Armenia has a GDP of $25.8B compared to $2.07B for Eritrea, ranking 116/197 and 179/197 by economy size, respectively.
Armenia has $13B in government debt (54.5% of GDP), compared to $3.54B (260.4% of GDP) in Eritrea.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Armenia
|
Eritrea
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1990 | $2,256,863,449 | $5,839,777,094 | - | - |
| 1991 | $2,069,870,130 | $5,156,523,263 | - | - |
| 1992 | $1,272,835,453 | $3,001,096,397 | $477,101,652 | $1,154,926,146 |
| 1993 | $1,201,312,829 | $2,736,999,951 | $467,872,715 | $1,310,318,716 |
| 1994 | $1,315,158,637 | $2,884,798,024 | $531,688,312 | $1,588,386,838 |
| 1995 | $1,468,317,435 | $3,083,849,042 | $578,015,625 | $1,633,788,955 |
| 1996 | $1,596,968,946 | $3,264,729,147 | $693,535,954 | $1,785,058,837 |
| 1997 | $1,639,492,445 | $3,373,153,404 | $686,490,090 | $1,926,233,510 |
| 1998 | $1,893,726,437 | $3,619,393,602 | $745,523,117 | $1,960,377,600 |
| 1999 | $1,845,482,173 | $3,738,833,591 | $688,918,537 | $1,960,641,860 |
| 2000 | $1,911,563,669 | $3,959,424,773 | $706,370,816 | $1,899,038,769 |
| 2001 | $2,118,467,913 | $4,339,529,551 | $752,371,689 | $2,065,307,885 |
| 2002 | $2,376,335,048 | $4,912,347,451 | $729,321,680 | $2,127,379,251 |
| 2003 | $2,807,061,009 | $5,600,076,095 | $870,248,268 | $2,070,886,356 |
| 2004 | $3,576,615,240 | $6,188,084,085 | $1,109,054,005 | $2,100,950,150 |
| 2005 | $4,900,469,511 | $7,048,227,772 | $1,098,424,686 | $2,155,038,051 |
| 2006 | $6,384,452,067 | $7,978,593,838 | $1,211,161,880 | $2,134,151,054 |
| 2007 | $9,206,301,270 | $9,071,661,194 | $1,317,974,491 | $2,164,601,595 |
| 2008 | $11,662,040,714 | $9,697,605,817 | $1,380,188,800 | $1,952,837,971 |
| 2009 | $8,647,937,081 | $8,330,243,396 | $1,856,695,551 | $2,028,539,765 |
| 2010 | $9,260,285,756 | $8,513,508,751 | $1,589,515,447 | $2,073,049,789 |
| 2011 | $10,142,111,825 | $8,913,643,662 | $2,065,001,626 | $2,252,986,366 |
| 2012 | $10,619,320,683 | $9,555,426,006 | - | - |
| 2013 | $11,121,464,437 | $9,870,755,064 | - | - |
| 2014 | $11,609,513,247 | $10,226,102,247 | - | - |
| 2015 | $10,553,337,518 | $10,553,337,518 | - | - |
| 2016 | $10,546,136,236 | $10,574,444,193 | - | - |
| 2017 | $11,527,458,709 | $11,367,527,508 | - | - |
| 2018 | $12,457,940,695 | $11,958,638,938 | - | - |
| 2019 | $13,619,290,539 | $12,867,495,498 | - | - |
| 2020 | $12,641,698,583 | $11,941,035,822 | - | - |
| 2021 | $13,878,908,629 | $12,633,615,900 | - | - |
| 2022 | $19,513,506,553 | $14,225,451,503 | - | - |
| 2023 | $24,085,749,592 | $15,406,163,978 | - | - |
| 2024 | $25,786,585,950 | $16,315,127,652 | - | - |
Economic indicators
|
Armenia
|
Eritrea
|
|
|---|---|---|
| Gross domestic product |
$25.8B
2024 |
$2.07B
2011 |
| GDP rank |
116/197
2024 |
179/197
2011 |
| GDP growth |
7.06%
2023-2024 |
29.9%
2010-2011 |
| GDP per capita |
$8,501
2024 |
$689
2011 |
| GDP per capita rank |
92/197
2024 |
188/197
2011 |
| GDP per capita, PPP |
$22,823
2024 |
$1,742
2011 |
| Government debt |
$13B
2024 |
$3.54B
2011 |
| Debt-to-GDP ratio |
54.5%
2025 |
260.4%
2019 |
| Government debt per person |
$4,276
2024 |
$1,182
2011 |
| Government debt per person rank |
89/185
2024 |
137/185
2011 |
| Average annual personal income after taxes |
$6,696
2025 |
$1,342
2025 |
| 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 |
n/a |
| Income share by poorest 10% |
4%
2023 |
n/a |
| Government expenditure, % of GDP |
30.7%
2025 |
31.3%
2019 |
| Consumer prices inflation |
3.3%
2024-2025 |
1.3%
2018-2019 |
| Central bank interest rate |
6.75%
2025 |
n/a |
| Unemployment rate |
8.3%
2023 |
5.8%
2017 |
| Population |
3011581
|
3667774
|
GDP per capita in Armenia vs Eritrea
Armenia's GDP per capita is $8,501, ranking 92/197, compared to $689 in Eritrea, ranking 188/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 84th at $22,823, while Eritrea ranks 190th at $1,742.
