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Economy of Armenia vs Benin compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $21.5B for Benin, ranking 114/197 and 126/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $11.5B (53.4% of GDP) in Benin.

Armenia vs Benin GDP by year

Armenia
Benin
1x
Year GDP, current $
Armenia Benin
2024 $25,955,275,380 $21,482,643,706
2023 $24,185,982,216 $19,673,291,004
2022 $19,513,506,553 $17,425,405,091
2021 $13,878,908,629 $17,687,623,530
2020 $12,641,698,583 $15,686,741,884
2019 $13,619,290,539 $14,391,686,313
2018 $12,457,940,695 $14,262,408,090
2017 $11,527,458,709 $12,701,655,837
2016 $10,546,136,236 $11,821,065,853
2015 $10,553,337,518 $11,388,160,997
2014 $11,609,513,247 $13,284,527,847
2013 $11,121,464,437 $12,517,845,124
2012 $10,619,320,683 $11,141,358,116
2011 $10,142,111,825 $10,693,321,364
2010 $9,260,285,756 $9,535,345,016
2009 $8,647,937,081 $9,738,626,517
2008 $11,662,040,714 $9,787,734,526
2007 $9,206,301,270 $8,169,048,383
2006 $6,384,452,067 $7,034,111,315
2005 $4,900,469,511 $6,567,654,954
2004 $3,576,615,240 $6,190,270,380
2003 $2,807,061,009 $5,349,258,094
2002 $2,376,335,048 $4,194,342,686
2001 $2,118,467,913 $3,666,222,635
2000 $1,911,563,669 $3,519,991,440
1999 $1,845,482,173 $3,677,393,999
1998 $1,893,726,437 $2,455,092,686
1997 $1,639,492,445 $2,268,301,646
1996 $1,596,968,946 $2,361,116,449
1995 $1,468,317,435 $2,169,627,138
1994 $1,315,158,637 $1,598,075,944
1993 $1,201,312,829 $2,274,558,083
1992 $1,272,835,453 $1,695,315,306
1991 $2,069,870,130 $1,986,437,797
1990 $2,256,863,449 $1,959,965,330
1989 - $1,502,294,416
1988 - $1,620,246,084
1987 - $1,562,412,228
1986 - $1,336,102,025
1985 - $1,045,712,789
1984 - $1,051,134,009
1983 - $1,095,348,199
1982 - $1,267,778,670
1981 - $1,291,120,188
1980 - $1,405,251,847
1979 - $1,186,231,020
1978 - $928,843,469
1977 - $750,049,779
1976 - $698,408,262
1975 - $676,870,140
1974 - $554,654,861
1973 - $504,376,074
1972 - $410,331,857
1971 - $335,073,028
1970 - $333,627,713
1969 - $330,748,245
1968 - $326,323,105
1967 - $306,221,953
1966 - $302,925,235
1965 - $289,908,680
1964 - $269,819,006
1963 - $253,927,697
1962 - $236,434,954
1961 - $235,668,221
1960 - $226,195,578

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/armenia/benin | CC BY

GDP per capita in Armenia vs Benin by year

Armenia
GDP per capita

GDP per capita, PPP
Benin
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Benin
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $1,485 $4,435
2023 $8,159 $21,534 $1,394 $4,130
2022 $6,572 $19,161 $1,266 $3,844
2021 $4,685 $15,922 $1,319 $3,464
2020 $4,269 $14,706 $1,200 $3,245
2019 $4,597 $14,976 $1,131 $3,149
2018 $4,196 $12,877 $1,152 $2,965
2017 $3,869 $12,066 $1,055 $2,886
2016 $3,524 $10,570 $1,011 $2,842
2015 $3,512 $9,757 $1,002 $2,725
2014 $3,852 $9,736 $1,204 $2,670
2013 $3,680 $9,455 $1,169 $2,512
2012 $3,512 $8,943 $1,072 $2,346
2011 $3,350 $7,624 $1,059 $2,265
2010 $3,041 $7,095 $973 $2,220
2009 $2,821 $6,812 $1,024 $2,213
2008 $3,778 $7,827 $1,061 $2,215
2007 $2,963 $7,137 $912 $2,136
2006 $2,042 $6,073 $809 $2,021
2005 $1,557 $5,172 $779 $1,946
2004 $1,130 $4,377 $759 $1,915
2003 $882 $3,836 $676 $1,842
2002 $743 $3,282 $546 $1,800
2001 $660 $2,844 $492 $1,746
2000 $593 $2,531 $487 $1,671
1999 $583 $2,377 $525 $1,592
1998 $590 $2,239 $362 $1,537
1997 $505 $2,040 $345 $1,508
1996 $487 $1,922 $369 $1,444
1995 $444 $1,767 $348 $1,395
1994 $391 $1,591 $262.1 $1,316
1993 $348 $1,440 $387 $1,311
1992 $356 $1,492 $302 $1,265
1991 $573 $2,477 $365 $1,239
1990 $635 $2,760 $371 $1,186
1989 - - $293.3 -
1988 - - $326 -
1987 - - $324 -
1986 - - $285.8 -
1985 - - $230.4 -
1984 - - $238.6 -
1983 - - $256 -
1982 - - $305 -
1981 - - $320 -
1980 - - $358 -
1979 - - $311 -
1978 - - $249.8 -
1977 - - $207 -
1976 - - $197.7 -
1975 - - $196.5 -
1974 - - $164.9 -
1973 - - $153.6 -
1972 - - $127.9 -
1971 - - $106.9 -
1970 - - $108.8 -
1969 - - $110.3 -
1968 - - $111.2 -
1967 - - $106.6 -
1966 - - $107.6 -
1965 - - $105.1 -
1964 - - $99.8 -
1963 - - $95.7 -
1962 - - $90.8 -
1961 - - $92.1 -
1960 - - $89.9 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/armenia/benin | CC BY

