Armenia ranked 116/197 by economy size with a GDP of $25.8B and 92/197 by GDP per capita at $8,501. Armenia has $13B in government debt, with a debt-to-GDP ratio of 54.5%.
In 2025, Armenia made up 0.02% of the world's economy, compared to 0.01% in 1990.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1990 | $2,256,863,449 | $5,839,777,094 | - |
| 1991 | $2,069,870,130 | $5,156,523,263 | -8.29% |
| 1992 | $1,272,835,453 | $3,001,096,397 | -38.5% |
| 1993 | $1,201,312,829 | $2,736,999,951 | -5.62% |
| 1994 | $1,315,158,637 | $2,884,798,024 | 9.48% |
| 1995 | $1,468,317,435 | $3,083,849,042 | 11.6% |
| 1996 | $1,596,968,946 | $3,264,729,147 | 8.76% |
| 1997 | $1,639,492,445 | $3,373,153,404 | 2.66% |
| 1998 | $1,893,726,437 | $3,619,393,602 | 15.5% |
| 1999 | $1,845,482,173 | $3,738,833,591 | -2.55% |
| 2000 | $1,911,563,669 | $3,959,424,773 | 3.58% |
| 2001 | $2,118,467,913 | $4,339,529,551 | 10.8% |
| 2002 | $2,376,335,048 | $4,912,347,451 | 12.2% |
| 2003 | $2,807,061,009 | $5,600,076,095 | 18.1% |
| 2004 | $3,576,615,240 | $6,188,084,085 | 27.4% |
| 2005 | $4,900,469,511 | $7,048,227,772 | 37% |
| 2006 | $6,384,452,067 | $7,978,593,838 | 30.3% |
| 2007 | $9,206,301,270 | $9,071,661,194 | 44.2% |
| 2008 | $11,662,040,714 | $9,697,605,817 | 26.7% |
| 2009 | $8,647,937,081 | $8,330,243,396 | -25.8% |
| 2010 | $9,260,285,756 | $8,513,508,751 | 7.08% |
| 2011 | $10,142,111,825 | $8,913,643,662 | 9.52% |
| 2012 | $10,619,320,683 | $9,555,426,006 | 4.71% |
| 2013 | $11,121,464,437 | $9,870,755,064 | 4.73% |
| 2014 | $11,609,513,247 | $10,226,102,247 | 4.39% |
| 2015 | $10,553,337,518 | $10,553,337,518 | -9.1% |
| 2016 | $10,546,136,236 | $10,574,444,193 | -0.07% |
| 2017 | $11,527,458,709 | $11,367,527,508 | 9.31% |
| 2018 | $12,457,940,695 | $11,958,638,938 | 8.07% |
| 2019 | $13,619,290,539 | $12,867,495,498 | 9.32% |
| 2020 | $12,641,698,583 | $11,941,035,822 | -7.18% |
| 2021 | $13,878,908,629 | $12,633,615,900 | 9.79% |
| 2022 | $19,513,506,553 | $14,225,451,503 | 40.6% |
| 2023 | $24,085,749,592 | $15,406,163,978 | 23.4% |
| 2024 | $25,786,585,950 | $16,315,127,652 | 7.06% |
Economic Statistics of Armenia
Armenia
|
Rank | |
|---|---|---|
| Gross domestic product |
$25.8B
2024 |
116/197 |
| GDP growth |
7.06%
2023-2024 |
75/196 |
| GDP per capita |
$8,501
2024 |
92/197 |
| GDP per capita, PPP |
$22,823
2024 |
84/197 |
| Government debt |
$13B
2024 |
116/185 |
| Debt-to-GDP ratio |
54.5%
2025 |
97/185 |
| Government debt per person |
$4,276
2024 |
89/185 |
| Average annual personal income after taxes |
$6,696
2025 |
98/197 |
| Listed domestic companies |
12
2024 |
95/103 |
| Market capitalization of domestic companies |
$4.85B
2024 |
77/100 |
| Number of billionaires |
1
2025 |
63/78 |
| Billionaire frequency |
1 in 2,256,831
2025 |
47/78 |
| Income share by richest 10% |
22.9%
2023 |
147/169 |
| Income share by poorest 10% |
4%
2023 |
12/169 |
| Government expenditure, % of GDP |
30.7%
2025 |
94/195 |
| Consumer prices inflation |
3.3%
2024-2025 |
94/195 |
| Central bank interest rate |
