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Economy of Armenia vs Costa Rica compared: GDP & Debt

Updated on by Georank

Armenia has a GDP of $29.2B compared to $103B for Costa Rica, ranking 115/197 and 74/197 by economy size, respectively.

Armenia has $14.3B in government debt (49% of GDP), compared to $62.2B (60.4% of GDP) in Costa Rica.

Armenia vs Costa Rica GDP by year

Armenia
Costa Rica
1x
Year GDP, current $
Armenia Costa Rica
2025 $29,243,452,882 $102,904,921,157
2024 $25,955,275,380 $96,715,644,331
2023 $24,185,982,216 $87,512,637,056
2022 $19,513,506,553 $71,001,226,361
2021 $13,878,908,629 $65,588,938,787
2020 $12,641,698,583 $62,806,591,555
2019 $13,619,290,539 $64,753,504,730
2018 $12,457,940,695 $62,567,765,946
2017 $11,527,458,709 $60,516,044,661
2016 $10,546,136,236 $58,847,019,588
2015 $10,553,337,518 $56,441,920,888
2014 $11,609,513,247 $52,016,408,816
2013 $11,121,464,437 $50,949,668,763
2012 $10,619,320,683 $47,231,655,493
2011 $10,142,111,825 $42,762,613,785
2010 $9,260,285,756 $37,658,616,966
2009 $8,647,937,081 $30,745,714,234
2008 $11,662,040,714 $30,801,745,703
2007 $9,206,301,270 $26,884,700,688
2006 $6,384,452,067 $22,715,540,342
2005 $4,900,469,511 $20,040,642,421
2004 $3,576,615,240 $18,610,594,844
2003 $2,807,061,009 $17,271,760,397
2002 $2,376,335,048 $16,578,820,799
2001 $2,118,467,913 $15,976,174,476
2000 $1,911,563,669 $15,013,629,579
1999 $1,845,482,173 $14,254,866,284
1998 $1,893,726,437 $13,684,255,998
1997 $1,639,492,445 $12,614,602,322
1996 $1,596,968,946 $11,678,424,727
1995 $1,468,317,435 $11,578,594,333
1994 $1,315,158,637 $10,489,903,834
1993 $1,201,312,829 $9,564,816,063
1992 $1,272,835,453 $8,579,754,953
1991 $2,069,870,130 $7,215,725,635
1990 $2,256,863,449 $5,711,687,787
1989 - $5,251,025,767
1988 - $4,614,629,898
1987 - $4,532,952,047
1986 - $4,418,983,871
1985 - $3,919,203,960
1984 - $3,660,477,856
1983 - $3,146,772,631
1982 - $2,606,623,555
1981 - $2,623,803,096
1980 - $4,831,447,001
1979 - $4,035,519,323
1978 - $3,523,208,810
1977 - $3,072,427,013
1976 - $2,412,555,426
1975 - $1,960,863,466
1974 - $1,666,544,754
1973 - $1,528,925,846
1972 - $1,238,251,696
1971 - $1,077,147,538
1970 - $984,830,158
1969 - $853,630,204
1968 - $773,841,494
1967 - $699,456,619
1966 - $647,305,630
1965 - $592,981,162
1964 - $542,578,367
1963 - $511,902,137
1962 - $479,180,824
1961 - $490,325,182
1960 - $507,513,830

