| COUNTRIES | GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Armenia Economy 2010
https://workmall.com/wfb2010/armenia/armenia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

. Feedback


Armenia Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 21, 2010

Economy - overview:
After several years of double-digit economic growth, Armenia is facing a severe economic recession with GDP declining at least 15% in 2009, despite large loans from multilateral institutions. Sharp declines in the construction sector and workers' remittances, particularly from Russia, are the main reasons for the downturn. Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agroindustrial complexes of the Soviet era. Armenia has managed to reduce poverty, slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. Since the breakup of the Soviet Union in 1991, Armenia had made progress in implementing some economic reforms, including privatization, price reforms, and prudent fiscal policies, but geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made Armenia particularly vulnerable to the sharp deterioration in the global economy and the economic downturn in Russia. The conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh contributed to a severe economic decline in the early 1990s and Armenia's borders with Turkey and Azerbaijan remain closed. Armenia is particulary dependent on Russian commercial and governmental support and most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector. The electricity distribution system was privatized in 2002 and bought by Russia's RAO-UES in 2005. Construction of a pipeline to deliver natural gas from Iran to Armenia was completed in December 2008 but though it is unlikely significant quantities of gas will flow through it until the Yerevan Thermal Power Plant renovation is completed in 2010. Armenia has some mineral deposits (copper, gold, bauxite). Pig iron, unwrought copper, and other nonferrous metals are Armenia's highest valued exports. Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Armenia joined the WTO in January 2003. The government made some improvements in tax and customs administration in recent years, but anti-corruption measures have been ineffective and the current economic downturn has led to a sharp drop in tax revenue and forced the government to accept large loan packages from Russia, the IMF, and other international financial institutions. Armenia will need to pursue additional economic reforms in order to regain economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan.

GDP (purchasing power parity):
$16.18 billion (2009 est.)

$19.04 billion (2008 est.)
$17.83 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$8.683 billion (2009 est.)

GDP - real growth rate:
-15% (2009 est.)

6.8% (2008 est.)
13.8% (2007 est.)

GDP - per capita (PPP):
$5,900 (2009 est.)

$6,400 (2008 est.)
$6,000 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 18.6%
industry: 33.5%
services: 48% (2009 est.)

Labor force:
1.481 million (2007 est.)

Labor force - by occupation:
agriculture: 46.2%
industry: 15.6%
services: 38.2% (2006 est.)

Unemployment rate:
7.1% (2007 est.)

Population below poverty line:
26.5% (2006 est.)

Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 41.3% (2004)

Distribution of family income - Gini index:
37 (2006)

44.4 (1996)

Investment (gross fixed):
38.6% of GDP (2009 est.)

Budget:
revenues: $1.855 billion
expenditures: $2.365 billion; including capital expenditures of $NA (2009 est.)

Inflation rate (consumer prices):
4.2% (2009 est.)

9% (2008 est.)

Central bank discount rate:
7.25% (2 December 2008)

NA% (31 December 2007)
note: this is the Refinancing Rate, the key monetary policy instrument of the Armenian National Bank

Commercial bank prime lending rate:
17.05% (31 December 2008)

17.52% (31 December 2007)

Stock of money:
$1.359 billion (31 December 2008)

$1.507 billion (31 December 2007)

Stock of quasi money:
$950.1 million (31 December 2008)

$765.2 million (31 December 2007)

Stock of domestic credit:
$1.98 billion (31 December 2008)

$1.256 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$105 million (31 December 2007)
$60.17 million (31 December 2006)

Agriculture - products:
fruit (especially grapes), vegetables; livestock

Industries:
diamond-processing, metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry manufacturing, software development, food processing, brandy

Industrial production growth rate:
-10% (2009 est.)

Electricity - production:
5.584 billion kWh (2007 est.)

Electricity - consumption:
4.776 billion kWh (2007 est.)

Electricity - exports:
451.3 million kWh; note - exports an unknown quantity to Georgia; includes exports to Nagorno-Karabakh region in Azerbaijan (2007 est.)

Electricity - imports:
418.7 million kWh; note - imports an unknown quantity from Iran (2007 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
48,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
45,200 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
1.93 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
1.93 billion cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-1.086 billion (2009 est.)

$-1.355 billion (2008 est.)

Exports:
$715 million (2009 est.)

$1.124 billion (2008 est.)

Exports - commodities:
pig iron, unwrought copper, nonferrous metals, diamonds, mineral products, foodstuffs, energy

Exports - partners:
Russia 20.2%, Germany 17.2%, Netherlands 12.2%, Belgium 8.5%, Georgia 7.7%, Bulgaria 5.7%, US 4.9% (2008)

Imports:
$2.547 billion (2009 est.)

$3.763 billion (2008 est.)

Imports - commodities:
natural gas, petroleum, tobacco products, foodstuffs, diamonds

Imports - partners:
Russia 19.3%, China 8.7%, Ukraine 7%, Turkey 6.1%, Germany 5.8%, US 4.9%, Iran 4.6% (2008)

Reserves of foreign exchange and gold:
$885 million (31 December 2009 est.)

$1.407 billion (31 December 2008 est.)

Debt - external:
$4.47 billion (30 June 2009 est.)

$3.449 billion (31 December 2008 est.)

Exchange rates:
drams (AMD) per US dollar - 360.07 (2009), 303.93 (2008), 344.06 (2007), 414.69 (2006), 457.69 (2005)


NOTE: The information regarding Armenia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Armenia Economy 2010 information contained here. All suggestions for corrections of any errors about Armenia Economy 2010 should be addressed to the CIA.






This page was last modified 09-Feb-10
Copyright © 1995-2020 ITA (all rights reserved).