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Economy of Armenia vs Malaysia compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $422B for Malaysia, ranking 114/197 and 38/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Armenia vs Malaysia GDP by year

Armenia
Malaysia
1x
Year GDP, current $
Armenia Malaysia
2024 $25,955,275,380 $422,227,005,429
2023 $24,185,982,216 $399,949,418,753
2022 $19,513,506,553 $407,830,525,990
2021 $13,878,908,629 $373,784,553,030
2020 $12,641,698,583 $337,456,163,961
2019 $13,619,290,539 $365,177,721,022
2018 $12,457,940,695 $358,788,845,713
2017 $11,527,458,709 $319,109,094,160
2016 $10,546,136,236 $301,256,033,870
2015 $10,553,337,518 $301,355,266,965
2014 $11,609,513,247 $338,066,095,097
2013 $11,121,464,437 $323,276,235,524
2012 $10,619,320,683 $314,443,047,642
2011 $10,142,111,825 $297,951,668,675
2010 $9,260,285,756 $255,017,638,456
2009 $8,647,937,081 $202,257,453,037
2008 $11,662,040,714 $230,811,614,370
2007 $9,206,301,270 $193,549,569,478
2006 $6,384,452,067 $162,692,258,307
2005 $4,900,469,511 $143,534,405,819
2004 $3,576,615,240 $124,749,473,684
2003 $2,807,061,009 $110,202,368,421
2002 $2,376,335,048 $100,845,526,316
2001 $2,118,467,913 $92,783,947,368
2000 $1,911,563,669 $93,789,736,842
1999 $1,845,482,173 $79,148,421,053
1998 $1,893,726,437 $72,167,498,981
1997 $1,639,492,445 $100,005,323,302
1996 $1,596,968,946 $100,855,393,910
1995 $1,468,317,435 $88,705,342,903
1994 $1,315,158,637 $74,478,356,958
1993 $1,201,312,829 $66,894,966,969
1992 $1,272,835,453 $59,167,550,163
1991 $2,069,870,130 $49,143,148,094
1990 $2,256,863,449 $44,024,585,240
1989 - $38,847,965,293
1988 - $35,272,109,220
1987 - $32,181,210,158
1986 - $27,734,111,400
1985 - $31,199,633,353
1984 - $33,942,897,422
1983 - $30,347,442,111
1982 - $26,804,493,635
1981 - $25,004,285,792
1980 - $24,488,224,677
1979 - $21,213,264,962
1978 - $16,358,079,862
1977 - $13,139,488,633
1976 - $11,050,234,599
1975 - $9,298,800,799
1974 - $9,496,204,302
1973 - $7,662,902,678
1972 - $5,043,347,250
1971 - $4,244,395,956
1970 - $3,864,145,667
1969 - $3,664,552,041
1968 - $3,330,371,551
1967 - $3,188,924,677
1966 - $3,143,517,944
1965 - $2,956,337,669
1964 - $2,674,423,922
1963 - $2,510,110,348
1962 - $2,001,489,602
1961 - $1,901,856,123
1960 - $1,916,229,477

