Armenia has a GDP of $25.8B compared to $20.1B for Lebanon, ranking 116/197 and 128/197 by economy size, respectively.
Armenia has $13B in government debt (54.5% of GDP), compared to $38.6B (149.1% of GDP) in Lebanon.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Armenia
|
Lebanon
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1988 | - | - | $3,313,540,068 | $13,590,690,652 |
| 1989 | - | - | $2,717,998,688 | $7,821,290,497 |
| 1990 | $2,256,863,449 | $5,839,777,094 | $2,838,485,354 | $9,896,526,026 |
| 1991 | $2,069,870,130 | $5,156,523,263 | $4,690,415,093 | $14,790,098,776 |
| 1992 | $1,272,835,453 | $3,001,096,397 | $5,843,579,161 | $17,221,346,343 |
| 1993 | $1,201,312,829 | $2,736,999,951 | $7,941,744,492 | $19,075,339,625 |
| 1994 | $1,315,158,637 | $2,884,798,024 | $9,599,127,050 | $20,621,442,059 |
| 1995 | $1,468,317,435 | $3,083,849,042 | $11,718,795,529 | $21,951,290,517 |
| 1996 | $1,596,968,946 | $3,264,729,147 | $13,690,217,334 | $24,428,699,054 |
| 1997 | $1,639,492,445 | $3,373,153,404 | $15,751,867,489 | $24,686,413,686 |
| 1998 | $1,893,726,437 | $3,619,393,602 | $17,247,179,006 | $25,591,349,425 |
| 1999 | $1,845,482,173 | $3,738,833,591 | $17,391,056,369 | $25,456,845,224 |
| 2000 | $1,911,563,669 | $3,959,424,773 | $17,260,364,842 | $25,798,443,406 |
| 2001 | $2,118,467,913 | $4,339,529,551 | $17,649,751,244 | $26,789,018,311 |
| 2002 | $2,376,335,048 | $4,912,347,451 | $19,152,238,806 | $27,706,046,545 |
| 2003 | $2,807,061,009 | $5,600,076,095 | $20,082,918,740 | $28,600,147,894 |
| 2004 | $3,576,615,240 | $6,188,084,085 | $21,159,827,992 | $30,510,478,932 |
| 2005 | $4,900,469,511 | $7,048,227,772 | $21,497,336,499 | $31,329,923,063 |
| 2006 | $6,384,452,067 | $7,978,593,838 | $22,022,709,851 | $31,815,384,921 |
| 2007 | $9,206,301,270 | $9,071,661,194 | $24,827,355,015 | $34,777,595,316 |
| 2008 | $11,662,040,714 | $9,697,605,817 | $29,118,916,105 | $37,931,620,044 |
| 2009 | $8,647,937,081 | $8,330,243,396 | $35,399,582,929 | $41,812,842,420 |
| 2010 | $9,260,285,756 | $8,513,508,751 | $38,443,907,042 | $45,147,473,284 |
| 2011 | $10,142,111,825 | $8,913,643,662 | $39,927,125,962 | $45,539,055,324 |
| 2012 | $10,619,320,683 | $9,555,426,006 | $44,016,799,516 | $46,707,037,069 |
| 2013 | $11,121,464,437 | $9,870,755,064 | $46,880,103,081 | $48,494,923,363 |
| 2014 | $11,609,513,247 | $10,226,102,247 | $48,095,213,747 | $49,699,566,407 |
| 2015 | $10,553,337,518 | $10,553,337,518 | $49,929,337,837 | $49,929,337,837 |
| 2016 | $10,546,136,236 | $10,574,444,193 | $51,147,308,774 | $50,705,514,063 |
| 2017 | $11,527,458,709 | $11,367,527,508 | $53,027,680,686 | $51,163,399,288 |
| 2018 | $12,457,940,695 | $11,958,638,938 | $54,901,519,156 | $50,199,119,756 |
| 2019 | $13,619,290,539 | $12,867,495,498 | $51,605,959,131 | $46,727,888,411 |
| 2020 | $12,641,698,583 | $11,941,035,822 | $31,712,128,254 | $36,728,167,163 |
| 2021 | $13,878,908,629 | $12,633,615,900 | $23,131,941,557 | $34,156,740,537 |
| 2022 | $19,513,506,553 | $14,225,451,503 | $20,992,421,949 | $33,944,395,264 |
| 2023 | $24,085,749,592 | $15,406,163,978 | $20,078,620,357 | $33,686,219,465 |
| 2024 | $25,786,585,950 | $16,315,127,652 | - | - |
