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Economy of Armenia vs Kuwait compared: GDP & Debt

Updated on by Georank

Armenia has a GDP of $29.2B compared to $157B for Kuwait, ranking 115/197 and 59/197 by economy size, respectively.

Armenia has $14.3B in government debt (49% of GDP), compared to $22.9B (14.6% of GDP) in Kuwait.

Armenia vs Kuwait GDP by year

Armenia
Kuwait
1x
Year GDP, current $
Armenia Kuwait
2025 $29,243,452,882 $157,209,026,926
2024 $25,955,275,380 $160,903,106,639
2023 $24,185,982,216 $165,462,656,227
2022 $19,513,506,553 $183,502,046,694
2021 $13,878,908,629 $148,350,671,489
2020 $12,641,698,583 $111,045,470,606
2019 $13,619,290,539 $140,856,394,861
2018 $12,457,940,695 $138,646,316,351
2017 $11,527,458,709 $120,687,539,806
2016 $10,546,136,236 $109,406,674,125
2015 $10,553,337,518 $114,585,555,689
2014 $11,609,513,247 $162,650,450,685
2013 $11,121,464,437 $174,168,116,535
2012 $10,619,320,683 $174,047,662,680
2011 $10,142,111,825 $154,039,231,246
2010 $9,260,285,756 $115,416,245,242
2009 $8,647,937,081 $105,968,691,905
2008 $11,662,040,714 $147,379,737,230
2007 $9,206,301,270 $114,634,043,362
2006 $6,384,452,067 $101,557,330,723
2005 $4,900,469,511 $80,798,630,137
2004 $3,576,615,240 $59,439,090,601
2003 $2,807,061,009 $47,874,582,232
2002 $2,376,335,048 $38,135,788,414
2001 $2,118,467,913 $34,889,559,870
2000 $1,911,563,669 $37,718,743,480
1999 $1,845,482,173 $30,122,365,849
1998 $1,893,726,437 $25,943,705,784
1997 $1,639,492,445 $30,350,190,704
1996 $1,596,968,946 $31,492,373,309
1995 $1,468,317,435 $27,186,980,647
1994 $1,315,158,637 $24,848,483,838
1993 $1,201,312,829 $23,941,391,391
1992 $1,272,835,453 $19,858,555,215
1991 $2,069,870,130 $11,009,993,703
1990 $2,256,863,449 $18,427,777,778
1989 - $24,313,855,653
1988 - $20,690,322,153
1987 - $22,368,704,134
1986 - $17,903,989,745
1985 - $21,445,970,614
1984 - $21,700,082,753
1983 - $20,871,081,080
1982 - $21,577,153,356
1981 - $25,058,020,338
1980 - $28,638,868,356
1979 - $24,749,063,922
1978 - $15,503,557,496
1977 - $14,137,406,741
1976 - $13,132,252,802
1975 - $12,022,811,621
1974 - $13,006,948,296
1973 - $5,408,804,607
1972 - $4,450,537,925
1971 - $3,880,392,195
1970 - $2,873,638,851
1969 - $2,769,198,892
1968 - $2,662,798,935
1967 - $2,441,599,023
1966 - $2,391,199,044
1965 - $2,097,199,161
1964 - $2,071,668,533
1963 - $1,900,895,857
1962 - $1,828,107,503

Data sources: World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08).