| Year | Current $ | |||
|---|---|---|---|---|
|
Armenia
|
Eritrea
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1990 | $635 | $2,760 | - | - |
| 1991 | $573 | $2,477 | - | - |
| 1992 | $356 | $1,492 | $265.2 | $1,021 |
| 1993 | $348 | $1,440 | $252.1 | $1,149 |
| 1994 | $391 | $1,591 | $277.8 | $1,379 |
| 1995 | $444 | $1,767 | $285.4 | $1,369 |
| 1996 | $487 | $1,922 | $326 | $1,449 |
| 1997 | $505 | $2,040 | $319 | $1,573 |
| 1998 | $590 | $2,239 | $342 | $1,598 |
| 1999 | $583 | $2,377 | $311 | $1,597 |
| 2000 | $593 | $2,531 | $314 | $1,558 |
| 2001 | $660 | $2,844 | $325 | $1,684 |
| 2002 | $743 | $3,282 | $305 | $1,702 |
| 2003 | $882 | $3,836 | $349 | $1,621 |
| 2004 | $1,130 | $4,377 | $427 | $1,621 |
| 2005 | $1,557 | $5,172 | $413 | $1,674 |
| 2006 | $2,042 | $6,073 | $448 | $1,682 |
| 2007 | $2,963 | $7,137 | $480 | $1,727 |
| 2008 | $3,778 | $7,827 | $490 | $1,547 |
| 2009 | $2,821 | $6,812 | $643 | $1,577 |
| 2010 | $3,041 | $7,095 | $540 | $1,599 |
| 2011 | $3,350 | $7,624 | $689 | $1,742 |
| 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 | - | - |
Spending and national debt comparison
In 2024, Armenia's government spending was $7.54B, accounting for 30.7% of its GDP, while Eritrea's spent $666M, or 31.3% of GDP.
Debt-to-GDP ratio is 54.5% in Armenia and 260.4% in Eritrea, ranking 97/185 and 1/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Armenia
|
Eritrea
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1992 | - | - | 32.7% | - |
| 1993 | - | - | 67.2% | - |
| 1994 | - | - | 50.4% | - |
| 1995 | - | - | 81.2% | - |
| 1996 | - | 40.8% | 68.6% | - |
| 1997 | - | 46.5% | 60.1% | - |
| 1998 | - | 45.2% | 88% | - |
| 1999 | - | 39.2% | 106.1% | - |
| 2000 | - | 39.6% | 84.7% | 219.1% |
| 2001 | - | 38.1% | 59.5% | 238.6% |
| 2002 | - | 38.2% | 60.1% | 243.4% |
| 2003 | - | 33% | 58.1% | 264% |
| 2004 | - | 26.4% | 57.1% | 193.5% |
| 2005 | 19.9% | 24.4% | 76.6% | 205.4% |
| 2006 | 20% | 18.7% | 50.5% | 199% |
| 2007 | 22.4% | 16.1% | 51.2% | 201.3% |
| 2008 | 22.2% | 16.1% | 69.4% | 259.7% |
| 2009 | 28.6% | 40.2% | 44.9% | 207.1% |
| 2010 | 26.2% | 39.7% | 42.4% | 201.8% |
| 2011 | 25% | 42% | 32.3% | 171.6% |
| 2012 | 22.4% | 41.2% | 33.3% | 171.6% |
| 2013 | 23.8% | 40.9% | 32.7% | 232.4% |
| 2014 | 24% | 43.7% | 21.6% | 204.5% |
| 2015 | 26.3% | 48.7% | 31.1% | 271.4% |
| 2016 | 27% | 56.7% | 30.9% | 251.2% |
| 2017 | 26% | 58.9% | 42.5% | 290.4% |
| 2018 | 24% | 55.7% | 26.4% | 267.1% |
| 2019 | 24.9% | 53.7% | 31.3% | 260.4% |
| 2020 | 30.6% | 67.4% | - | - |
| 2021 | 28.7% | 63.4% | - | - |
| 2022 | 26.4% | 49.2% | - | - |
| 2023 | 27% | 50.7% | - | - |
| 2024 | 29.2% | 50.3% | - | - |
| 2025 | 30.7% | 54.5% | - | - |
Government deficit by year
In 2011, Armenia's government deficit, the difference between spending and revenue, was -$292M, equivalent to -2.87% of GDP. This compares to Eritrea's deficit of -$114M, or -5.5% of GDP.