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

GDP per capita in Armenia vs Costa Rica by year

Armenia
GDP per capita

GDP per capita, PPP
Costa Rica
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Costa Rica
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $9,474 - $19,970 -
2024 $8,556 $22,823 $18,853 $31,107
2023 $8,159 $21,534 $17,141 $28,909
2022 $6,572 $19,161 $13,972 $26,226
2021 $4,685 $15,922 $12,962 $23,853
2020 $4,269 $14,706 $12,476 $22,100
2019 $4,597 $14,976 $12,952 $23,340
2018 $4,196 $12,877 $12,620 $21,498
2017 $3,869 $12,066 $12,317 $20,499
2016 $3,524 $10,570 $12,091 $19,202
2015 $3,512 $9,757 $11,715 $17,525
2014 $3,852 $9,736 $10,911 $16,394
2013 $3,680 $9,455 $10,803 $15,232
2012 $3,512 $8,943 $10,127 $14,464
2011 $3,350 $7,624 $9,276 $13,614
2010 $3,041 $7,095 $8,266 $12,928
2009 $2,821 $6,812 $6,833 $12,274
2008 $3,778 $7,827 $6,937 $12,472
2007 $2,963 $7,137 $6,138 $11,842
2006 $2,042 $6,073 $5,257 $10,800
2005 $1,557 $5,172 $4,703 $9,899
2004 $1,130 $4,377 $4,431 $9,365
2003 $882 $3,836 $4,173 $8,863
2002 $743 $3,282 $4,068 $8,461
2001 $660 $2,844 $3,985 $8,190
2000 $593 $2,531 $3,813 $7,879
1999 $583 $2,377 $3,691 $7,563
1998 $590 $2,239 $3,617 $7,306
1997 $505 $2,040 $3,408 $6,890
1996 $487 $1,922 $3,227 $6,568
1995 $444 $1,767 $3,275 $6,515
1994 $391 $1,591 $3,040 $6,276
1993 $348 $1,440 $2,840 $6,025
1992 $356 $1,492 $2,612 $5,635
1991 $573 $2,477 $2,253 $5,175
1990 $635 $2,760 $1,830 $5,021
1989 - - $1,725 -
1988 - - $1,555 -
1987 - - $1,567 -
1986 - - $1,569 -
1985 - - $1,429 -
1984 - - $1,372 -
1983 - - $1,213 -
1982 - - $1,032 -
1981 - - $1,068 -
1980 - - $2,021 -
1979 - - $1,735 -
1978 - - $1,556 -
1977 - - $1,393 -
1976 - - $1,123 -
1975 - - $937 -
1974 - - $817 -
1973 - - $769 -
1972 - - $639 -
1971 - - $570 -
1970 - - $536 -
1969 - - $477 -
1968 - - $445 -
1967 - - $414 -
1966 - - $395 -
1965 - - $374 -
1964 - - $354 -
1963 - - $346 -
1962 - - $335 -
1961 - - $356 -
1960 - - $382 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

Armenia's GDP per capita is $9,474, ranking 92/197, compared to $19,970 in Costa Rica, ranking 59/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Costa Rica ranks 72nd at $31,107.

Economic indicators

Armenia Costa Rica
Gross domestic product
$29.2B
2025
$103B
2025
GDP rank
115/197
2025
74/197
2025
GDP growth
7.2%
2024-2025
4.56%
2024-2025
GDP per capita
$9,474
2025
$19,970
2025
GDP per capita rank
92/197
2025
59/197
2025
GDP per capita, PPP
$22,823
2024
$31,107
2024
GDP per capita PPP rank
86/197
2024
72/197
2024
Government debt
$14.3B
2025
$62.2B
2025
Debt-to-GDP ratio
49%
2025
60.4%
2025
Government debt per person
$4,639
2025
$12,064
2025
Government debt per person rank
89/185
2025
51/185
2025
Average annual personal income after taxes
$7,675
2026
$12,879
2026
Market capitalization of domestic companies
$4.85B
2024
$2.23B
2022
Number of billionaires
1
2026
n/a
Income share by richest 10%
23.3%
2024
34.3%
2025
Income share by poorest 10%
4%
2024
1.8%
2025
Government expenditure, % of GDP
29.2%
2025
17.8%
2025
Consumer prices inflation
3.3%
2024-2025
-0.07%
2024-2025
Central bank interest rate
6.5%
2025
3.5%
2025
Unemployment rate
8.3%
2023
6.34%
2025
Population
3064036
5186356

