA45-23B61ACF430F.ASP |date=2008-11-05 }}, Armenia Liberty ([[RFE/RL]]), 18 August 2008.</ref>

==== Metros ====
[[Yerevan Metro]] was launched in 1981. It serves 11 active stations.

==== Buses ====
Yerevan Central Bus Station, also known as Kilikia Bus Station, is Yerevan's primary bus terminal, linking buses to both domestic and foreign destinations.

==== Roadways ====
Total length:
8,140&nbsp;km, <br />World ranking: 112 (7,700&nbsp;km paved including 1561&nbsp;km of expressways).

=== International ===

==== Through Georgia ====
Russian natural gas reaches Armenia via a pipeline through Georgia.

The only operational rail link into Armenia is from [[Georgia (country)|Georgia]]. During Soviet times, Armenia's rail network connected to Russia's via Georgia through [[Abkhazia]] along the [[Black Sea]]. However, the rail link between Abkhazia and other Georgian regions has been closed for a number of years, forcing Armenia to receive rail cars laden with cargo only through the relatively expensive rail-ferry services operating between Georgian and other Black Sea ports.<ref name="ArmLib-Oct14-2008"/>

The Georgian Black Sea ports of [[Batumi]] and [[Poti]] process more than 90 percent of freight shipped to and from landlocked Armenia. The Georgian railway, which runs through the town of Gori in central Georgia, is the main transport link between Armenia and the aforementioned Georgian seaports. Fuel, wheat and other basic commodities are transported to Armenia by rail.<ref name="ArmLib-Aug13-2008"/>

Armenia's main rail and road border-crossing with Georgia (at {{coord|41|13|41.97|N|44|50|9.12|E|type:landmark_region:AM|display=inline}}) is at the [[Debed river]] near the Armenian town of [[Bagratashen]] and the Georgian town of [[Sadakhlo]].

The Upper Lars border crossing (at [[Darial Gorge]]) between Georgia and Russia across the [[Caucasus Mountains]] serves as Armenia's sole overland route to the former Soviet Union and Europe.<ref name="ArmLib-Dec24-2009">[http://www.armenialiberty.org/content/article/1913022.html "Russia, Georgia Agree To Reopen Border Gate"] {{Webarchive|url=https://web.archive.org/web/20120307083311/http://www.armenialiberty.org/content/article/1913022.html |date=2012-03-07 }}, Armenia Liberty ([[RFE/RL]]), 24 December 2009.</ref> It was controversially shut down by the Russian authorities in June 2006, at the height of a Russian-Georgian spy scandal.<ref name="ArmLib-Dec24-2009"/> Upper Lars is the only land border crossing that does not go through Georgia's Russian-backed breakaway regions of [[South Ossetia]] and [[Abkhazia]]. The other two roads linking Georgia and Russia run through South Ossetia and Abkhazia, effectively barring them to international traffic.<ref name="ArmLib-Dec24-2009"/>

==== Through Iran ====
A [[Iran-Armenia Natural Gas Pipeline|new gas pipeline to Iran]] has been completed, and a road to Iran through the southern city of [[Meghri]] allows trade with that country.  An oil pipeline to pump Iranian oil products is also in the planning stages.

As of October 2008 the Armenian government was considering implementing an ambitious project to build a railway to Iran.<ref name="ArmLib-Oct14-2008" /> The 400 kilometer railway would pass through Armenia's mountainous southern [[Syunik Province|province of Syunik]], which borders Iran. Economic analysts say that the project would cost at least $1 billion (equivalent to about 40 percent of Armenia's 2008 state budget).<ref name="ArmLib-Oct14-2008" />  As of 2010, the project has been continuously delayed, with the rail link estimated to cost as much as $4 billion and stretch {{convert|313|km|mi|abbr=on}}.<ref name="Armenia_in_2010" />  In June 2010, Transport Minister Manuk Vartanian revealed that Yerevan is seeking as much as $1 billion in loans from China to finance the railway's construction.<ref name="ArmLib-Feb-17-2011" />

==== Through Turkey and Azerbaijan ====
The border closures by Turkey and Azerbaijan have severed Armenia's [[Kars–Gyumri–Tbilisi railway|rail link between Gyumri and Kars]]; the rail link with Iran through the Azeri exclave of Nakhichevan; and a natural gas and oil pipeline with Azerbaijan. Also closed are road links with Turkey and Azerbaijan. Despite the economic blockade of Turkey on Armenia, every day dozens of Turkish trucks laden with goods enter Armenia through Georgia.