Over the past 7 years, Armenia recorded a fiscal deficit in 7 of those years, while Eritrea ran a deficit in 7 years. On average, Armenia posted an annual deficit equal to -3.37% of GDP, compared to deficit of -21.2% of GDP for Eritrea.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Armenia
|
Eritrea
|
|
| 1992 | - | 6.85% |
| 1993 | - | 4.22% |
| 1994 | - | 8.69% |
| 1995 | - | -22.9% |
| 1996 | - | -18.4% |
| 1997 | - | -5.65% |
| 1998 | - | -40.3% |
| 1999 | - | -59.7% |
| 2000 | - | -25.4% |
| 2001 | - | -9.62% |
| 2002 | - | -13.3% |
| 2003 | - | 6.23% |
| 2004 | - | -7.65% |
| 2005 | -1.98% | -31% |
| 2006 | -1.95% | -15.5% |
| 2007 | -2.33% | -19.8% |
| 2008 | -1.76% | -38% |
| 2009 | -7.69% | -22.2% |
| 2010 | -4.98% | -16.5% |
| 2011 | -2.87% | -5.5% |
| 2012 | -1.49% | -5.21% |
| 2013 | -1.59% | -7.62% |
| 2014 | -1.94% | -0.12% |
| 2015 | -4.84% | -2.77% |
| 2016 | -5.63% | -1.44% |
| 2017 | -4.79% | -5.74% |
| 2018 | -1.75% | 5.22% |
| 2019 | -0.98% | 2.72% |
| 2020 | -5.4% | - |
| 2021 | -4.58% | - |
| 2022 | -2.11% | - |
| 2023 | -2.03% | - |
| 2024 | -3.75% | - |
| 2025 | -5.5% | - |
Inflation comparison by year
Over the past 24 years, Armenia has recorded an average annual inflation rate of 4.65%, compared with 10.4% in Eritrea. In 2019, inflation was 3.3% in Armenia and 1.3% in Eritrea.
| Year | Inflation | ||
|---|---|---|---|
|
Armenia
|
Eritrea
|
Armenia
|
Eritrea
|
| 1996 | 18.7% | 10.3% | |
| 1997 | 14% | 3.7% | |
| 1998 | 8.7% | 9.5% | |
| 1999 | 0.7% | 8.4% | |
| 2000 | -0.8% | 19.9% | |
| 2001 | 3.2% | 14.6% | |
| 2002 | 1% | 16.9% | |
| 2003 | 4.7% | 22.7% | |
| 2004 | 6.9% | 25.1% | |
| 2005 | 0.6% | 12.5% | |
| 2006 | 2.9% | 7.7% | |
| 2007 | 4.4% | 9.4% | |
| 2008 | 9.1% | 22.2% | |
| 2009 | 3.5% | 33.9% | |
| 2010 | 8.2% | 10.3% | |
| 2011 | 7.5% | 5.9% | |
| 2012 | 2.5% | 6% | |
| 2013 | 5.7% | 6.3% | |
| 2014 | 3% | 8.4% | |
| 2015 | 3.7% | 28.5% | |
| 2016 | -1.4% | -5.6% | |
| 2017 | 0.9% | -13.3% | |
| 2018 | 2.5% | -14.4% | |
| 2019 | 1.5% | 1.3% | |
| 2020 | 1.5% | - | |
| 2021 | 7.5% | - | |
| 2022 | 8.8% | - | |
| 2023 | 2% | - | |
| 2024 | 0.4% | - | |
| 2025 | 3.3% | - | |
Top exports between countries
Balance of trade
|
Armenia
|
Eritrea
|
|
|---|---|---|
Current account balance
|
-$1.19B
2024 |
-$105M
2000 |
| Current account balance ranking |
127/189
2024 |
87/189
2000 |
| Current account balance, % of GDP |
-4.63%
2024 |
-14.8%
2000 |
| Goods imports |
$15.4B
2024 |
$471M
2000 |
| Goods exports |
$13.2B
2024 |
$36.8M
2000 |
| Service imports |
$4.39B
2024 |
$28.5M
2000 |
| Service exports |
$5.86B