Spending and national debt comparison by year

Armenia
Spending

Debt
Costa Rica
Spending

Debt
1x
Year % of GDP
Armenia Costa Rica
Government spending Government debt Government spending Government debt
2025 29.2% 49% 17.8% 60.4%
2024 29% 50% 18.6% 58.9%
2023 26.9% 50.5% 18.3% 60.4%
2022 26.4% 49.2% 18.7% 61.4%
2021 28.7% 63.4% 20.6% 67%
2020 30.7% 67.4% 22.1% 66.5%
2019 24.9% 53.7% 21.6% 56.1%
2018 24.1% 55.7% 18.9% 51.7%
2017 25.9% 58.9% 19.2% 47.1%
2016 27% 56.7% 18.8% 44.1%
2015 26.3% 48.7% 18.8% 39.8%
2014 24% 43.7% 18.4% 37.4%
2013 23.8% 40.9% 18.5% 35.1%
2012 22.4% 41.4% 17.3% 33.7%
2011 25% 42.2% 17.2% 29.5%
2010 26.2% 40% 18% 28.1%
2009 28.6% 40.6% 16.7% 26%
2008 22.2% 16.4% 15.2% 24%
2007 22.4% 16.1% 14.6% 27%
2006 20% 18.7% 15.2% 33%
2005 19.9% 24.4% 15.9% 37.3%
2004 - 26.4% 17% 41%
2003 - 33% 17.6% 40.6%
2002 - 38.2% 18.6% 41.4%
2001 - 38.1% 17.3% 39.6%
2000 - 39.6% 16.9% 38.9%
1999 - 39.2% 16.7% 39%
1998 - 45.2% 16% 40.7%
1997 - 46.5% 16.3% 30.6%
1996 - 40.8% 17.3% 33.7%
1995 - - 16.4% 29.1%
1994 - - 17.4% 27%
1993 - - 13.8% 24.4%
1992 - - 13.7% 23.3%
1991 - - 14% 28.4%
1990 - - 18.9% 18.5%
1989 - - 26.1% 19.3%
1988 - - 24.5% 18.2%
1987 - - 27.2% 21.2%
1986 - - 26.4% 26.1%
1985 - - 21.8% 22.8%
1984 - - 22.8% 25.2%
1983 - - 23.6% 29.8%
1982 - - 18.4% 31.8%
1981 - - 21% 32.3%
1980 - - 25% 37.7%
1979 - - 24.9% 39.5%
1978 - - 23.2% 41.7%
1977 - - 19.3% 27.8%
1976 - - 20.1% 29.5%
1975 - - 19.1% 26.1%
1974 - - 18.3% 30.3%
1973 - - 18.4% 32.8%
1972 - - 17.2% 31.8%
1971 - - 17.5% 30.4%
1970 - - 14.9% 28.6%
1969 - - 14.5% 26.1%
1968 - - 13.8% 27.7%
1967 - - 14.7% 26.7%
1966 - - 14.3% 24.8%
1965 - - 13.8% 24.1%
1964 - - 13.5% 22.7%
1963 - - 13.3% 21.8%
1962 - - 14% 19.7%
1961 - - 13.2% 20.3%
1960 - - 12.5% 16.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1995, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

In 2025, Armenia's government spending was $8.55B, accounting for 29.2% of its GDP, while Costa Rica spent $18.3B, or 17.8% of GDP.

Debt-to-GDP ratio is 49% in Armenia and 60.4% in Costa Rica, ranking 107/185 and 77/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Costa Rica
1x
Year Deficit/surplus, % of GDP
Armenia Costa Rica
2025 -3.74% -3.35%
2024 -3.67% -3.73%
2023 -2.02% -3.21%
2022 -2.12% -2.74%
2021 -4.6% -5.04%
2020 -5.4% -8.32%
2019 -0.98% -6.65%
2018 -1.76% -5.65%
2017 -4.7% -5.88%
2016 -5.57% -5.09%
2015 -4.83% -5.52%
2014 -1.94% -5.45%
2013 -1.59% -5.25%
2012 -1.49% -4.22%
2011 -2.87% -3.91%
2010 -4.98% -4.96%
2009 -7.69% -3.25%
2008 -1.76% 0.18%
2007 -2.33% 0.56%
2006 -1.95% -1.04%
2005 -1.98% -2.09%
2004 - -3.42%
2003 - -3.43%
2002 - -4.99%
2001 - -3.47%
2000 - -3.68%
1999 - -2.88%
1998 - -2.96%
1997 - -3.39%
1996 - -4.32%
1995 - -3.68%
1994 - -5.46%
1993 - -1.52%
1992 - -1.51%
1991 - -2.41%
1990 - -4.4%
1989 - -1.55%
1988 - 0.57%
1987 - -2.57%
1986 - -4.26%
1985 - -1.06%
1984 - -0.5%
1983 - -1.84%
1982 - -0.94%
1981 - -3.14%
1980 - -7.24%
1979 - -6.6%
1978 - -4.12%
1977 - -2.63%
1976 - -2.42%
1975 - -1.13%
1974 - 0.26%
1973 - -2.41%
1972 - -4.54%
1971 - -4.72%
1970 - -1.41%
1969 - -1.61%
1968 - -1.72%
1967 - -3.03%
1966 - -2.12%
1965 - -1.71%
1964 - -1.51%
1963 - -2.01%
1962 - -1.99%
1961 - -0.71%
1960 - -0.19%
1959 - 0.49%
1958 - 0%
1957 - 0.3%
1956 - 0.05%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1956–1989, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

In 2025, Armenia's government deficit, the difference between spending and revenue, was $1.09B, equivalent to 3.74% of GDP. This compares to Costa Rica's deficit of $3.45B, or 3.35% of GDP.

Over the past 21 years, Armenia recorded a fiscal deficit in 21 of those years, while Costa Rica ran a deficit in 19 years. On average, Armenia posted an annual deficit equal to 3.24% of GDP, compared to deficit of 4.03% of GDP for Costa Rica.