Economic indicators
|
Armenia
|
Lebanon
|
|
|---|---|---|
| Gross domestic product |
$25.8B
2024 |
$20.1B
2023 |
| GDP rank |
116/197
2024 |
128/197
2023 |
| GDP growth |
7.06%
2023-2024 |
-4.35%
2022-2023 |
| GDP per capita |
$8,501
2024 |
$3,478
2023 |
| GDP per capita rank |
92/197
2024 |
135/197
2023 |
| GDP per capita, PPP |
$22,823
2024 |
$12,575
2023 |
| Government debt |
$13B
2024 |
$38.6B
2023 |
| Debt-to-GDP ratio |
54.5%
2025 |
149.1%
2025 |
| Government debt per person |
$4,276
2024 |
$6,680
2023 |
| Government debt per person rank |
89/185
2024 |
70/185
2023 |
| Average annual personal income after taxes |
$6,696
2025 |
$3,779
2025 |
| Market capitalization of domestic companies |
$4.85B
2024 |
$10.6B
2021 |
| Number of billionaires |
1
2025 |
6
2025 |
| Income share by richest 10% |
22.9%
2023 |
25.1%
2022 |
| Income share by poorest 10% |
4%
2023 |
2.8%
2022 |
| Government expenditure, % of GDP |
30.7%
2025 |
18.3%
2025 |
| Consumer prices inflation |
3.3%
2024-2025 |
45.2%
2023-2024 |
| Central bank interest rate |
6.75%
2025 |
20%
2023 |
| Unemployment rate |
8.3%
2023 |
11.3%
2019 |
| Population |
3011581
|
5888008
|
GDP per capita in Armenia vs Lebanon
Armenia's GDP per capita is $8,501, ranking 92/197, compared to $3,478 in Lebanon, ranking 135/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 84th at $22,823, while Lebanon ranks 121st at $12,575.
| Year | Current $ | |||
|---|---|---|---|---|
|
Armenia
|
Lebanon
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1988 | - | - | $959 | - |
| 1989 | - | - | $771 | - |
| 1990 | $635 | $2,760 | $790 | $2,990 |
| 1991 | $573 | $2,477 | $1,278 | $4,527 |
| 1992 | $356 | $1,492 | $1,559 | $5,279 |
| 1993 | $348 | $1,440 | $2,079 | $5,871 |
| 1994 | $391 | $1,591 | $2,468 | $6,367 |
| 1995 | $444 | $1,767 | $2,959 | $6,796 |
| 1996 | $487 | $1,922 | $3,393 | $7,560 |
| 1997 | $505 | $2,040 | $3,834 | $7,632 |
| 1998 | $590 | $2,239 | $4,125 | $7,861 |
| 1999 | $583 | $2,377 | $4,087 | $7,793 |
| 2000 | $593 | $2,531 | $3,987 | $7,938 |
| 2001 | $660 | $2,844 | $4,010 | $8,289 |
| 2002 | $743 | $3,282 | $4,291 | $8,586 |
| 2003 | $882 | $3,836 | $4,438 | $8,914 |
| 2004 | $1,130 | $4,377 | $4,601 | $9,609 |
| 2005 | $1,557 | $5,172 | $4,602 | $10,020 |
| 2006 | $2,042 | $6,073 | $4,635 | $10,312 |
| 2007 | $2,963 | $7,137 | $5,125 | $11,356 |
| 2008 | $3,778 | $7,827 | $5,912 | $12,416 |
| 2009 | $2,821 | $6,812 | $7,091 | $13,586 |
| 2010 | $3,041 | $7,095 | $7,626 | $14,704 |
| 2011 | $3,350 | $7,624 | $7,835 | $14,975 |
| 2012 | $3,512 | $8,943 | $8,407 | $16,121 |
| 2013 | $3,680 | $9,455 | $8,162 | $16,316 |
| 2014 | $3,852 | $9,736 | $7,578 | $16,140 |
| 2015 | $3,512 | $9,757 | $7,714 | $17,046 |
| 2016 | $3,524 | $10,570 | $8,089 | $18,941 |
| 2017 | $3,869 | $12,066 | $8,608 | $20,964 |
| 2018 | $4,196 | $12,877 | $9,175 | $21,985 |
| 2019 | $4,597 | $14,976 | $8,906 | $21,710 |
| 2020 | $4,269 | $14,706 | $5,561 | $16,260 |
| 2021 | $4,685 | $15,922 | $4,045 | $11,600 |
| 2022 | $6,572 | $19,161 | $3,654 | $12,293 |
| 2023 | $8,125 | $21,534 | $3,478 | $12,575 |
| 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 Lebanon's spent $2.67B, or 18.3% of GDP.
