Skip to content

Economy of Armenia vs Ethiopia compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $150B for Ethiopia, ranking 114/197 and 60/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $48.9B (32.7% of GDP) in Ethiopia.

Armenia vs Ethiopia GDP by year

Armenia
Ethiopia
1x
Year GDP, current $
Armenia Ethiopia
2024 $25,955,275,380 $149,740,297,953
2023 $24,185,982,216 $135,874,093,202
2022 $19,513,506,553 $123,140,304,666
2021 $13,878,908,629 $109,070,960,372
2020 $12,641,698,583 $98,676,811,061
2019 $13,619,290,539 $91,834,517,113
2018 $12,457,940,695 $83,337,901,072
2017 $11,527,458,709 $76,366,081,767
2016 $10,546,136,236 $68,475,871,210
2015 $10,553,337,518 $62,103,418,182
2014 $11,609,513,247 $55,612,228,234
2013 $11,121,464,437 $47,648,276,605
2012 $10,619,320,683 $43,310,721,414
2011 $10,142,111,825 $31,952,763,089
2010 $9,260,285,756 $29,933,790,334
2009 $8,647,937,081 $32,437,389,116
2008 $11,662,040,714 $27,066,912,635
2007 $9,206,301,270 $19,707,616,773
2006 $6,384,452,067 $15,280,861,835
2005 $4,900,469,511 $12,401,139,454
2004 $3,576,615,240 $10,131,187,261
2003 $2,807,061,009 $8,623,691,300
2002 $2,376,335,048 $7,850,809,498
2001 $2,118,467,913 $8,231,326,016
2000 $1,911,563,669 $8,242,349,618
1999 $1,845,482,173 $7,892,973,532
1998 $1,893,726,437 $8,013,274,132
1997 $1,639,492,445 $8,803,539,988
1996 $1,596,968,946 $8,761,215,548
1995 $1,468,317,435 $7,855,205,207
1994 $1,315,158,637 $7,100,806,754
1993 $1,201,312,829 $9,051,043,870
1992 $1,272,835,453 $10,754,799,037
1991 $2,069,870,130 $13,799,799,324
1990 $2,256,863,449 $12,478,943,895
1989 - $11,762,932,007
1988 - $11,181,119,718
1987 - $10,790,001,558
1986 - $10,094,328,898
1985 - $9,717,392,687
1984 - $8,298,309,581
1983 - $8,781,664,427
1982 - $7,899,988,841
1981 - $7,507,663,567
1980 - $7,012,585,454
1979 - $6,586,048,398
1978 - $6,014,961,435
1977 - $5,651,840,585
1976 - $4,943,806,093
1975 - $4,577,047,854
1974 - $4,577,209,966
1973 - $4,070,570,550
1972 - $3,520,252,938
1971 - $3,224,280,835
1970 - $3,045,354,455
1969 - $2,768,987,372
1968 - $2,619,948,865
1967 - $2,461,762,003
1966 - $2,324,466,416
1965 - $2,159,998,591
1964 - $1,984,129,186
1963 - $1,825,058,828
1962 - $1,747,566,307
1961 - $1,680,859,514
1960 - $1,610,511,694