In 2010 it was confirmed that Turkey will keep the border closed for the foreseeable future after the Turkey-Armenia normalization process collapsed.<ref name="Armenia_in_2010"/>

==Labor market==

=== Labor occupation ===
According to the 2018 [[Human Development Index|HDI]] statistical update, Armenia had the highest percentage of employment in services (49.7%) and lowest share in agriculture (34.4%) among the [[South Caucasus]] countries.<ref name=":15">{{Cite web|url=http://hdr.undp.org/sites/default/files/2018_human_development_statistical_update.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://hdr.undp.org/sites/default/files/2018_human_development_statistical_update.pdf |archive-date=2022-10-09 |url-status=live|title=Human Development Indices and Indicators: 2018 Statistical Update|accessdate=9 November 2021}}</ref> As of September 2024, the number of formally employed individuals in Armenia's labor market reached 776.8 thousand, with the following industries accounting for the highest share in employment:<ref>{{Cite web |title=Armenia's workforce exceeds 776,000 : Top 6 employment sectors |url=https://arka.am/en/news/economy/armenia-s-workforce-exceeds-776-000-by-september-top-6-employment-sectors/ |access-date=2025-11-17 |website=arka.am |language=en}}</ref>
{| class="wikitable"
|+
!Sector
!Number of Employees
'''<small>(thou.)</small>'''
!Percentage
|-
|Wholesale and retail trade
|130.5
|16.8%
|-
|Education
|125.6
|16.2%
|-
|Manufacturing
|91.4
|11.8%
|-
|Health care and social services
|52.8
|6.8%
|-
|Information and communication
|45.0
|5.8%
|-
|Construction
|42.2
|5.4%
|}

=== Unionization ===
{{See also|Trade unions in Armenia}}
In 2018, about 30% of wage workers were organized in unions. At the same time, rate of unionization was dropping at average rate of 1% since 1993.<ref name=":7">{{Cite web|url=http://documents.worldbank.org/curated/en/816281518818814423/pdf/2019-WDR-Report.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://documents.worldbank.org/curated/en/816281518818814423/pdf/2019-WDR-Report.pdf |archive-date=2022-10-09 |url-status=live|title=World Development Report 2019|accessdate=9 November 2021}}</ref>

===Monthly wages===
According to preliminary figures from [[Statistical Committee of Armenia]] monthly wages averaged 172 thousand AMD in February 2019.<ref>{{Cite web|url=https://www.armstat.am/en/?nid=12&id=08001|title=Time series / Statistical Committee of Armenia|website=www.armstat.am|access-date=2019-05-01|archive-date=2018-11-17|archive-url=https://web.archive.org/web/20181117192828/https://www.armstat.am//en/?nid=12&id=08001|url-status=live}}</ref>

It is estimated that wages rise at 0.8% for each additional year of experience and "the ability to solve problems and learn new skills yields a wage premium of nearly 20 percent".<ref name=":7" />

===Unemployment===
It was reported that in 2020 there was a drop in the unemployment rate in Armenia from 16.99% in 2019 to 16.63% in 2020.<ref>{{Cite web|title=Armenia – unemployment rate 2020|url=https://www.statista.com/statistics/440639/unemployment-rate-in-armenia/|access-date=2021-05-11|website=Statista|language=en|archive-date=2023-01-19|archive-url=https://web.archive.org/web/20230119145939/https://www.statista.com/statistics/440639/unemployment-rate-in-armenia/|url-status=live}}</ref> The [[Statistical Committee of Armenia]] reported that in 2020, the unemployment rate has been volatile reaching to 19.8% during the first quarter of the year and then decreasing to 16% during the fourth quarter.<ref>{{Cite web|title=Time series / Statistical Committee of the Republic of Armenia|url=https://www.armstat.am/en/?nid=12&id=08010|access-date=2021-05-11|website=www.armstat.am|archive-date=2021-05-11|archive-url=https://web.archive.org/web/20210511193835/https://www.armstat.am/en/?nid=12&id=08010|url-status=live}}</ref> According to the latest reports on population of Armenia, in December 2020 the population consisted of 2.96million people and the average monthly earning during February 2021 was US$366.05.<ref>{{Cite web|title=Armenia Unemployment Rate|url=https://www.ceicdata.com/en/indicator/armenia/unemployment-rate|access-date=2021-05-11|website=www.ceicdata.com|archive-date=2021-04-13|archive-url=https://web.archive.org/web/20210413003902/https://www.ceicdata.com/en/indicator/armenia/unemployment-rate|url-status=live}}</ref>