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

GDP per capita in Armenia vs Kuwait by year

Armenia
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $9,474 - $32,312 -
2024 $8,556 $22,823 $32,856 $52,444
2023 $8,159 $21,534 $34,092 $53,025
2022 $6,572 $19,161 $39,982 $55,043
2021 $4,685 $15,922 $34,019 $50,652
2020 $4,269 $14,706 $25,236 $41,462
2019 $4,597 $14,976 $31,708 $50,703
2018 $4,196 $12,877 $32,068 $51,371
2017 $3,869 $12,066 $29,048 $46,566
2016 $3,524 $10,570 $27,324 $41,862
2015 $3,512 $9,757 $29,882 $45,267
2014 $3,852 $9,736 $44,369 $68,337
2013 $3,680 $9,455 $49,651 $76,813
2012 $3,512 $8,943 $52,155 $82,090
2011 $3,350 $7,624 $49,170 $79,037
2010 $3,041 $7,095 $39,212 $75,184
2009 $2,821 $6,812 $37,907 $80,110
2008 $3,778 $7,827 $55,585 $90,337
2007 $2,963 $7,137 $45,709 $91,435
2006 $2,042 $6,073 $42,947 $89,075
2005 $1,557 $5,172 $36,123 $84,968
2004 $1,130 $4,377 $27,552 $77,227
2003 $882 $3,836 $22,691 $69,752
2002 $743 $3,282 $18,513 $59,713
2001 $660 $2,844 $17,374 $58,553
2000 $593 $2,531 $19,296 $58,703
1999 $583 $2,377 $15,854 $56,406
1998 $590 $2,239 $14,067 $58,344
1997 $505 $2,040 $16,977 $57,420
1996 $487 $1,922 $18,201 $56,913
1995 $444 $1,767 $16,168 $57,163
1994 $391 $1,591 $14,930 $53,946
1993 $348 $1,440 $14,318 $48,482
1992 $356 $1,492 $12,146 $36,149
1991 $573 $2,477 $8,147 $23,390
1990 $635 $2,760 $10,938 $30,763
1989 - - $10,965 -
1988 - - $9,692 -
1987 - - $10,896 -
1986 - - $9,077 -
1985 - - $11,322 -
1984 - - $11,919 -
1983 - - $11,965 -
1982 - - $12,979 -
1981 - - $15,825 -
1980 - - $19,032 -
1979 - - $17,386 -
1978 - - $11,567 -
1977 - - $11,238 -
1976 - - $11,141 -
1975 - - $10,882 -
1974 - - $12,527 -
1973 - - $5,532 -
1972 - - $4,836 -
1971 - - $4,486 -
1970 - - $3,552 -
1969 - - $3,695 -
1968 - - $3,872 -
1967 - - $3,887 -
1966 - - $4,176 -
1965 - - $4,024 -
1964 - - $4,379 -
1963 - - $4,445 -
1962 - - $4,748 -

Data sources: World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08).

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

Armenia's GDP per capita is $9,474, ranking 92/197, compared to $32,312 in Kuwait, ranking 41/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Kuwait ranks 40th at $52,444.

Economic indicators

Armenia Kuwait
Gross domestic product
$29.2B
2025
$157B
2025
GDP rank
115/197
2025
59/197
2025
GDP growth
7.2%
2024-2025
2.73%
2024-2025
GDP per capita
$9,474
2025
$32,312
2025
GDP per capita rank
92/197
2025
41/197
2025
GDP per capita, PPP
$22,823
2024
$52,444
2024
GDP per capita PPP rank
86/197
2024
40/197
2024
Government debt
$14.3B
2025
$22.9B
2025
Debt-to-GDP ratio
49%
2025
14.6%
2025
Government debt per person
$4,639
2025
$4,714
2025
Government debt per person rank
89/185
2025
87/185
2025
Average annual personal income after taxes
$7,675
2026
$24,940
2026
Market capitalization of domestic companies
$4.85B
2024
$172B
2025
Number of billionaires
1
2026
n/a
Income share by richest 10%
23.3%
2024
n/a
Income share by poorest 10%
4%
2024
n/a
Government expenditure, % of GDP
29.2%
2025
50.1%
2025
Consumer prices inflation
3.3%
2024-2025
2.36%
2024-2025
Central bank interest rate
6.5%
2025
3.5%
2025
Unemployment rate
8.3%
2023
2.16%
2016
Population
3064036
4981316