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $1,485 in Benin, ranking 162/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Benin ranks 162nd at $4,435.

Economic indicators

Armenia Benin
Gross domestic product
$26B
2024
$21.5B
2024
GDP rank
114/197
2024
126/197
2024
GDP growth
5.9%
2023-2024
7.45%
2023-2024
GDP per capita
$8,556
2024
$1,485
2024
GDP per capita rank
90/197
2024
162/197
2024
GDP per capita, PPP
$22,823
2024
$4,435
2024
GDP per capita PPP rank
86/197
2024
162/197
2024
Government debt
$13B
2024
$11.5B
2024
Debt-to-GDP ratio
50%
2024
53.4%
2024
Government debt per person
$4,275
2024
$794
2024
Government debt per person rank
89/185
2024
151/185
2024
Average annual personal income after taxes
$6,687
2026
$1,091
2026
Market capitalization of domestic companies
$4.85B
2024
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
22.9%
2023
27.2%
2021
Income share by poorest 10%
4%
2023
3.1%
2021
Government expenditure, % of GDP
29%
2024
18.1%
2024
Consumer prices inflation
0.4%
2023-2024
1.2%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
8.3%
2023
1.69%
2022
Population
2989841
15272847

Spending and national debt comparison by year

Armenia
Spending

Debt
Benin
Spending

Debt
1x
Year % of GDP
Armenia Benin
Government spending Government debt Government spending Government debt
2024 29% 50% 18.1% 53.4%
2023 26.9% 50.4% 19.2% 54.9%
2022 26.4% 49.3% 19.9% 54.2%
2021 28.7% 63.6% 19.9% 50.3%
2020 30.6% 67.3% 19.1% 46.1%
2019 24.9% 54.2% 14.3% 40.4%
2018 24% 56.1% 16.5% 40.8%
2017 26% 58.1% 17.7% 39.4%
2016 27% 56.5% 15.4% 35.9%
2015 26.3% 48.3% 18.2% 30.9%
2014 24% 43.6% 14.2% 22.3%
2013 23.8% 41.6% 14.9% 18.5%
2012 22.4% 41.2% 14.2% 19.5%
2011 25% 42% 14.7% 21.9%
2010 26.2% 39.7% 14.1% 21%
2009 28.6% 40.2% 17% 18.7%
2008 22.2% 16.1% 14.5% 18.3%
2007 22.4% 16.1% 15.8% 14.3%
2006 20% 18.7% 13% 8.37%
2005 19.9% 24.4% 14.1% 27%
2004 - 26.4% 13.4% 21.5%
2003 - 33% 13.7% 23.4%
2002 - 38.2% 15.3% 30.8%
2001 - 38.1% 15.4% 38%
2000 - 39.6% 15.6% 39.6%
1999 - 39.2% 10.7% 39.4%
1998 - 45.2% 10.9% 39.2%
1997 - 46.5% 12.7% 42.9%
1996 - 40.8% 13.3% 43.4%
1995 - - 14.8% 48.3%
1994 - - 13.6% 64.6%
1993 - - 12% 41.9%
1992 - - 13.5% 41.8%
1991 - - 12.6% 44%
1990 - - 13.3% 45.3%
1989 - - 17.1% 50.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1997, retrieved 2026-02-20).

GeoRank.org/economy/armenia/benin | CC BY

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Benin spent $3.88B, or 18.1% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 53.4% in Benin, ranking 108/185 and 99/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Benin
1x
Year Deficit/surplus, % of GDP
Armenia Benin
2024 -3.69% -3.06%
2023 -2.02% -4.13%
2022 -2.11% -5.55%
2021 -4.58% -5.71%
2020 -5.4% -4.68%
2019 -0.98% -0.53%
2018 -1.75% -2.96%
2017 -4.79% -4.18%
2016 -5.63% -4.29%
2015 -4.84% -5.55%
2014 -1.94% -1.65%
2013 -1.59% -1.37%
2012 -1.49% -0.22%
2011 -2.87% -0.98%
2010 -4.98% -0.28%
2009 -7.69% -2.24%
2008 -1.76% -0.04%
2007 -2.33% 0.22%
2006 -1.95% -0.15%
2005 -1.98% -1.52%
2004 - -0.7%
2003 - -1.07%
2002 - -3.33%
2001 - -3.27%
2000 - -3.69%
1999 - 1.94%
1998 - 1.83%
1997 - 0.47%
1996 - -0.11%
1995 - -1.91%
1994 - -1.57%
1993 - -0.41%
1992 - -1.98%
1991 - -2.25%
1990 - -2.37%
1989 - 0.89%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989, retrieved 2026-02-20).

