Economy of Armenia
Economy of Armenia
Currency
1 Dram = 100 louma
Fiscal year
Calendar year
Trade
organisations
CIS, WTO
Statistics [1]
GDP ranking
126th (2007) [2]
GDPPPP
$17.15 billion (2007
est.)
GDPReal (offi-
cial exchange
rate)
$7.974 billion (2007
est.)
GDP growth
13.8% (2007 est.)
GDPPPP per
capita
$4,900 (2007 est.)
GDP by sector agriculture (17.2%), in-
dustry (36.4%), services
(46.4%) (2007 est.)
Inflation rate
(consumer
prices)
4.4% (2007 est.)
Pop below
poverty line
26.5% (2006 est.)
Labour force
1.2 million (2007 est)
Labour force
by occupation
services (38.2%), in-
dustry (15.6%), agricul-
ture (46.2%) (2006 est.)
Unemployment 7.1% (2007 est.)
Main
industries
diamond-processing,
metal-cutting machine
tools, forging-pressing
machines, electric mo-
tors, tires, knitted wear,
hosiery, shoes, silk fab-
ric, chemicals, trucks,
instruments, microelec-
tronics, jewelry manu-
facturing, software de-
velopment, food pro-
cessing, brandy
Trading Partners [3]
Exports
$1.157 billion (2007
est.)
Main partners Germany 19.1%, Russia
15.1%, Netherlands
14.9%, Belgium 10.6%,
Georgia 6.1%, Iran
5.5%, China 4.2%
(2006)
Imports
$2.714 billion (2007
est.)
Main Partners Russia 22.7%, Ukraine
7.6%, Turkmenistan
6.9%, Germany 5.8%,
Belgium 5.6%, Italy
5.6%, Austria 5.4%,
Iran 5.3%, US 4.8%,
Georgia 4% (2006)
Public finances [4]
External debt
$1.372 billion (31
December 2007 est.)
Revenues
$1.667 billion (2007
est.)
Expenditures
$1.654 billion (2007
est.)
Economic aid
$180 million (ODA)
(2007)
Armenia is the second most densely popu-
lated of the former Soviet republics. It is situ-
ated between the Black Sea and the Caspian
Sea, bordered on the north and east by Geor-
gia and Azerbaijan and on the south and west
by Iran and Turkey.
Until independence, Armenia’s economy
was based largely on industry--chemicals,
electronic products, machinery, processed
food,
synthetic
rubber, and textiles-and
highly dependent on outside resources. Agri-
culture accounted for only 20% of net materi-
al product and 10% of employment before
t