Armenia Economy: from the All Country Info reference guide to country facts

Armenia Economy

Armenia Economy: A summary of information about Armenia Economy, from government research data as well as independent research and other sources.

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Armenia: Economy

Economy - 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. The privatization of industry has been at a slower
pace, but has been given renewed emphasis by the current
administration. Armenia is a food importer, and its mineral deposits
(gold, bauxite) are small. The ongoing conflict with Azerbaijan over
the ethnic Armenian-dominated region of Nagorno-Karabakh and the
breakup of the centrally directed economic system of the former Soviet
Union contributed to a severe economic decline in the early 1990s. By
1994, however, the Armenian Government had launched an ambitious
IMF-sponsored economic program that has resulted in positive growth
rates in 1995-99. Armenia also managed to slash inflation and to
privatize most small- and medium-sized enterprises. The chronic energy
shortages Armenia suffered in recent years have been largely offset by
the energy supplied by one of its nuclear power plants at Metsamor.
Continued Russian financial difficulties have hurt the trade sector
especially, but have been offset by international aid, domestic
restructuring, and foreign direct investment.
GDP
purchasing power parity - $9.9 billion (1999 est.)
GDP - real growth rate
5% (1999 est.)
GDP - per capita
purchasing power parity - $2,900 (1999 est.)
GDP - composition by sector
agriculture: 40%
industry: 25%
services: 35% (1999 est.)
Population below poverty line
45% (1999 est.)
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
2.5% (1999)
Labor force
1.5 million (1999)
Labor force - by occupation
agriculture 55%, services 25%,
manufacturing, mining, and construction 20% (1999 est.)
Unemployment rate
20% (1998 est.)
note: official rate is 9.3% for 1998
Budget
revenues: $360 million
expenditures: $566 million, including capital expenditures of $NA
(1999 est.)
Industries
metal-cutting machine tools, forging-pressing machines,
electric motors, tires, knitted wear, hosiery, shoes, silk fabric,
washing machines, chemicals, trucks, watches, instruments,
microelectronics
Industrial production growth rate
-2% (1998)
Electricity - production
5.764 billion kWh (1998)
Electricity - production by source
fossil fuel: 48.92%
hydro: 26.44%
nuclear: 24.64%
other: 0% (1998)
Electricity - consumption
5.361 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
fruit (especially grapes), vegetables;
livestock
Exports
$240 million (1999 est.)
Exports - commodities
diamonds, scrap metal, machinery and equipment,
cognac, copper ore
Exports - partners
Belgium, Russia, Iran, Turkmenistan, US, Georgia
(1998)
Imports
$782 million (1999 est.)
Imports - commodities
natural gas, petroleum, tobacco products,
foodstuffs, diamonds
Imports - partners
Russia, US, UK, Iran, Turkey, Belgium (1998)
Debt - external
$862.7 million (1999)
Economic aid - recipient
$245.5 million (1995)
Currency
1 dram = 100 luma
Exchange rates
dram per US$1 - 527.02 (January 2000), 535.06 (1999),
504.92 (1998), 490.85 (1997), 414.04 (1996), 405.91 (1995)
Fiscal year
calendar year
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