6.75%
2025 |
41/105 |
| Unemployment rate |
8.3%
2023 |
53/196 |
| Population |
3011581
|
135/197 |
Armenia's GDP per capita
Armenia has a GDP per capita of $8,501, ranking 92/197, a GDP per capita based on purchasing power parity (PPP) of $22,823, ranking 84/197, and a median annual after tax income of $6,696, ranking 98/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1990 | $635 | $2,760 |
| 1991 | $573 | $2,477 |
| 1992 | $356 | $1,492 |
| 1993 | $348 | $1,440 |
| 1994 | $391 | $1,591 |
| 1995 | $444 | $1,767 |
| 1996 | $487 | $1,922 |
| 1997 | $505 | $2,040 |
| 1998 | $590 | $2,239 |
| 1999 | $583 | $2,377 |
| 2000 | $593 | $2,531 |
| 2001 | $660 | $2,844 |
| 2002 | $743 | $3,282 |
| 2003 | $882 | $3,836 |
| 2004 | $1,130 | $4,377 |
| 2005 | $1,557 | $5,172 |
| 2006 | $2,042 | $6,073 |
| 2007 | $2,963 | $7,137 |
| 2008 | $3,778 | $7,827 |
| 2009 | $2,821 | $6,812 |
| 2010 | $3,041 | $7,095 |
| 2011 | $3,350 | $7,624 |
| 2012 | $3,512 | $8,943 |
| 2013 | $3,680 | $9,455 |
| 2014 | $3,852 | $9,736 |
| 2015 | $3,512 | $9,757 |
| 2016 | $3,524 | $10,570 |
| 2017 | $3,869 | $12,066 |
| 2018 | $4,196 | $12,877 |
| 2019 | $4,597 | $14,976 |
| 2020 | $4,269 | $14,706 |
| 2021 | $4,685 | $15,922 |
| 2022 | $6,572 | $19,161 |
| 2023 | $8,125 | $21,534 |
| 2024 | $8,501 | $22,823 |
Armenia's government spending, deficit, and chart
This chart shows Armenia's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 21 years, Armenia recorded a fiscal deficit in 21 years — average annual deficit equal to -3.33% of GDP. In 2024, government spending reached $7.54B (30.7% of GDP), with a deficit of -5.5%.
The national debt reached $13B, ranking 116th out of 185 countries by total size, with a debt-to-GDP ratio of 54.5%, ranking 97th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1996 | - | 40.8% | - |
| 1997 | - | 46.5% | - |
| 1998 | - | 45.2% | - |
| 1999 | - | 39.2% | - |
| 2000 | - | 39.6% | - |
| 2001 | - | 38.1% | - |
| 2002 | - | 38.2% | - |
| 2003 | - | 33% | - |
| 2004 | - | 26.4% | - |
| 2005 | 19.9% | 24.4% | -1.98% |
| 2006 | 20% | 18.7% | -1.95% |
| 2007 | 22.4% | 16.1% | -2.33% |
| 2008 | 22.2% | 16.1% | -1.76% |
| 2009 | 28.6% | 40.2% | -7.69% |
| 2010 | 26.2% | 39.7% | -4.98% |
| 2011 | 25% | 42% | -2.87% |
| 2012 | 22.4% | 41.2% | -1.49% |
| 2013 | 23.8% | 40.9% | -1.59% |
| 2014 | 24% | 43.7% | -1.94% |
| 2015 | 26.3% | 48.7% | -4.84% |
| 2016 | 27% | 56.7% | -5.63% |
| 2017 | 26% | 58.9% | -4.79% |
| 2018 | 24% | 55.7% | -1.75% |
| 2019 | 24.9% | 53.7% | -0.98% |
| 2020 | 30.6% | 67.4% | -5.4% |
| 2021 | 28.7% | 63.4% | -4.58% |
| 2022 | 26.4% | 49.2% | -2.11% |
| 2023 | 27% | 50.7% | -2.03% |
| 2024 | 29.2% | 50.3% | -3.75% |
| 2025 | 30.7% | 54.5% | -5.5% |
Inflation rate by year
Over the past 20 years, Armenia has had an average annual inflation rate of 3.88%. In 2025, inflation was 3.3%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1993 | 3,732% |
| 1994 | 5,273% |
| 1995 | 176.7% |
| 1996 | 18.7% |
| 1997 | 14% |
| 1998 | 8.7% |
| 1999 | 0.7% |
| 2000 | -0.8% |
| 2001 | 3.2% |