According to prime minister [[Nikol Pashinyan]] in January 2019, 562,043 payroll jobs were recorded, against of 511,902 in January 2018, an increase of 9.7%.<ref name="arka.am" />[[Statistical Committee of Armenia]] publication based on data retrieved from employers and national income service cites 560,586 payroll positions in January 2019, an increase of 9.9% against previous year.<ref name="auto"/><ref>{{Cite web|url=https://www.armstat.am/en/?nid=82&id=2144|title=Socio- Economic Situation of RA, January–February 2019 (Armenian, Russian) / Statistical Committee of Armenia|website=www.armstat.am|access-date=2019-05-01|archive-date=2019-11-13|archive-url=https://web.archive.org/web/20191113175442/https://www.armstat.am/en/?nid=82&id=2144|url-status=live}}</ref> This however does not match survey data published by the [[Statistical Committee of Armenia]], according to which in 4th quarter of 2018 there were 870.1 thousand persons employed against 896.7 thousand employed persons in 4th quarter of 2017.<ref name=":6">{{Cite web|url=https://www.armstat.am/file/article/sv_02_19a_141.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_02_19a_141.pdf |archive-date=2022-10-09 |url-status=live|title=Աշխատանքի շուկայի ցուցանիշներ|accessdate=9 November 2021}}</ref>  The mismatch was highlighted by former PM [[Hrant Bagratyan]].<ref>{{Cite web|url=https://www.1in.am/2551431.html|title=50141 աշխատատեղ ստեղծվել է, բայց 76741 աշխատատեղ էլ՝ փակվե՞լ. Հրանտ Բագրատյան|publisher=Peyotto Technologies|website=1in.am|access-date=2019-05-01|archive-date=2019-05-01|archive-url=https://web.archive.org/web/20190501071046/https://www.1in.am/2551431.html|url-status=live}}</ref> For the whole year of 2018 [[Statistical Committee of Armenia]] survey counted 915.5 thousand employed persons, an increase of 1.4% against previous year. In the same period unemployment rate of economically active population dropped from 20.8% to 20.4%.<ref name=":6" />

The unemployment rate, which stood at 38.4% in 2001, has fallen significantly over the past two and a half decades.<ref name="unemployment">{{cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2025/april/weo-report?c=911,&s=LUR,LP,&sy=2000&ey=2025&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |publisher=International Monetary Fund |access-date=22 April 2025 |location=Washington, D.C. |date=22 April 2025}}</ref> It fluctuated between 16% and 19% from 2008 to 2020, before dropping to 15.5% in 2021, 13.5% in 2022 and 12.6% in 2023 due to the strong economic growth of recent years.<ref name="unemployment" /> At the same time, an estimated 60% of workers were employed in the [[informal economy]] in 2019.<ref name=":7" /> World Bank research also reveals that employment rate fell in years 2000–2015 in middle- and low-skill occupations, while it grew high-skill occupations.<ref name=":7" />

See also [[Statistical Committee of Armenia]] publication (in English) "Labour market in the Republic of Armenia, 2018".<ref>{{Cite web|url=https://www.armstat.am/en/?nid=82&id=2106|title=Labour market in the Republic of Armenia, 2018 / Statistical Committee of the Republic of Armenia|website=www.armstat.am|access-date=2019-05-01|archive-date=2019-11-14|archive-url=https://web.archive.org/web/20191114111210/https://www.armstat.am/en/?nid=82&id=2106|url-status=live}}</ref>

=== Female unemployment in Armenia ===
Worldwide, women's unemployment rate is 6%, higher than men's by about 0.8 points. According to International Labor Organization, Armenia has the highest women's unemployment rate in post-Soviet countries, equaling 17.3% for women above 25. If we compare this rate with those of the neighboring countries (Latvia: 8.6%, Georgia: 7.7%, Azerbaijan: 4.8%), we can see that it is very high. In 2017, the National Statistical Service of Armenia stated that more than 60% of officially registered unemployed people in Armenia are women. One of the lecturers of Yerevan State University, Ani Kojoyan, mentioned that even though there is no issue in the legislation that becomes a reason for women's unemployment; however, there are some issues that are not mentioned in the legislation. Some of those issues are the fact that potential employers consider women's marital status, how many children they have, or if they are planning to get pregnant any time soon. Moreover, some women are not allowed to work by their husbands after graduating from higher educational institutions. She mentions that the most crucial problem affecting this phenomenon is the fact women do not stand up for their rights. It is also mentioned that according to various sources, there is an inequality in men's and women's monthly wages. In all the sectors, the average monthly salary of men is much higher than women even with the same years of education. It is stated that eliminating the discrimination between two genders would positively impact the country's economy. Ani Kojoyan mentions that this is a crucial problem for the economy except for being a women's rights violation. Thus, the Armenian government should take care that unemployed women can find jobs and become taxpayers.<ref>{{Cite news|title=Armenia Has Highest Female Unemployment Rate Among Post-Soviet Countries|url=https://www.azatutyun.am/a/29089151.html|access-date=2021-05-13|website=«Ազատ Եվրոպա/Ազատություն» ռադիոկայան|date=9 March 2018|language=hy|last1=Mkrtchian|first1=Anush|archive-date=2021-05-13|archive-url=https://web.archive.org/web/20210513081635/https://www.azatutyun.am/a/29089151.html|url-status=live}}</ref>