Spending and national debt comparison by year

Armenia
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Armenia Kuwait
Government spending Government debt Government spending Government debt
2025 29.2% 49% 50.1% 14.6%
2024 29% 50% 48% 2.91%
2023 26.9% 50.5% 48.3% 3.13%
2022 26.4% 49.2% 39.6% 2.95%
2021 28.7% 63.4% 48.3% 7.2%
2020 30.7% 67.4% 62.9% 10.2%
2019 24.9% 53.7% 50.2% 10.5%
2018 24.1% 55.7% 51% 14.3%
2017 25.9% 58.9% 51.9% 19.6%
2016 27% 56.7% 54% 9.88%
2015 26.3% 48.7% 55.3% 4.6%
2014 24% 43.7% 45% 3.43%
2013 23.8% 40.9% 38.4% 3.09%
2012 22.4% 41.4% 38.1% 3.6%
2011 25% 42.2% 39.6% 4.64%
2010 26.2% 40% 45.4% 6.16%
2009 28.6% 40.6% 42.8% 6.65%
2008 22.2% 16.4% 40.8% 5.38%
2007 22.4% 16.1% 30.4% 7.05%
2006 20% 18.7% 32.2% 7.79%
2005 19.9% 24.4% 28.7% 10.2%
2004 - 26.4% 35.2% 13.9%
2003 - 33% 38% 17.2%
2002 - 38.2% 42.5% 21.3%
2001 - 38.1% 41.2% 23%
2000 - 39.6% 29.7% 21.4%
1999 - 39.2% 44.3% 25.5%
1998 - 45.2% 51.4% 25.6%
1997 - 46.5% 43.5% 24.3%
1996 - 40.8% 42.5% 26.5%
1995 - - 51.7% 34.9%
1994 - - 57.5% 37.7%
1993 - - 58% 28.8%
1992 - - 77.4% 27.9%
1991 - - 208.1% 45.3%
1990 - - 122.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Armenia's government spending was $8.55B, accounting for 29.2% of its GDP, while Kuwait spent $78.8B, or 50.1% of GDP.

Debt-to-GDP ratio is 49% in Armenia and 14.6% in Kuwait, ranking 107/185 and 177/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Kuwait
1x
Year Deficit/surplus, % of GDP
Armenia Kuwait
2025 -3.74% 28.4%
2024 -3.67% 26%
2023 -2.02% 28.2%
2022 -2.12% 30%
2021 -4.6% 9.99%
2020 -5.4% 0.16%
2019 -0.98% 13%
2018 -1.76% 17.6%
2017 -4.7% 15.3%
2016 -5.57% 12.8%
2015 -4.83% 16.3%
2014 -1.94% 29.8%
2013 -1.59% 40.4%
2012 -1.49% 40.5%
2011 -2.87% 38.6%
2010 -4.98% 31.7%
2009 -7.69% 31.1%
2008 -1.76% 21.2%
2007 -2.33% 36.9%
2006 -1.95% 27.8%
2005 -1.98% 38.8%
2004 - 32.3%
2003 - 27%
2002 - 30.9%
2001 - 44.9%
2000 - 52.3%
1999 - 28%
1998 - 19.4%
1997 - 29.4%
1996 - 24.2%
1995 - 11.7%
1994 - 1.71%
1993 - -3.2%
1992 - -28%
1991 - -144.5%
1990 - -49.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/armenia/kuwait | 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 Kuwait's surplus of $44.6B, or 28.4% of GDP.

Over the past 21 years, Armenia recorded a fiscal deficit in 21 of those years, while Kuwait ran a deficit in 0 years. On average, Armenia posted an annual deficit equal to 3.24% of GDP, compared to surplus of 25.5% of GDP for Kuwait.

Inflation comparison by year

Inflation
Armenia

Kuwait
1x
Year Consumer prices inflation
Armenia Kuwait
2025 3.3% 2.36%
2024 0.3% 2.9%
2023 2% 3.64%
2022 8.6% 3.98%
2021 7.2% 3.42%
2020 1.2% 2.1%
2019 1.4% 1.09%
2018 2.5% 0.54%
2017 1% 2.17%
2016 -1.4% 3.2%
2015 3.7% 3.27%
2014 3% 2.91%
2013 5.7% 2.68%
2012 2.5% 3.26%
2011 7.5% 4.84%
2010 8.2% 4.5%
2009 3.5% 4.61%
2008 9.1% 10.6%
2007 4.4% 5.48%
2006 2.9% 3.06%
2005 0.6% 4.14%
2004 6.9% 1.25%
2003 4.7% 0.96%
2002 1% 0.89%
2001 3.2% 1.3%
2000 -0.8% 1.81%
1999 0.7% 2.99%
1998 8.7% 0.13%
1997 14% 0.68%

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/kuwait | CC BY

Over the past 29 years, Armenia has recorded an average annual inflation rate of 3.99%, compared with 2.92% in Kuwait. In 2025, inflation was 3.3% in Armenia and 2.36% in Kuwait.