| 2002 | 1% |
| 2003 | 4.7% |
| 2004 | 6.9% |
| 2005 | 0.6% |
| 2006 | 2.9% |
| 2007 | 4.4% |
| 2008 | 9.1% |
| 2009 | 3.5% |
| 2010 | 8.2% |
| 2011 | 7.5% |
| 2012 | 2.5% |
| 2013 | 5.7% |
| 2014 | 3% |
| 2015 | 3.7% |
| 2016 | -1.4% |
| 2017 | 0.9% |
| 2018 | 2.5% |
| 2019 | 1.5% |
| 2020 | 1.5% |
| 2021 | 7.5% |
| 2022 | 8.8% |
| 2023 | 2% |
| 2024 | 0.4% |
| 2025 | 3.3% |
Balance of trade
|
Armenia
|
Rank | |
|---|---|---|
Current account balance
|
-$1.19B
2024 |
127/189 |
| Current account balance, % of GDP |
-4.63%
2024 |
133/189 |
| Goods imports |
$15.4B
2024 |
88/188 |
| Goods exports |
$13.2B
2024 |
89/188 |
| Service imports |
$4.39B
2024 |
93/188 |
| Service exports |
$5.86B
2024 |
88/188 |
| Imports of goods and services, % of GDP |
75.8%
2024 |
20/180 |
| Exports of goods and services, % of GDP |
76.3%
2024 |
17/193 |
Armenia's top 10 trading partners
Armenia's biggest trading partner accounting for 44.2%% of all exports and imports is Russia, with a trade balance between the two of -$6.12B — Armenia exports $3.12B worth of goods and services to Russia and imports $9.24B.
Below is the list of the top 10 trade partners of Armenia.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Russia
|
$12.4B | 44.2% | $3.12B | $9.24B | Machinery & equipment | Precious metals & jewellery |
| 2 |
UAE
|
$5.34B | 19.1% | $5.25B | $82M | Precious metals & jewellery | Precious metals & jewellery |
| 3 |
China
|
$2.77B | 9.89% | $1.1B | $1.67B | Precious metals & jewellery | Machinery & equipment |
| 4 |
Vietnam
|
$887M | 3.17% | $6.33M | $881M | Processed food, beverages & tobacco | Machinery & equipment |
| 5 |
Iran
|
$737M | 2.63% | $108M | $629M | Raw materials & minerals | Raw materials & minerals |
| 6 |
Germany
|
$437M | 1.56% | $63.4M | $374M | Textiles & consumer goods | Machinery & equipment |
| 7 |
Italy
|
$417M | 1.49% | $67.1M | $350M | Textiles & consumer goods | Textiles & consumer goods |
| 8 |
Turkey
|
$335M | 1.2% | $413K | $334M | Machinery & equipment | Textiles & consumer goods |
| 9 |
United States
|
$331M | 1.18% | $58.3M | $273M | Processed food, beverages & tobacco | Machinery & equipment |
| 10 |
Georgia
|
$318M | 1.14% | $155M | $162M | Processed food, beverages & tobacco | Processed food, beverages & tobacco |
Armenia's top 10 exports
|
Armenia
|
Rank | |
|---|---|---|
| Precious metals & jewellery | $8.05B | 23/190 |
| Transport & tourism services | $3.92B | 79/188 |
| Machinery & equipment | $1.58B | 76/193 |
| IT & IP services | $1.07B | 62/183 |
| Raw materials & minerals | $1.05B | 105/193 |
| Processed food, beverages & tobacco | $957M | 81/192 |
| Textiles & consumer goods | $528M | 82/193 |
| Metals | $357M | 98/192 |
| Business & finance services | $308M | 98/188 |
| Manufacturing & construction services | $294M | 65/164 |
Armenia's top 10 imports
|
Armenia
|
Rank | |
|---|---|---|
| Precious metals & jewellery | $7.39B | 19/193 |
| Machinery & equipment | $3.59B | 102/193 |
| Transport & tourism services | $2.74B | 88/188 |
| Raw materials & minerals | $1.34B | 131/193 |