GeoRank.org/economy/armenia/benin | CC BY

In 2024, Armenia's government deficit, the difference between spending and revenue, was $958M, equivalent to 3.69% of GDP. This compares to Benin's deficit of $658M, or 3.06% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Benin ran a deficit in 19 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 2.44% of GDP for Benin.

Inflation comparison by year

Inflation
Armenia

Benin
1x
Year Consumer prices inflation
Armenia Benin
2024 0.4% 1.2%
2023 2% 2.7%
2022 8.8% 1.4%
2021 7.5% 1.7%
2020 1.5% 3%
2019 1.5% -0.9%
2018 2.5% 0.8%
2017 0.9% 1.8%
2016 -1.4% -0.8%
2015 3.7% 0.2%
2014 3% -0.6%
2013 5.7% 0.4%
2012 2.5% 6.7%
2011 7.5% 2.7%
2010 8.2% 2.1%
2009 3.5% 0.9%
2008 9.1% 7.4%
2007 4.4% 1.3%
2006 2.9% 3.8%
2005 0.6% 5.4%
2004 6.9% 0.9%
2003 4.7% 1.5%
2002 1% 2.4%
2001 3.2% 4%
2000 -0.8% 4.2%
1999 0.7% 0.3%
1998 8.7% 5.8%
1997 14% 3.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/armenia/benin | CC BY

Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 2.29% in Benin. In 2024, inflation was 0.4% in Armenia and 1.2% in Benin.

Top exports between countries

Armenia
Export category Export value
Benin
Export category Export value
Animal & marine products $1K

Balance of trade

Armenia Benin
Current account balance
-$1.19B
2024
-$1.61B
2023
Current account balance ranking
128/190
2024
135/190
2023
Current account balance, % of GDP
-4.6%
2024
-8.18%
2023
Goods imports
$15.4B
2024
$4.65B
2023
Goods exports
$13.2B
2024
$4.05B
2023
Service imports
$4.39B
2024
$1.54B
2023
Service exports
$5.86B
2024
$461M
2023
Imports of goods and services, % of GDP
76.4%
2024
21.8%
2024
Exports of goods and services, % of GDP
73.6%
2024
18.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Armenia Benin
Economic freedom 67.1 60
Economic freedom ranking 58/197 96/197
Property rights 48.6 46.4
Government integrity 51.8 44.1
Judicial effectiveness 31.4 47.7
Tax burden 87.2 69.4
Government spending 77.5 89.1
Fiscal health 84.1 65.4
Business freedom 72.9 53.3
Labor freedom 59.2 60.2
Monetary freedom 77.2 82.1
Trade freedom 75 62.6
Investment freedom 70 50
Financial freedom 70 50

Economic freedom comparison by year

Armenia
Benin
1x
Year Economic freedom index
Armenia Benin
2026 67.1 60
2025 65.4 58.5
2024 64.9 57.7
2023 65.1 59.8
2022 65.3 61
2021 71.9 59.6
2020 70.6 55.2
2019 67.7 55.3
2018 68.7 56.7
2017 70.3 59.2
2016 67 59.3
2015 67.1 58.8
2014 68.9 57.1
2013 69.4 57.6
2012 68.8 55.7
2011 69.7 56
2010 69.2 55.4
2009 69.9 55.4
2008 69.9 55.2
2007 68.6 55.1
2006 70.6 54
2005 69.8 52.3
2004 70.3 54.6
2003 67.3 54.9
2002 68 57.3
2001 66.4 60.1
2000 63 61.5
1999 56.4 60.6
1998 49.6 61.7
1997 46.7 61.3
1996 42.2 54.5

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/armenia/benin | CC BY

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 60 for Benin, ranking 96/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Benin
Services, % of GDP
62%
2024
48.9%
2024
Industry, % of GDP
22.9%
2024
17.4%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
24.2%
2024
GNI, Atlas method
$23.7B
2024
$20.6B
2024
GNI per capita, PPP
$22,020
2024
$4,390
2024
Total reserves including gold
$3.69B
2024
n/a
Total reserves ranking
111/177
2024
n/a
Net foreign direct investment
-$74.8M
2024
-$430M
2023
Net inflows of foreign direct investment
$132M
2024
$543M
2024
Net outflows of foreign direct investment
$56.8M
2024
$60.3M
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
5.38%
2024
Poverty at national poverty lines
23.7%
2023
36.2%
2021
Gross capital formation, % of GDP
23.8%
2024
35.1%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/armenia/benin | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1989–1997, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2024, retrieved 2026-02-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.