Top exports between countries

Armenia
Export category Export value
Animal & marine products $1.39M
Textiles & consumer goods $181K
Processed food, beverages & tobacco $63K
Precious metals & jewellery $28K
Raw agricultural goods $17K
Machinery & equipment $14K
Raw materials & minerals $2K
Kuwait
Export category Export value
Machinery & equipment $105K
Miscellaneous $4K
Textiles & consumer goods $1K

Balance of trade

Armenia Kuwait
Current account balance
-$2.11B
2025
$35.7B
2025
Current account balance ranking
142/190
2025
16/190
2025
Current account balance, % of GDP
-7.22%
2025
+22.7%
2025
Goods imports
$11.6B
2025
$37.5B
2025
Goods exports
$8.53B
2025
$70.7B
2025
Service imports
$4.65B
2025
$29.6B
2025
Service exports
$6.12B
2025
$12.7B
2025
Imports of goods and services, % of GDP
53.6%
2025
38.2%
2024
Exports of goods and services, % of GDP
48.1%
2025
55.8%
2024

Economic freedom indices

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

Armenia Kuwait
Economic freedom 67.1 59.9
Economic freedom ranking 58/197 100/197
Property rights 48.6 42
Government integrity 51.8 47.9
Judicial effectiveness 31.4 43.4
Tax burden 87.2 97.7
Government spending 77.5 36.2
Fiscal health 84.1 99.9
Business freedom 72.9 57.4
Labor freedom 59.2 49.2
Monetary freedom 77.2 68.7
Trade freedom 75 75.8
Investment freedom 70 50
Financial freedom 70 50

Economic freedom comparison by year

Armenia
Kuwait
1x
Year Economic freedom index
Armenia Kuwait
2026 67.1 59.9
2025 65.4 59.9
2024 64.9 58.5
2023 65.1 56.7
2022 65.3 58.3
2021 71.9 64.1
2020 70.6 63.2
2019 67.7 60.8
2018 68.7 62.2
2017 70.3 65.1
2016 67 62.7
2015 67.1 62.5
2014 68.9 62.3
2013 69.4 63.1
2012 68.8 62.5
2011 69.7 64.9
2010 69.2 67.7
2009 69.9 65.6
2008 69.9 68.1
2007 68.6 66.4
2006 70.6 66.5
2005 69.8 64.6
2004 70.3 63.6
2003 67.3 66.7
2002 68 65.4
2001 66.4 68.2
2000 63 69.7
1999 56.4 69.5
1998 49.6 66.3
1997 46.7 64.8
1996 42.2 66.1

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Kuwait
Services, % of GDP
61.3%
2025
59.6%
2025
Industry, % of GDP
23.1%
2025
54.1%
2025
Agriculture, forestry, and fishing, % of GDP
7.93%
2025
0.53%
2025
GNI, Atlas method
$27.8B
2025
$201B
2024
GNI per capita, PPP
$24,020
2025
$64,040
2024
Total reserves including gold
$5.09B
2025
$51.7B
2025
Total reserves ranking
104/177
2025
47/177
2025
Net foreign direct investment
-$353M
2025
$2.58B
2025
Net inflows of foreign direct investment
$132M
2024
$615M
2024
Net outflows of foreign direct investment
$56.8M
2024
$10.3B
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
n/a
Poverty at national poverty lines
21.7%
2024
n/a
Gross capital formation, % of GDP
24.2%
2025
15.1%
2024

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/kuwait | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2021–2024, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.