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Economy of Armenia vs Bolivia compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $54.9B for Bolivia, ranking 114/197 and 88/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $53.8B (98% of GDP) in Bolivia.

Armenia vs Bolivia GDP by year

Armenia
Bolivia
1x
Year GDP, current $
Armenia Bolivia
2024 $25,955,275,380 $54,881,327,453
2023 $24,185,982,216 $52,340,206,946
2022 $19,513,506,553 $50,959,081,954
2021 $13,878,908,629 $47,877,892,402
2020 $12,641,698,583 $42,313,784,081
2019 $13,619,290,539 $49,056,643,589
2018 $12,457,940,695 $48,414,038,842
2017 $11,527,458,709 $45,927,439,595
2016 $10,546,136,236 $33,941,126,194
2015 $10,553,337,518 $33,000,198,249
2014 $11,609,513,247 $32,996,188,017
2013 $11,121,464,437 $30,659,338,886
2012 $10,619,320,683 $27,084,497,482
2011 $10,142,111,825 $23,963,164,697
2010 $9,260,285,756 $19,649,723,722
2009 $8,647,937,081 $17,339,992,194
2008 $11,662,040,714 $16,674,276,286
2007 $9,206,301,270 $13,120,108,008
2006 $6,384,452,067 $11,451,844,902
2005 $4,900,469,511 $9,549,122,905
2004 $3,576,615,240 $8,773,451,752
2003 $2,807,061,009 $8,082,399,640
2002 $2,376,335,048 $7,905,485,146
2001 $2,118,467,913 $8,141,516,928
2000 $1,911,563,669 $8,397,855,485
1999 $1,845,482,173 $8,285,064,435
1998 $1,893,726,437 $8,497,494,652
1997 $1,639,492,445 $7,925,736,821
1996 $1,596,968,946 $7,396,949,126
1995 $1,468,317,435 $6,715,161,732
1994 $1,315,158,637 $5,981,222,859
1993 $1,201,312,829 $5,734,699,489
1992 $1,272,835,453 $5,643,868,749
1991 $2,069,870,130 $5,343,262,457
1990 $2,256,863,449 $4,867,582,598
1989 - $4,715,973,437
1988 - $4,597,612,362
1987 - $4,347,956,338
1986 - $3,959,382,833
1985 - $5,377,276,555
1984 - $6,169,483,225
1983 - $5,422,656,823
1982 - $5,594,126,369
1981 - $5,891,598,695
1980 - $4,537,479,608
1979 - $4,421,336,383
1978 - $3,758,220,890
1977 - $3,227,436,282
1976 - $2,731,984,008
1975 - $2,404,697,651
1974 - $2,100,249,875
1973 - $1,262,968,516
1972 - $1,257,615,645
1971 - $1,095,622,896
1970 - $1,017,003,367
1969 - $929,629,630
1968 - $857,912,458
1967 - $755,808,081
1966 - $669,191,919
1965 - $604,377,104
1964 - $544,023,569
1963 - $482,828,283
1962 - $448,400,673
1961 - $410,101,010
1960 - $377,020,202