Debt-to-GDP ratio is 54.5% in Armenia and 149.1% in Lebanon, ranking 97/185 and 6/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Armenia
|
Lebanon
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | - | - | 40% | 99.7% |
| 1991 | - | - | 35.6% | 67.1% |
| 1992 | - | - | 36.1% | 51.7% |
| 1993 | - | - | 23% | 50.5% |
| 1994 | - | - | 47.3% | 71.5% |
| 1995 | - | - | 31.1% | 79.6% |
| 1996 | - | 40.8% | 43.6% | 101.2% |
| 1997 | - | 46.5% | 40.5% | 100.2% |
| 1998 | - | 45.2% | 34.7% | 108.2% |
| 1999 | - | 39.2% | 35.6% | 130.2% |
| 2000 | - | 39.6% | 42.8% | 148.1% |
| 2001 | - | 38.1% | 38.9% | 163.1% |
| 2002 | - | 38.2% | 36.8% | 163.1% |
| 2003 | - | 33% | 36.4% | 171.3% |
| 2004 | - | 26.4% | 33.3% | 169.5% |
| 2005 | 19.9% | 24.4% | 31.4% | 178.9% |
| 2006 | 20% | 18.7% | 36.1% | 183.3% |
| 2007 | 22.4% | 16.1% | 35.2% | 169.3% |
| 2008 | 22.2% | 16.1% | 34.3% | 161.5% |
| 2009 | 28.6% | 40.2% | 32.1% | 144.5% |
| 2010 | 26.2% | 39.7% | 29.2% | 136.8% |
| 2011 | 25% | 42% | 28.8% | 134.4% |
| 2012 | 22.4% | 41.2% | 30.2% | 131.1% |
| 2013 | 23.8% | 40.9% | 28.9% | 135.4% |
| 2014 | 24% | 43.7% | 28.8% | 138.4% |
| 2015 | 26.3% | 48.7% | 26.7% | 140.8% |
| 2016 | 27% | 56.7% | 28.3% | 146.4% |
| 2017 | 26% | 58.9% | 30.6% | 150% |
| 2018 | 24% | 55.7% | 32.3% | 155.1% |
| 2019 | 24.9% | 53.7% | 31.3% | 172.1% |
| 2020 | 30.6% | 67.4% | 23% | 148.7% |
| 2021 | 28.7% | 63.4% | 10.2% | 361% |
| 2022 | 26.4% | 49.2% | 12.2% | 246.5% |
| 2023 | 27% | 50.7% | 13.3% | 192.1% |
| 2024 | 29.2% | 50.3% | 16.1% | 164.1% |
| 2025 | 30.7% | 54.5% | 18.3% | 149.1% |
Government deficit by year
In 2023, Armenia's government deficit, the difference between spending and revenue, was -$488M, equivalent to -2.03% of GDP. This compares to Lebanon's deficit of -$21.1M, or -0.11% of GDP.