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

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

GDP per capita in Armenia vs Ethiopia by year

Armenia
GDP per capita

GDP per capita, PPP
Ethiopia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Ethiopia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $1,134 $3,288
2023 $8,159 $21,534 $1,056 $3,061
2022 $6,572 $19,161 $982 $2,845
2021 $4,685 $15,922 $893 $2,588
2020 $4,269 $14,706 $830 $2,407
2019 $4,597 $14,976 $793 $2,242
2018 $4,196 $12,877 $740 $2,095
2017 $3,869 $12,066 $696 $2,005
2016 $3,524 $10,570 $642 $1,858
2015 $3,512 $9,757 $598 $1,633
2014 $3,852 $9,736 $550 $1,485
2013 $3,680 $9,455 $484 $1,253
2012 $3,512 $8,943 $452 $1,179
2011 $3,350 $7,624 $343 $1,098
2010 $3,041 $7,095 $331 $996
2009 $2,821 $6,812 $369 $899
2008 $3,778 $7,827 $316 $845
2007 $2,963 $7,137 $237.1 $770
2006 $2,042 $6,073 $189.3 $693
2005 $1,557 $5,172 $158.2 $625
2004 $1,130 $4,377 $133.2 $558
2003 $882 $3,836 $116.8 $493
2002 $743 $3,282 $109.6 $509
2001 $660 $2,844 $118.5 $509
2000 $593 $2,531 $122.3 $474
1999 $583 $2,377 $120.7 $450
1998 $590 $2,239 $126.5 $436
1997 $505 $2,040 $143.4 $461
1996 $487 $1,922 $147.3 $453
1995 $444 $1,767 $136.5 $409
1994 $391 $1,591 $127.7 $391
1993 $348 $1,440 $168.5 $384
1992 $356 $1,492 $207.4 $343
1991 $573 $2,477 $277.6 $383
1990 $635 $2,760 $262.1 $417
1989 - - $256.4 -
1988 - - $253.2 -
1987 - - $254.1 -
1986 - - $246 -
1985 - - $243.9 -
1984 - - $214.2 -
1983 - - $232.7 -
1982 - - $215.3 -
1981 - - $212.7 -
1980 - - $203.7 -
1979 - - $192.4 -
1978 - - $178.3 -
1977 - - $170.4 -
1976 - - $152 -
1975 - - $144.3 -
1974 - - $147.9 -
1973 - - $134.9 -
1972 - - $119.8 -
1971 - - $112.7 -
1970 - - $109.4 -
1969 - - $102.3 -
1968 - - $99.5 -
1967 - - $96.1 -
1966 - - $93.2 -
1965 - - $88.9 -
1964 - - $83.8 -
1963 - - $79.2 -
1962 - - $77.8 -
1961 - - $76.7 -
1960 - - $75.3 -

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

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

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $1,134 in Ethiopia, ranking 171/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Ethiopia ranks 175th at $3,288.

Economic indicators

Armenia Ethiopia
Gross domestic product
$26B
2024
$150B
2024
GDP rank
114/197
2024
60/197
2024
GDP growth
5.9%
2023-2024
7.61%
2023-2024
GDP per capita
$8,556
2024
$1,134
2024
GDP per capita rank
90/197
2024
171/197
2024
GDP per capita, PPP
$22,823
2024
$3,288
2024
GDP per capita PPP rank
86/197
2024
175/197
2024
Government debt
$13B
2024
$48.9B
2024
Debt-to-GDP ratio
50%
2024
32.7%
2024
Government debt per person
$4,275
2024
$370
2024
Government debt per person rank
89/185
2024
172/185
2024
Average annual personal income after taxes
$6,687
2026
$1,946
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
24.8%
2021
Income share by poorest 10%
4%
2023
3.5%
2021
Government expenditure, % of GDP
29%
2024
9.54%
2024
Consumer prices inflation
0.4%
2023-2024
21%
2023-2024
Central bank interest rate
6.75%
2025
n/a
Unemployment rate
8.3%
2023
3.94%
2021
Population
2989841
139917664