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

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

GDP per capita in Armenia vs Bolivia by year

Armenia
GDP per capita

GDP per capita, PPP
Bolivia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Bolivia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $4,421 $12,878
2023 $8,159 $21,534 $4,275 $12,892
2022 $6,572 $19,161 $4,219 $12,307
2021 $4,685 $15,922 $4,011 $11,202
2020 $4,269 $14,706 $3,581 $9,581
2019 $4,597 $14,976 $4,203 $11,005
2018 $4,196 $12,877 $4,207 $10,758
2017 $3,869 $12,066 $4,048 $10,420
2016 $3,524 $10,570 $3,036 $9,242
2015 $3,512 $9,757 $2,996 $8,757
2014 $3,852 $9,736 $3,041 $8,629
2013 $3,680 $9,455 $2,870 $8,069
2012 $3,512 $8,943 $2,576 $7,184
2011 $3,350 $7,624 $2,316 $6,598
2010 $3,041 $7,095 $1,930 $6,245
2009 $2,821 $6,812 $1,731 $6,024
2008 $3,778 $7,827 $1,693 $5,890
2007 $2,963 $7,137 $1,355 $5,537
2006 $2,042 $6,073 $1,203 $5,244
2005 $1,557 $5,172 $1,020 $4,938
2004 $1,130 $4,377 $953 $4,663
2003 $882 $3,836 $893 $4,433
2002 $743 $3,282 $888 $4,304
2001 $660 $2,844 $930 $4,205
2000 $593 $2,531 $976 $4,113
1999 $583 $2,377 $979 $3,991
1998 $590 $2,239 $1,022 $3,988
1997 $505 $2,040 $970 $3,822
1996 $487 $1,922 $922 $3,645
1995 $444 $1,767 $853 $3,494
1994 $391 $1,591 $774 $3,331
1993 $348 $1,440 $757 $3,177
1992 $356 $1,492 $760 $3,036
1991 $573 $2,477 $734 $2,981
1990 $635 $2,760 $683 $2,797
1989 - - $675 -
1988 - - $673 -
1987 - - $650 -
1986 - - $604 -
1985 - - $838 -
1984 - - $982 -
1983 - - $882 -
1982 - - $930 -
1981 - - $1,001 -
1980 - - $788 -
1979 - - $785 -
1978 - - $683 -
1977 - - $600 -
1976 - - $520 -
1975 - - $468 -
1974 - - $418 -
1973 - - $257.2 -
1972 - - $261.9 -
1971 - - $233.4 -
1970 - - $221.6 -
1969 - - $207.1 -
1968 - - $195.5 -
1967 - - $176.1 -
1966 - - $159.3 -
1965 - - $147.1 -
1964 - - $135.2 -
1963 - - $122.6 -
1962 - - $116.2 -
1961 - - $108.5 -
1960 - - $101.8 -

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

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

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $4,421 in Bolivia, ranking 125/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Bolivia ranks 122nd at $12,878.

Economic indicators

Armenia Bolivia
Gross domestic product
$26B
2024
$54.9B
2024
GDP rank
114/197
2024
88/197
2024
GDP growth
5.9%
2023-2024
-1.12%
2023-2024
GDP per capita
$8,556
2024
$4,421
2024
GDP per capita rank
90/197
2024
125/197
2024
GDP per capita, PPP
$22,823
2024
$12,878
2024
GDP per capita PPP rank
86/197
2024
122/197
2024
Government debt
$13B
2024
$53.8B
2024
Debt-to-GDP ratio
50%
2024
98%
2024
Government debt per person
$4,275
2024
$4,331
2024
Government debt per person rank
89/185
2024
88/185
2024
Average annual personal income after taxes
$6,687
2026
$4,720
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
31.3%
2023
Income share by poorest 10%
4%
2023
1.8%
2023
Government expenditure, % of GDP
29%
2024
39.8%
2024
Consumer prices inflation
0.4%
2023-2024
5.1%
2023-2024
Central bank interest rate
6.75%
2025
3.26%
2025
Unemployment rate
8.3%
2023
2.73%
2024
Population
2989841
12798112