| Textiles & consumer goods | $1.24B | 90/193 |
| Chemicals & pharma | $814M | 120/193 |
| Processed food, beverages & tobacco | $811M | 113/193 |
| Metals | $595M | 114/193 |
| Business & finance services | $407M | 118/188 |
| Raw agricultural goods | $397M | 118/193 |
Economic freedom indices
|
Armenia
|
Rank | |
|---|---|---|
| Economic freedom | 65.4 | 63/197 |
| Property rights | 49.9 | 91/182 |
| Government integrity | 50.4 | 91/182 |
| Judicial effectiveness | 31.3 | 91/182 |
| Tax burden | 88.1 | 45/181 |
| Government spending | 77.6 | 72/180 |
| Fiscal health | 81.3 | 65/181 |
| Business freedom | 73 | 62/182 |
| Labor freedom | 59.2 | 71/182 |
| Monetary freedom | 72.2 | 79/180 |
| Trade freedom | 72 | 90/181 |
| Investment freedom | 70 | 25/181 |
| Financial freedom | 60 | 33/181 |
Armenia's economic freedom by year
Armenia is ranked 57/180 for economic freedom with a score of 65.4, compared to 24/163 and a score of 69.8 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1996 | 42.2 | - | 75.8 | 0 | - |
| 1997 | 46.7 | - | 80.7 | 41.7 | - |
| 1998 | 49.6 | - | 80.9 | 75.1 | - |
| 1999 | 56.4 | - | 80.3 | 82.1 | - |
| 2000 | 63 | - | 79.3 | 86.8 | - |
| 2001 | 66.4 | - | 81.9 | 85.5 | - |
| 2002 | 68 | - | 88.3 | 81.3 | - |
| 2003 | 67.3 | - | 88.9 | 84.1 | - |
| 2004 | 70.3 | - | 90 | 88.7 | - |
| 2005 | 69.8 | - | 89.9 | 88.9 | - |
| 2006 | 70.6 | - | 90 | 90.7 | - |
| 2007 | 68.6 | - | 89.7 | 90.8 | - |
| 2008 | 69.9 | - | 89 | 86.4 | - |
| 2009 | 69.9 | - | 90 | 89.7 | - |
| 2010 | 69.2 | - | 89.3 | 90.9 | - |
| 2011 | 69.7 | - | 89.2 | 85.7 | - |
| 2012 | 68.8 | - | 89.3 | 74.9 | - |
| 2013 | 69.4 | - | 88 | 82.1 | - |
| 2014 | 68.9 | - | 86.5 | 81.3 | - |
| 2015 | 67.1 | - | 84.4 | 82.8 | - |
| 2016 | 67 | - | 83.8 | 80.7 | - |
| 2017 | 70.3 | 42.5 | 83.7 | 81.7 | 82.9 |
| 2018 | 68.7 | 47.4 | 84.7 | 80 | 67.2 |
| 2019 | 67.7 | 46.3 | 84.7 | 79 | 53 |
| 2020 | 70.6 | 54.1 | 84.9 | 80.6 | 68.8 |
| 2021 | 71.9 | 55.3 | 87.1 | 81.3 | 84.3 |
| 2022 | 65.3 | 33.1 | 86.9 | 78.9 | 75.5 |
| 2023 | 65.1 | 51.6 | 87.5 | 76.3 | 71.4 |
| 2024 | 64.9 | 31.6 | 87.6 | 75.5 | 69.1 |
| 2025 | 65.4 | 31.3 | 88.1 | 77.6 | 81.3 |
More economic indicators
|
Armenia
|
Rank | |
|---|---|---|
| Services, % of GDP |
61.5%
2024 |
66/191 |
| Industry, % of GDP |
23.2%
2024 |
106/194 |
| Agriculture, forestry, and fishing, % of GDP |
7.92%
2024 |
86/193 |
|
GNI, Atlas method
|
$23.6B
2024 |
116/194 |
| GNI per capita, PPP |
$21,990
2024 |
81/191 |
| Total reserves including gold |
$3.69B
2024 |
111/177 |
|
Net foreign direct investment
|
-$74.8M
2024 |
68/188 |
|
Net inflows of foreign direct investment
|
$132M
2024 |
144/193 |
|
Net outflows of foreign direct investment
|
$56.8M
2024 |
97/187 |
|
Servicing debt to the IMF, % of GNI
|
11.8%
2023 |
13/119 |
| Poverty at national poverty lines |
23.7%
2023 |
78/176 |
|
Gross capital formation, % of GDP
|
22.2%
2024 |
102/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Armenia topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.