Spending and national debt comparison by year

Armenia
Spending

Debt
Ethiopia
Spending

Debt
1x
Year % of GDP
Armenia Ethiopia
Government spending Government debt Government spending Government debt
2024 29% 50% 9.54% 32.7%
2023 26.9% 50.4% 10.8% 38.7%
2022 26.4% 49.3% 12.7% 46.9%
2021 28.7% 63.6% 13.8% 53.8%
2020 30.6% 67.3% 14.5% 53.7%
2019 24.9% 54.2% 15.4% 54.7%
2018 24% 56.1% 16.1% 58.4%
2017 26% 58.1% 18% 55.3%
2016 27% 56.5% 17.9% 51.8%
2015 26.3% 48.3% 17.3% 50.7%
2014 24% 43.6% 17.5% 44.2%
2013 23.8% 41.6% 17.8% 44.1%
2012 22.4% 41.2% 16.6% 39.4%
2011 25% 42% 18.2% 44.6%
2010 26.2% 39.7% 18.5% 39.4%
2009 28.6% 40.2% 17.1% 30%
2008 22.2% 16.1% 18.8% 56.1%
2007 22.4% 16.1% 20.5% 55.7%
2006 20% 18.7% 22.1% 79.6%
2005 19.9% 24.4% 22.9% 78.2%
2004 - 26.4% 23.1% 103.1%
2003 - 33% 27% 103.7%
2002 - 38.2% 24.9% 107.4%
2001 - 38.1% 22.4% 97.3%
2000 - 39.6% 25.6% 93.6%
1999 - 39.2% 25.8% 94.3%
1998 - 45.2% 20.4% 86%
1997 - 46.5% 17.3% 77.4%
1996 - 40.8% 18.2% 129%
1995 - - 16.9% 142.3%
1994 - - 17.1% 150.7%
1993 - - 13.4% 136.9%
1992 - - 13.8% 85.4%
1991 - - 16.8% 89.3%
1990 - - 20.3% 91.6%
1989 - - 24% 84.7%
1988 - - 21.6% 84.3%
1987 - - 18.4% 82.3%
1986 - - 19.8% 75.7%
1985 - - 19.7% 67.7%
1984 - - 18.8% 65.4%
1983 - - 21.3% 55.2%
1982 - - 16.4% 48.8%
1981 - - 14.2% 30.6%
1980 - - 13.5% 18.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20).

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

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Ethiopia spent $14.3B, or 9.54% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 32.7% in Ethiopia, ranking 108/185 and 150/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Ethiopia
1x
Year Deficit/surplus, % of GDP
Armenia Ethiopia
2024 -3.69% -1.99%
2023 -2.02% -2.6%
2022 -2.11% -4.16%
2021 -4.58% -2.77%
2020 -5.4% -2.76%
2019 -0.98% -2.53%
2018 -1.75% -3.03%
2017 -4.79% -3.24%
2016 -5.63% -2.3%
2015 -4.84% -1.95%
2014 -1.94% -2.58%
2013 -1.59% -1.93%
2012 -1.49% -1.17%
2011 -2.87% -1.61%
2010 -4.98% -1.32%
2009 -7.69% -0.93%
2008 -1.76% -2.88%
2007 -2.33% -3.57%
2006 -1.95% -3.79%
2005 -1.98% -4.12%
2004 - -2.65%
2003 - -5.59%
2002 - -5.76%
2001 - -3.76%
2000 - -8.88%
1999 - -8.23%
1998 - -3.51%
1997 - -1.7%
1996 - -3.81%
1995 - -2.68%
1994 - -5.23%
1993 - -4%
1992 - -4.78%
1991 - -5.83%
1990 - -6.66%
1989 - -4.33%
1988 - -3.48%
1987 - -3.54%
1986 - -3.98%
1985 - -4.71%
1984 - -3.69%
1983 - -7.59%
1982 - -3.6%
1981 - -2.19%
1980 - -2.56%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/armenia/ethiopia | 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 Ethiopia's deficit of $2.98B, or 1.99% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Ethiopia ran a deficit in 20 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 2.56% of GDP for Ethiopia.