Spending and national debt comparison by year

Armenia
Spending

Debt
Bolivia
Spending

Debt
1x
Year % of GDP
Armenia Bolivia
Government spending Government debt Government spending Government debt
2024 29% 50% 39.8% 98%
2023 26.9% 50.4% 38.7% 90.8%
2022 26.4% 49.3% 36% 80.1%
2021 28.7% 63.6% 34.8% 81.4%
2020 30.6% 67.3% 36.8% 78%
2019 24.9% 54.2% 36.1% 58.6%
2018 24% 56.1% 37.7% 53.1%
2017 26% 58.1% 38.6% 51.3%
2016 27% 56.5% 40% 46.5%
2015 26.3% 48.3% 44.5% 40.9%
2014 24% 43.6% 41.2% 37.6%
2013 23.8% 41.6% 35.4% 36.1%
2012 22.4% 41.2% 36% 35.4%
2011 25% 42% 35.4% 35.3%
2010 26.2% 39.7% 31.5% 37.6%
2009 28.6% 40.2% 33.2% 39.2%
2008 22.2% 16.1% 35.3% 36.8%
2007 22.4% 16.1% 32.7% 40%
2006 20% 18.7% 29.8% 54.4%
2005 19.9% 24.4% 33.2% 82.2%
2004 - 26.4% 32.3% 89.8%
2003 - 33% 32% 95.6%
2002 - 38.2% 33.3% 86.7%
2001 - 38.1% 32% 83%
2000 - 39.6% 29.3% 74.3%
1999 - 39.2% 29.4% 61.7%
1998 - 45.2% 30% 61.2%
1997 - 46.5% 28.3% 64.6%
1996 - 40.8% 26% 72.4%
1995 - - 25.8% 81.7%
1994 - - 26.8% 87.6%
1993 - - 27.2% 83.8%
1992 - - 25.3% 92.4%
1991 - - 24.2% 92.8%
1990 - - 22.8% 102.9%
1989 - - 24.4% 98%
1988 - - 24% 115.9%
1987 - - 24.4% 145.3%
1986 - - 22.2% 149%
1985 - - 21.8% 205.2%
1984 - - 29% 166.5%
1983 - - 32.1% 157.3%
1982 - - 25% 155.4%
1981 - - 16.6% 121.7%
1980 - - 19.8% 100%
1979 - - 18% 92%
1978 - - 17.3% 82.5%
1977 - - 18.6% 82.4%
1976 - - 16.8% 68.9%
1975 - - 14.4% 56.2%
1974 - - 14.2% 52.7%
1973 - - 14.1% 80.9%
1972 - - 11.8% 77.7%
1971 - - 11.3% 65.7%
1970 - - 10% 63.9%
1969 - - 12.3% -
1968 - - 14.1% -
1967 - - 13.1% -
1966 - - 12.9% -
1965 - - 12.9% -
1964 - - 10.8% -
1963 - - 10.8% -
1962 - - 10.2% -
1961 - - 10.7% -
1960 - - 10.1% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Bolivia spent $21.9B, or 39.8% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 98% in Bolivia, ranking 108/185 and 26/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Bolivia
1x
Year Deficit/surplus, % of GDP
Armenia Bolivia
2024 -3.69% -10.6%
2023 -2.02% -10.9%
2022 -2.11% -7.12%
2021 -4.58% -9.33%
2020 -5.4% -12.7%
2019 -0.98% -7.25%
2018 -1.75% -8.17%
2017 -4.79% -7.86%
2016 -5.63% -7.24%
2015 -4.84% -6.93%
2014 -1.94% -3.41%
2013 -1.59% 0.6%
2012 -1.49% 1.72%
2011 -2.87% 0.83%
2010 -4.98% 1.62%
2009 -7.69% 2.63%
2008 -1.76% 3.53%
2007 -2.33% -1.54%
2006 -1.95% 4.47%
2005 -1.98% -2.24%
2004 - -5.54%
2003 - -7.88%
2002 - -8.79%
2001 - -6.82%
2000 - -3.73%
1999 - -3.84%
1998 - -5.1%
1997 - -3.28%
1996 - -1.9%
1995 - -1.82%
1994 - -3%
1993 - -6.1%
1992 - -4.4%
1991 - -4.2%
1990 - -4.4%
1989 - -5.5%
1988 - -6.5%
1987 - -7.7%
1986 - -2.7%
1985 - -9.8%
1984 - -25.4%
1983 - -19.8%
1982 - -15.9%
1981 - -12.3%
1980 - -15.3%
1979 - -11.2%
1978 - -9.97%
1977 - -11.2%
1976 - -1.15%
1975 - -2.33%
1974 - -1.87%
1973 - -3.72%
1972 - -3.69%
1971 - -3.67%
1970 - -1.92%
1969 - -4.16%
1968 - -5.67%
1967 - -4.29%
1966 - -3.55%
1965 - -4.12%
1964 - -2.68%
1963 - -3.02%
1962 - -2.8%
1961 - -2.81%
1960 - -3.35%
1959 - -4.32%
1958 - -2.95%
1957 - -1.11%
1956 - -0.11%
1955 - 0.33%
1954 - 0.006%
1953 - -0.48%
1952 - -0.94%
1951 - -0.42%
1950 - -1.17%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1950–1989, retrieved 2026-02-20).

GeoRank.org/economy/armenia/bolivia | 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 Bolivia's deficit of $5.83B, or 10.6% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Bolivia ran a deficit in 13 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 4% of GDP for Bolivia.

