21, Nov 2009, CST. Welcome to the Armenia economic statistics pages provided by the beta version of EconomyWatch.com’s Econ Stats database.

Economic Indicators For: Armenia › Change country
National or Regional Currency: Dram, AMD
Year of data: 2008 › Change year
Number of Indicators Listed: 19
Full Dataset: From Year 1980 to 2013
Date of Last Update: 1 Sept 2009
Population: 2,967,004 (July 2009 est.)
Area: total: 29,743 sq km land: 28,454 sq km water: 1,289 sq km
Natural Resources: small deposits of gold, copper, molybdenum, zinc, bauxite
Government Type: Armenia government type
Government Ministers: Armenia ministers
Capital: Yerevan
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook

Since the breakup of the Soviet union in 1991, Armenia has made progress in implementing many economic reform including privatisation, price reform, and prudent financial policies. The dispute with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh contributed to a severe economic decline in the early 1990s. By 1994, however, the Armenian Government launched an ambitious International Monetary Fund (IMF)-sponsored economic liberalisation program that resulted in positive growth rates. growth of the economy has averaged over 10 per cent in recent years. However, with the global financial crisis, Armenia's growth rate dropped to 6.8 per cent in 2008. Armenia has managed to reduction of poverty, slash inflation rates, stabilize its currency, and privatise most small- and medium-sized enterprises. under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured favourables to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale Agriculture, fisheries and farming and away from the large agroindustrial complexes of the Soviet era. Nuclear power plants built at Metsamor in the 1970s were closed following the 1988 Spitak Earthquake, though they maintained no damage. amongst the two reactors was re-open or open or freeed in 1995, but the Armenian government is under international pressure to close it due to concerns that the Soviet era design lacks important safeguards. Metsamor provides 40% of the country's electric power - hydropower accounts for approximately one-fourth. Economic ties with Russia remain close, especially in the energy sector. The electric power distribution system was privatised in 2002 and bought by Russia's RAO-UES in 2005. Construction and building of a pipeline to deliver natural gas from Iran to Armenia was completed in December 2008 and after testing is expected to be operational in Spring 2009, though it is unprobably marked 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 (imports and exports) imbalance has been offset somewhat by international aid, remittance inflows from Armenians working overseas, and Foreign Direct Investment (FDI). Armenia joined the World Trade Organisation (WTO) in January 2003. The government made some improvements in taxation and customs government in recent years, but anti-corruption (including cronyism and nepotism) measures will be more difficult to implement. Despite robust growth of the economy, Armenia's uneployment figures remains high. Armenia will need to pursue additional economic reform in order to improve its economic competitiveness and to build on recent improvements in poverty and unemployment, especially given its economic isolation from two of its nearest neighbours, Turkey and Azerbaijan. The disruption of rail transit into Armenia during the Georgia-Russia dispute in August 2008 highlighted how Armenia's supply chains for key favourables - such as gasoline - were vulnerable to instances of regional instability.
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GDP (Constant Prices, National Currency) for Armenia in year 2008 is AMD 1,967.69 Billion. Real GDP is expressed in billions of national currency units; the base year is country-specific.

GDP Growth (Constant Prices, National Currency) for Armenia in year 2008 is 6.8 %. Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific.

GDP (Current Prices, National Currency) for Armenia in year 2008 is AMD 3,650.00 Billion. GDP is expressed in billions of national currency units.

GDP (Current Prices, US Dollars) for Armenia in year 2008 is US$ 11.928 Billion. Values are based upon GDP in national currency and the exchange rate projections provided by country economists for the group of other emerging market and developing countries. Exchanges rates for advanced economies are established in the WEO assumptions for each WEO exercise.

GDP Deflator for Armenia in year 2008 is 185.496 (Index, Base Year as per country's accounts = 100). The GDP deflator is derived by dividing current price GDP by constant price GDP and is considered to be an alternate measure of inflation. Please note: Data are expressed in the base year of each country's national accounts.

GDP Per Capita (Constant Prices, National Currency) for Armenia in year 2008 is AMD 554,361.28 . GDP is expressed in constant national currency per person. Data are derived by dividing constant price GDP by total population.

GDP Per Capita (Current Prices, National Currency) for Armenia in year 2008 is AMD 1,028,320.20 . GDP is expressed in current national currency per person. Data are derived by dividing current price GDP by total population.

GDP Per Capita (Current Prices, US Dollars) for Armenia in year 2008 is US$ 3,360.52 . GDP is expressed in current U.S. dollars per person. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.

Output Gap, Percent of Potential GDP for Armenia in year 2008 is not available

GDP (PPP), US Dollars for Armenia in year 2008 is US$ 18.715 Billion. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Per Capita (PPP), US Dollars for Armenia in year 2008 is US$ 5,272.52 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Share of World Total (PPP) for Armenia in year 2008 is 0.028 %. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Implied PPP Conversion Rate for Armenia in year 2008 is 195.034 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Investment (% of GDP) for Armenia in year 2008 is not available

Gross National Savings (% of GDP) for Armenia in year 2008 is not available

Inflation, Average Consumer Prices (Indexed to Year 2000) for Armenia in year 2008 is 137.627 (Index, Base Year 2000 = 100). Data for inflation are averages for the year, not end-of-period data. The index is based on 2000=100.

Inflation (Average Consumer Price Change %) for Armenia in year 2008 is 8.976 %. Data for inflation are averages for the year, not end-of-period data.

Inflation, End of Year (Indexed to Year 2000) for Armenia in year 2008 is 136.916 (Index, Base Year 2000 = 100). Data for inflation are end of the period, not annual average data. The index is based on 2000=100.

Inflation (End of Year Change %) for Armenia in year 2008 is 5.2 %. Data for inflation are end of the period, not annual average data.

Six-month London Interbank Offered Rate (LIBOR) Change % for Armenia in year 2008 is not available

Unemployment Rate (% of Labour Force) for Armenia in year 2008 is not available

Employment for Armenia in year 2008 is not available

Population for Armenia in year 2008 is 3.549 Million .

General Government Balance (National Currency) for Armenia in year 2008 is not available

General Government Balance (% of GDP) for Armenia in year 2008 is not available

General Government Structural Balance (National Currency) for Armenia in year 2008 is not available

General Government Structural Balance (% Potential GDP) for Armenia in year 2008 is not available

General Government Net Debt (National Currency) for Armenia in year 2008 is not available

General Government Net Debt (% GDP) for Armenia in year 2008 is not available

General Government Gross Debt (National Currency) for Armenia in year 2008 is not available

General Government Gross Debt (% GDP) for Armenia in year 2008 is not available

Current Account Balance (US Dollars) for Armenia in year 2008 is US$ -1.503 Billion. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.

Current Account Balance (% GDP) for Armenia in year 2008 is -12.6 %. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.