===Migrant workers===
Since gaining independence in 1991, hundreds of thousands of Armenia's residents have gone abroad, mainly to Russia, in search of work. Unemployment has been the major cause of this massive labor emigration. OSCE experts estimate that between 116,000 and 147,000 people left Armenia for economic reasons between 2002 and 2004, with two-thirds of them returning home by February 2005. According to estimates by the National Statistical Survey, the rate of labor emigration was twice as higher in 2001 and 2002.<ref name="ArmLib-Feb-9-2006"/>

According to an OSCE survey, a typical Armenian [[migrant worker]] is a married man aged between 41 and 50 years who "began looking for work abroad at the age of 32–33."<ref name="ArmLib-Feb-9-2006"/>

For Armenians another feature of migration was an increase in a variety of threats. The journey itself was extremely dangerous. To pay their way, may departing migrants took out loans failed, the whole family's future was put at a risk. As a consequence, the practice of delaying or refusing to pay part or all of a migrant workers wages has become common. The risks were also heightened by many emigrants failure. This type of migration inherited almost all of the negative characteristics that described pre-transition labor migration.

During the workshop, participants addressed the increasing importance of migration as a growth factor, as well as the significance of SDG Target 10.7 on anticipated and well-managed migration policies for Armenia.<ref>{{Cite web|title=Migration and skills in Armenia|url=https://www.etf.europa.eu/sites/default/files/m/9D759BA5148D99FBC1257B730046F443_Migration&skills_Armenia.pdf|url-status=live|archive-url=https://web.archive.org/web/20180919145654/https://www.etf.europa.eu/sites/default/files/m/9D759BA5148D99FBC1257B730046F443_Migration%26skills_Armenia.pdf |archive-date=2018-09-19 }}</ref>

==Natural environment protection==
{{See also|Waste management in Armenia}}
Environmental Project Implementation Unit implements projects related to Natural environment protection.<ref>{{Cite web|url=https://www.epiu.am/|title=ԲԾԻԳ – Բնապահպանական ծրագրերի իրականացման գրասենյակ|website=ԲԾԻԳ|access-date=2023-04-19|archive-date=2023-04-19|archive-url=https://web.archive.org/web/20230419145211/https://www.epiu.am/|url-status=live}}</ref>

Armenia's greenhouse gas emissions decreased 62% from 1990 to 2013, averaging −1.3% annually.<ref>{{Cite web|url=https://www.climatelinks.org/sites/default/files/asset/document/2017_USAID_GHG%20Emissions%20Factsheet_Armenia.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.climatelinks.org/sites/default/files/asset/document/2017_USAID_GHG%20Emissions%20Factsheet_Armenia.pdf |archive-date=2022-10-09 |url-status=live|title=Greenhouse Gas Emissions in Armenia (by USAID)|accessdate=9 November 2021}}</ref><ref>{{Cite web|url=http://www.mnp.am/en/pages/44|title=mnp|website=www.mnp.am|language=en|access-date=2019-11-20|archive-date=2019-12-11|archive-url=https://web.archive.org/web/20191211191918/http://mnp.am/en/pages/44|url-status=live}}</ref>

Armenia is working on addressing its environmental problems. [[Ministry of Environment (Armenia)|Ministry of Environment]] has introduced a pollution fee system by which taxes are levied on air and water emissions and solid waste disposal.{{fact|date=October 2025}}

==See also==
{{Portal|Business|Economics}}
*[[Armenian merchantry]]
*[[Armenia Securities Exchange]]
*[[Currency of Armenia]]
*[[Diamond industry in Armenia]]
*[[Eurasian Economic Union]]
*[[Geographical Issues in Armenia]]
*[[List of banks in Armenia]]
*[[List of companies of Armenia]]

==Notes==
{{Reflist}}

==Sources==
===Books===

{{Refbegin}}
* {{cite book |editor-last=Curtis |editor-first=Glenn Eldon |year=1995 |title=Armenia, Azerbaijan, and Georgia: country studies |location=Washington, D. C. |publisher=Federal Research Division, Library of Congress |isbn=0844408484 |url-access=registration |url=https://archive.org/details/armeniaazerbaija00curt }}
{{Refend}}

==External links==
* [https://cba.am Central Bank of Armenia]
* [https://amx.am Armenia Securities Exchange]
* [https://icarmenia.am Investment Council of Armenia]
* [https://neruzh.am Neruzh Diaspora Tech Startup Program]
* [https://bizpages.org/countries--AM--Armenia Armenia Business Companies]
* {{Commons category-inline}}

{{World Trade Organization}}
{{Economy of Europe}}
{{Asia topic|Economy of}}
{{Armenia topics}}

{{DEFAULTSORT:Economy Of Armenia}}
[[Category:Economy of Armenia| ]]
[[Category:World Trade Organization member economies|Armenia]]
[[Category:Economies of Europe by country|Armenia]]