Inflation comparison by year

Inflation
Armenia

Bolivia
1x
Year Consumer prices inflation
Armenia Bolivia
2024 0.4% 5.1%
2023 2% 2.58%
2022 8.8% 1.75%
2021 7.5% 0.74%
2020 1.5% 0.94%
2019 1.5% 1.84%
2018 2.5% 2.27%
2017 0.9% 2.82%
2016 -1.4% 3.62%
2015 3.7% 4.06%
2014 3% 5.77%
2013 5.7% 5.74%
2012 2.5% 4.52%
2011 7.5% 9.88%
2010 8.2% 2.5%
2009 3.5% 3.35%
2008 9.1% 14%
2007 4.4% 8.71%
2006 2.9% 4.28%
2005 0.6% 5.39%
2004 6.9% 4.44%
2003 4.7% 3.34%
2002 1% 0.93%
2001 3.2% 1.59%
2000 -0.8% 4.61%
1999 0.7% 2.16%
1998 8.7% 7.67%
1997 14% 4.71%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 4.26% in Bolivia. In 2024, inflation was 0.4% in Armenia and 5.1% in Bolivia.

Balance of trade

Armenia Bolivia
Current account balance
-$1.19B
2024
-$1.41B
2024
Current account balance ranking
128/190
2024
132/190
2024
Current account balance, % of GDP
-4.6%
2024
-2.56%
2024
Goods imports
$15.4B
2024
$9.15B
2024
Goods exports
$13.2B
2024
$8.93B
2024
Service imports
$4.39B
2024
$2.35B
2024
Service exports
$5.86B
2024
$1.14B
2024
Imports of goods and services, % of GDP
76.4%
2024
25.5%
2024
Exports of goods and services, % of GDP
73.6%
2024
21.4%
2024

Economic freedom indices

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

Armenia Bolivia
Economic freedom 67.1 42.4
Economic freedom ranking 58/197 184/197
Property rights 48.6 20.2
Government integrity 51.8 27.1
Judicial effectiveness 31.4 29.5
Tax burden 87.2 86.4
Government spending 77.5 56.3
Fiscal health 84.1 0.8
Business freedom 72.9 53.6
Labor freedom 59.2 52.2
Monetary freedom 77.2 67.1
Trade freedom 75 60.6
Investment freedom 70 15
Financial freedom 70 40

Economic freedom comparison by year

Armenia
Bolivia
1x
Year Economic freedom index
Armenia Bolivia
2026 67.1 42.4
2025 65.4 44.1
2024 64.9 43.5
2023 65.1 43.4
2022 65.3 43
2021 71.9 42.7
2020 70.6 42.8
2019 67.7 42.3
2018 68.7 44.1
2017 70.3 47.7
2016 67 47.4
2015 67.1 46.8
2014 68.9 48.4
2013 69.4 47.9
2012 68.8 50.2
2011 69.7 50
2010 69.2 49.4
2009 69.9 53.6
2008 69.9 53.1
2007 68.6 54.2
2006 70.6 57.8
2005 69.8 58.4
2004 70.3 64.5
2003 67.3 64.3
2002 68 65.1
2001 66.4 68
2000 63 65
1999 56.4 65.6
1998 49.6 68.8
1997 46.7 65.1
1996 42.2 65.2
1995 - 56.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 42.4 for Bolivia, ranking 184/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Bolivia
Services, % of GDP
62%
2024
53.4%
2024
Industry, % of GDP
22.9%
2024
31.3%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
8.83%
2024
GNI, Atlas method
$23.7B
2024
$51.7B
2024
GNI per capita, PPP
$22,020
2024
$12,620
2024
Total reserves including gold
$3.69B
2024
$1.98B
2024
Total reserves ranking
111/177
2024
127/177
2024
Net foreign direct investment
-$74.8M
2024
-$113M
2024
Net inflows of foreign direct investment
$132M
2024
$387M
2024
Net outflows of foreign direct investment
$56.8M
2024
$133M
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
3.41%
2024
Poverty at national poverty lines
23.7%
2023
36.5%
2023
Gross capital formation, % of GDP
23.8%
2024
17.9%
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/bolivia | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1950–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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.