Inflation comparison by year

Inflation
Armenia

Ethiopia
1x
Year Consumer prices inflation
Armenia Ethiopia
2024 0.4% 21%
2023 2% 30.2%
2022 8.8% 33.9%
2021 7.5% 26.8%
2020 1.5% 20.4%
2019 1.5% 15.8%
2018 2.5% 13.8%
2017 0.9% 10.7%
2016 -1.4% 6.63%
2015 3.7% 9.57%
2014 3% 6.89%
2013 5.7% 7.46%
2012 2.5% 23.6%
2011 7.5% 33.2%
2010 8.2% 8.15%
2009 3.5% 8.48%
2008 9.1% 44.4%
2007 4.4% 17.2%
2006 2.9% 12.3%
2005 0.6% 9.97%
2004 6.9% 3.33%
2003 4.7% 13.7%
2002 1% 0.68%
2001 3.2% -8.24%
2000 -0.8% 0.66%
1999 0.7% 7.94%
1998 8.7% 0.89%
1997 14% 2.4%

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/ethiopia | CC BY

Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 13.6% in Ethiopia. In 2024, inflation was 0.4% in Armenia and 21% in Ethiopia.

Top exports between countries

Armenia
Export category Export value
Machinery & equipment $173K
Chemicals & pharma $52K
Metals $8K
Textiles & consumer goods $7K
Ethiopia
Export category Export value
Raw agricultural goods $87K
Textiles & consumer goods $4K

Balance of trade

Armenia Ethiopia
Current account balance
-$1.19B
2024
-$3.79B
2024
Current account balance ranking
128/190
2024
160/190
2024
Current account balance, % of GDP
-4.6%
2024
-2.53%
2024
Goods imports
$15.4B
2024
$19.6B
2024
Goods exports
$13.2B
2024
$5.58B
2024
Service imports
$4.39B
2024
$5.51B
2024
Service exports
$5.86B
2024
$7.61B
2024
Imports of goods and services, % of GDP
76.4%
2024
11.9%
2024
Exports of goods and services, % of GDP
73.6%
2024
5.54%
2024

Economic freedom indices

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

Armenia Ethiopia
Economic freedom 67.1 48.1
Economic freedom ranking 58/197 171/197
Property rights 48.6 22.1
Government integrity 51.8 33.2
Judicial effectiveness 31.4 19.1
Tax burden 87.2 78.6
Government spending 77.5 96.4
Fiscal health 84.1 84.3
Business freedom 72.9 44.5
Labor freedom 59.2 37.8
Monetary freedom 77.2 53.7
Trade freedom 75 57.4
Investment freedom 70 30
Financial freedom 70 20

Economic freedom comparison by year

Armenia
Ethiopia
1x
Year Economic freedom index
Armenia Ethiopia
2026 67.1 48.1
2025 65.4 48.1
2024 64.9 47.9
2023 65.1 48.3
2022 65.3 49.6
2021 71.9 51.7
2020 70.6 53.6
2019 67.7 53.6
2018 68.7 52.8
2017 70.3 52.7
2016 67 51.5
2015 67.1 51.5
2014 68.9 50
2013 69.4 49.4
2012 68.8 52
2011 69.7 50.5
2010 69.2 51.2
2009 69.9 53
2008 69.9 52.5
2007 68.6 53.6
2006 70.6 50.9
2005 69.8 51.1
2004 70.3 54.5
2003 67.3 48.8
2002 68 49.8
2001 66.4 48.9
2000 63 50.2
1999 56.4 46.7
1998 49.6 49.2
1997 46.7 48.1
1996 42.2 45.9
1995 - 42.6

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

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

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 48.1 for Ethiopia, ranking 171/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Ethiopia
Services, % of GDP
62%
2024
37.5%
2024
Industry, % of GDP
22.9%
2024
25.4%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
34.8%
2024
GNI, Atlas method
$23.7B
2024
$146B
2024
GNI per capita, PPP
$22,020
2024
$3,280
2024
Total reserves including gold
$3.69B
2024
$3.78B
2024
Total reserves ranking
111/177
2024
109/177
2024
Net foreign direct investment
-$74.8M
2024
-$4.02B
2024
Net inflows of foreign direct investment
$132M
2024
$4.02B
2024
Net outflows of foreign direct investment
$56.8M
2024
$0
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
0.91%
2024
Poverty at national poverty lines
23.7%
2023
33.1%
2021
Gross capital formation, % of GDP
23.8%
2024
20.6%
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/ethiopia | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

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 (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.