Inflation comparison by year

Inflation
Armenia

Costa Rica
1x
Year Consumer prices inflation
Armenia Costa Rica
2025 3.3% -0.07%
2024 0.3% -0.41%
2023 2% 0.53%
2022 8.6% 8.27%
2021 7.2% 1.73%
2020 1.2% 0.72%
2019 1.4% 2.1%
2018 2.5% 2.22%
2017 1% 1.63%
2016 -1.4% -0.02%
2015 3.7% 0.8%
2014 3% 4.52%
2013 5.7% 5.23%
2012 2.5% 4.5%
2011 7.5% 4.88%
2010 8.2% 5.66%
2009 3.5% 7.84%
2008 9.1% 13.4%
2007 4.4% 9.36%
2006 2.9% 11.5%
2005 0.6% 13.8%
2004 6.9% 12.3%
2003 4.7% 9.45%
2002 1% 9.17%
2001 3.2% 11.3%
2000 -0.8% 11%
1999 0.7% 10%
1998 8.7% 11.7%
1997 14% 13.2%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

Over the past 29 years, Armenia has recorded an average annual inflation rate of 3.99%, compared with 6.42% in Costa Rica. In 2025, inflation was 3.3% in Armenia and -0.07% in Costa Rica.

Top exports between countries

Armenia
Export category Export value
Costa Rica
Export category Export value
Raw agricultural goods $174K
Processed food, beverages & tobacco $47K
Animal & marine products $3K

Balance of trade

Armenia Costa Rica
Current account balance
-$2.11B
2025
-$687M
2025
Current account balance ranking
142/190
2025
108/190
2025
Current account balance, % of GDP
-7.22%
2025
-0.67%
2025
Goods imports
$11.6B
2025
$24.4B
2025
Goods exports
$8.53B
2025
$23.5B
2025
Service imports
$4.65B
2025
$8.64B
2025
Service exports
$6.12B
2025
$18.1B
2025
Imports of goods and services, % of GDP
53.6%
2025
32.6%
2025
Exports of goods and services, % of GDP
48.1%
2025
38.8%
2025

Economic freedom indices

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

Armenia Costa Rica
Economic freedom 67.1 69.1
Economic freedom ranking 58/197 43/197
Property rights 48.6 66
Government integrity 51.8 64.1
Judicial effectiveness 31.4 76.9
Tax burden 87.2 78.6
Government spending 77.5 89.3
Fiscal health 84.1 75.6
Business freedom 72.9 79.9
Labor freedom 59.2 55.9
Monetary freedom 77.2 78.2
Trade freedom 75 75
Investment freedom 70 50
Financial freedom 70 40

Economic freedom comparison by year

Armenia
Costa Rica
1x
Year Economic freedom index
Armenia Costa Rica
2026 67.1 69.1
2025 65.4 68.6
2024 64.9 67.7
2023 65.1 66.5
2022 65.3 65.4
2021 71.9 64.2
2020 70.6 65.8
2019 67.7 65.3
2018 68.7 65.6
2017 70.3 65
2016 67 67.4
2015 67.1 67.2
2014 68.9 66.9
2013 69.4 67
2012 68.8 68
2011 69.7 67.3
2010 69.2 65.9
2009 69.9 66.4
2008 69.9 64.2
2007 68.6 64
2006 70.6 65.9
2005 69.8 66.1
2004 70.3 66.4
2003 67.3 67
2002 68 67.5
2001 66.4 67.6
2000 63 68.4
1999 56.4 67.4
1998 49.6 65.6
1997 46.7 65.6
1996 42.2 66.4
1995 - 68

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 69.1 for Costa Rica, ranking 43/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Costa Rica
Services, % of GDP
61.3%
2025
69.2%
2025
Industry, % of GDP
23.1%
2025
19.9%
2025
Agriculture, forestry, and fishing, % of GDP
7.93%
2025
3.37%
2025
GNI, Atlas method
$27.8B
2025
$92.4B
2025
GNI per capita, PPP
$24,020
2025
$30,760
2025
Total reserves including gold
$5.09B
2025
$17.1B
2025
Total reserves ranking
104/177
2025
70/177
2025
Net foreign direct investment
-$353M
2025
-$5.12B
2025
Net inflows of foreign direct investment
$132M
2024
$5.4B
2024
Net outflows of foreign direct investment
$56.8M
2024
$337M
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
6.31%
2023
Poverty at national poverty lines
21.7%
2024
17.1%
2025
Gross capital formation, % of GDP
24.2%
2025
15.8%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/armenia/costa-rica | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1956–1995, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2023–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.