Over the past 19 years, Armenia recorded a fiscal deficit in 19 of those years, while Lebanon ran a deficit in 19 years. On average, Armenia posted an annual deficit equal to -3.19% of GDP, compared to deficit of -7.76% of GDP for Lebanon.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Armenia
|
Lebanon
|
|
| 1990 | - | -30.2% |
| 1991 | - | -19.5% |
| 1992 | - | -24% |
| 1993 | - | -7.19% |
| 1994 | - | -29.1% |
| 1995 | - | -13.6% |
| 1996 | - | -25.7% |
| 1997 | - | -24.5% |
| 1998 | - | -17.3% |
| 1999 | - | -16.7% |
| 2000 | - | -23.9% |
| 2001 | - | -21% |
| 2002 | - | -16.2% |
| 2003 | - | -14% |
| 2004 | - | -9.83% |
| 2005 | -1.98% | -8.57% |
| 2006 | -1.95% | -10.6% |
| 2007 | -2.33% | -10.9% |
| 2008 | -1.76% | -9.86% |
| 2009 | -7.69% | -8.1% |
| 2010 | -4.98% | -7.47% |
| 2011 | -2.87% | -5.94% |
| 2012 | -1.49% | -8.43% |
| 2013 | -1.59% | -8.82% |
| 2014 | -1.94% | -6.22% |
| 2015 | -4.84% | -7.48% |
| 2016 | -5.63% | -8.88% |
| 2017 | -4.79% | -8.65% |
| 2018 | -1.75% | -11.3% |
| 2019 | -0.98% | -10.5% |
| 2020 | -5.4% | -7.15% |
| 2021 | -4.58% | -1.98% |
| 2022 | -2.11% | -6.5% |
| 2023 | -2.03% | -0.11% |
| 2024 | -3.75% | 0.36% |
| 2025 | -5.5% | 0.01% |
Inflation comparison by year
Over the past 29 years, Armenia has recorded an average annual inflation rate of 4.55%, compared with 26% in Lebanon. In 2024, inflation was 3.3% in Armenia and 45.2% in Lebanon.
| Year | Inflation | ||
|---|---|---|---|
|
Armenia
|
Lebanon
|
Armenia
|
Lebanon
|
| 1996 | 18.7% | 8.9% | |
| 1997 | 14% | 7.7% | |
| 1998 | 8.7% | 4.5% | |
| 1999 | 0.7% | 0.2% | |
| 2000 | -0.8% | -0.4% | |
| 2001 | 3.2% | -0.4% | |
| 2002 | 1% | 1.8% | |
| 2003 | 4.7% | 1.3% | |
| 2004 | 6.9% | 1.7% | |
| 2005 | 0.6% | -1.4% | |
| 2006 | 2.9% | 4.1% | |
| 2007 | 4.4% | 4.1% | |
| 2008 | 9.1% | 10.7% | |
| 2009 | 3.5% | 1.2% | |
| 2010 | 8.2% | 4% | |
| 2011 | 7.5% | 5% | |
| 2012 | 2.5% | 6.6% | |
| 2013 | 5.7% | 5.6% | |
| 2014 | 3% | 1.1% | |
| 2015 | 3.7% | -3.8% | |
| 2016 | -1.4% | -0.8% | |
| 2017 | 0.9% | 4.5% | |
| 2018 | 2.5% | 6.1% | |
| 2019 | 1.5% | 2.9% | |
| 2020 | 1.5% | 84.9% | |
| 2021 | 7.5% | 154.8% | |
| 2022 | 8.8% | 171.2% | |
| 2023 | 2% | 221.3% | |
| 2024 | 0.4% | 45.2% | |
| 2025 | 3.3% | - | |
Top exports between countries
|
Armenia
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $613K |
| Animal & marine products | $180K |
| Machinery & equipment | $46K |
| Processed food, beverages & tobacco | $46K |
| Raw agricultural goods | $8K |
| Chemicals & pharma | $7K |
| Raw materials & minerals | $4K |
| Metals | $2K |
| Wood & paper products | $1K |
|
Lebanon
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $220K |
| Processed food, beverages & tobacco | $193K |
| Precious metals & jewellery | $185K |
| Chemicals & pharma | $172K |
| Metals | $65K |
| Animal & marine products | $56K |
| Machinery & equipment | $49K |
| Raw agricultural goods | $43K |
| Miscellaneous | $10K |
| Wood & paper products | $5K |