2024 |
$60.9M
2000 |
| Imports of goods and services, % of GDP |
75.8%
2024 |
29.2%
2011 |
| Exports of goods and services, % of GDP |
76.3%
2024 |
18.2%
2011 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Armenia
|
Eritrea
|
|
|---|---|---|
| Economic freedom | 65.4 | 38.6 |
| Economic freedom ranking | 63/197 | 188/197 |
| Property rights | 49.9 | 6.1 |
| Government integrity | 50.4 | 14.5 |
| Judicial effectiveness | 31.3 | 3.8 |
| Tax burden | 88.1 | 80.3 |
| Government spending | 77.6 | 62.3 |
| Fiscal health | 81.3 | 69 |
| Business freedom | 73 | 31.3 |
| Labor freedom | 59.2 | 43.4 |
| Monetary freedom | 72.2 | 63.9 |
| Trade freedom | 72 | 68.4 |
| Investment freedom | 70 | 0 |
| Financial freedom | 60 | 20 |
Economic freedom by year comparison
The Economic Freedom Index for Armenia is 65.4, ranking 63/197, compared to 38.6 for Eritrea, ranking 188/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Armenia
|
Eritrea
|
|
| 1996 | 42.2 | - |
| 1997 | 46.7 | - |
| 1998 | 49.6 | - |
| 1999 | 56.4 | - |
| 2000 | 63 | - |
| 2001 | 66.4 | - |
| 2002 | 68 | - |
| 2003 | 67.3 | - |
| 2004 | 70.3 | - |
| 2005 | 69.8 | - |
| 2006 | 70.6 | - |
| 2007 | 68.6 | - |
| 2008 | 69.9 | - |
| 2009 | 69.9 | 38.5 |
| 2010 | 69.2 | 35.3 |
| 2011 | 69.7 | 36.7 |
| 2012 | 68.8 | 36.2 |
| 2013 | 69.4 | 36.3 |
| 2014 | 68.9 | 38.5 |
| 2015 | 67.1 | 38.9 |
| 2016 | 67 | 42.7 |
| 2017 | 70.3 | 42.2 |
| 2018 | 68.7 | 41.7 |
| 2019 | 67.7 | 38.9 |
| 2020 | 70.6 | 38.5 |
| 2021 | 71.9 | 42.3 |
| 2022 | 65.3 | 39.7 |
| 2023 | 65.1 | 39.5 |
| 2024 | 64.9 | 39.5 |
| 2025 | 65.4 | 38.6 |
More economic indicators
|
Armenia
|
Eritrea
|
|
|---|---|---|
| Services, % of GDP |
61.5%
2024 |
n/a |
| Industry, % of GDP |
23.2%
2024 |
21.8%
2009 |
| Agriculture, forestry, and fishing, % of GDP |
7.92%
2024 |
14.1%
2009 |
|
GNI, Atlas method
|
$23.6B
2024 |
$1.94B
2011 |
| GNI per capita, PPP |
$21,990
2024 |
$1,720
2011 |
| Total reserves including gold |
$3.69B
2024 |
$192M
2019 |
| Total reserves ranking |
111/177
2024 |
170/177
2019 |
|
Net foreign direct investment
|
-$74.8M
2024 |
-$27.9M
2000 |
|
Net inflows of foreign direct investment
|
$132M
2024 |
-$27.9M
2024 |
|
Net outflows of foreign direct investment
|
$56.8M
2024 |
-$27.9M
2000 |
|
Servicing debt to the IMF, % of GNI
|
11.8%
2023 |
1.07%
2011 |
| Poverty at national poverty lines |
23.7%
2023 |
50%
2020 |
|
Gross capital formation, % of GDP
|
22.2%
2024 |
12.6%
2011 |
GDP per capita map
GDP per capita
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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.