Balance of trade
|
Armenia
|
Lebanon
|
|
|---|---|---|
Current account balance
|
-$1.19B
2024 |
-$5.64B
2023 |
| Current account balance ranking |
127/189
2024 |
168/189
2023 |
| Current account balance, % of GDP |
-4.63%
2024 |
-28.1%
2023 |
| Goods imports |
$15.4B
2024 |
$16.7B
2023 |
| Goods exports |
$13.2B
2024 |
$3.85B
2023 |
| Service imports |
$4.39B
2024 |
$6.63B
2023 |
| Service exports |
$5.86B
2024 |
$7.92B
2023 |
| Imports of goods and services, % of GDP |
75.8%
2024 |
73.7%
2023 |
| Exports of goods and services, % of GDP |
76.3%
2024 |
30.6%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Armenia
|
Lebanon
|
|
|---|---|---|
| Economic freedom | 65.4 | 44.1 |
| Economic freedom ranking | 63/197 | 181/197 |
| Property rights | 49.9 | 22.3 |
| Government integrity | 50.4 | 24.5 |
| Judicial effectiveness | 31.3 | 22.6 |
| Tax burden | 88.1 | 90.3 |
| Government spending | 77.6 | 95.6 |
| Fiscal health | 81.3 | 63.6 |
| Business freedom | 73 | 47.8 |
| Labor freedom | 59.2 | 57.1 |
| Monetary freedom | 72.2 | 0 |
| Trade freedom | 72 | 65.4 |
| Investment freedom | 70 | 20 |
| Financial freedom | 60 | 20 |
Economic freedom by year comparison
The Economic Freedom Index for Armenia is 65.4, ranking 63/197, compared to 44.1 for Lebanon, ranking 181/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Armenia
|
Lebanon
|
|
| 1996 | 42.2 | 63.2 |
| 1997 | 46.7 | 63.9 |
| 1998 | 49.6 | 59 |
| 1999 | 56.4 | 59.1 |
| 2000 | 63 | 56.1 |
| 2001 | 66.4 | 61 |
| 2002 | 68 | 57.1 |
| 2003 | 67.3 | 56.7 |
| 2004 | 70.3 | 56.9 |
| 2005 | 69.8 | 57.2 |
| 2006 | 70.6 | 57.5 |
| 2007 | 68.6 | 60.4 |
| 2008 | 69.9 | 60 |
| 2009 | 69.9 | 58.1 |
| 2010 | 69.2 | 59.5 |
| 2011 | 69.7 | 60.1 |
| 2012 | 68.8 | 60.1 |
| 2013 | 69.4 | 59.5 |
| 2014 | 68.9 | 59.4 |
| 2015 | 67.1 | 59.3 |
| 2016 | 67 | 59.5 |
| 2017 | 70.3 | 53.3 |
| 2018 | 68.7 | 53.2 |
| 2019 | 67.7 | 51.1 |
| 2020 | 70.6 | 51.7 |
| 2021 | 71.9 | 51.4 |
| 2022 | 65.3 | 47.3 |
| 2023 | 65.1 | 45.6 |
| 2024 | 64.9 | 48.3 |
| 2025 | 65.4 | 44.1 |
More economic indicators
|
Armenia
|
Lebanon
|
|
|---|---|---|
| Services, % of GDP |
61.5%
2024 |
42.4%
2023 |
| Industry, % of GDP |
23.2%
2024 |
2.09%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
7.92%
2024 |
0.97%
2023 |
|
GNI, Atlas method
|
$23.6B
2024 |
$21.6B
2023 |
| GNI per capita, PPP |
$21,990
2024 |
$12,530
2023 |
| Total reserves including gold |
$3.69B
2024 |
$33.3B
2024 |
| Total reserves ranking |
111/177
2024 |
54/177
2024 |
|
Net foreign direct investment
|
-$74.8M
2024 |
-$583M
2023 |
|
Net inflows of foreign direct investment
|
$132M
2024 |
$1.84B
2024 |
|
Net outflows of foreign direct investment
|
$56.8M
2024 |
$391M
2024 |
|
Servicing debt to the IMF, % of GNI
|
11.8%
2023 |
21.8%
2023 |
| Poverty at national poverty lines |
23.7%
2023 |
27.4%
2012 |
|
Gross capital formation, % of GDP
|
22.2%
2024 |
1.9%
2023 |
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.