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

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

GDP per capita in Armenia vs Malaysia by year

Armenia
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $11,874 $38,779
2023 $8,159 $21,534 $11,386 $36,467
2022 $6,572 $19,161 $11,755 $34,420
2021 $4,685 $15,922 $10,903 $29,823
2020 $4,269 $14,706 $9,958 $27,475
2019 $4,597 $14,976 $10,920 $28,934
2018 $4,196 $12,877 $10,902 $27,794
2017 $3,869 $12,066 $9,863 $26,416
2016 $3,524 $10,570 $9,477 $25,286
2015 $3,512 $9,757 $9,649 $24,526
2014 $3,852 $9,736 $11,013 $24,307
2013 $3,680 $9,455 $10,714 $23,161
2012 $3,512 $8,943 $10,601 $22,639
2011 $3,350 $7,624 $10,217 $21,324
2010 $3,041 $7,095 $8,899 $20,193
2009 $2,821 $6,812 $7,191 $18,923
2008 $3,778 $7,827 $8,372 $19,480
2007 $2,963 $7,137 $7,169 $18,617
2006 $2,042 $6,073 $6,158 $17,426
2005 $1,557 $5,172 $5,556 $16,371
2004 $1,130 $4,377 $4,939 $15,416
2003 $882 $3,836 $4,465 $14,387
2002 $743 $3,282 $4,184 $13,656
2001 $660 $2,844 $3,944 $13,072
2000 $593 $2,531 $4,084 $13,027
1999 $583 $2,377 $3,528 $11,980
1998 $590 $2,239 $3,294 $11,398
1997 $505 $2,040 $4,679 $12,469
1996 $487 $1,922 $4,837 $11,709
1995 $444 $1,767 $4,363 $10,720
1994 $391 $1,591 $3,758 $9,806
1993 $348 $1,440 $3,462 $9,018
1992 $356 $1,492 $3,141 $8,224
1991 $573 $2,477 $2,679 $7,583
1990 $635 $2,760 $2,469 $6,887
1989 - - $2,244 -
1988 - - $2,100 -
1987 - - $1,977 -
1986 - - $1,760 -
1985 - - $2,046 -
1984 - - $2,300 -
1983 - - $2,124 -
1982 - - $1,938 -
1981 - - $1,866 -
1980 - - $1,886 -
1979 - - $1,680 -
1978 - - $1,327 -
1977 - - $1,092 -
1976 - - $940 -
1975 - - $811 -
1974 - - $848 -
1973 - - $701 -
1972 - - $472 -
1971 - - $407 -
1970 - - $380 -
1969 - - $368 -
1968 - - $342 -
1967 - - $335 -
1966 - - $339 -
1965 - - $326 -
1964 - - $303 -
1963 - - $291.8 -
1962 - - $238.8 -
1961 - - $232.9 -
1960 - - $240.8 -

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

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

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Malaysia ranks 60th at $38,779.

Economic indicators

Armenia Malaysia
Gross domestic product
$26B
2024
$422B
2024
GDP rank
114/197
2024
38/197
2024
GDP growth
5.9%
2023-2024
5.11%
2023-2024
GDP per capita
$8,556
2024
$11,874
2024
GDP per capita rank
90/197
2024
79/197
2024
GDP per capita, PPP
$22,823
2024
$38,779
2024
GDP per capita PPP rank
86/197
2024
60/197
2024
Government debt
$13B
2024
$296B
2024
Debt-to-GDP ratio
50%
2024
70.1%
2024
Government debt per person
$4,275
2024
$8,322
2024
Government debt per person rank
89/185
2024
62/185
2024
Average annual personal income after taxes
$6,687
2026
$11,005
2026
Market capitalization of domestic companies
$4.85B
2024
$449B
2024
Number of billionaires
1
2025
19
2025
Income share by richest 10%
22.9%
2023
30.9%
2021
Income share by poorest 10%
4%
2023
2.3%
2021
Government expenditure, % of GDP
29%
2024
23.9%
2024
Consumer prices inflation
0.4%
2023-2024
1.83%
2023-2024
Central bank interest rate
6.75%
2025
2.75%
2025
Unemployment rate
8.3%
2023
3.93%
2022
Population
2989841
36512221

Spending and national debt comparison by year

Armenia
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Armenia Malaysia
Government spending Government debt Government spending Government debt
2024 29% 50% 23.9% 70.1%
2023 26.9% 50.4% 24.9% 69.7%
2022 26.4% 49.3% 24.6% 65.5%
2021 28.7% 63.6% 24.5% 69.2%
2020 30.6% 67.3% 25% 67.7%
2019 24.9% 54.2% 23.6% 57.1%
2018 24% 56.1% 22.8% 55.6%
2017 26% 58.1% 22% 54.4%
2016 27% 56.5% 22.9% 55.8%
2015 26.3% 48.3% 24.7% 57%
2014 24% 43.6% 26% 55.4%
2013 23.8% 41.6% 27.8% 55.7%
2012 22.4% 41.2% 28.5% 53.8%
2011 25% 42% 27.1% 51.9%
2010 26.2% 39.7% 26.6% 51.2%
2009 28.6% 40.2% 30.9% 50.4%
2008 22.2% 16.1% 26.9% 39.4%
2007 22.4% 16.1% 25.9% 39.3%
2006 20% 18.7% 25.6% 39.7%
2005 19.9% 24.4% 24.5% 40.8%
2004 - 26.4% 25.9% 42%
2003 - 33% 28.1% 41.4%
2002 - 38.2% 27.1% 39.5%
2001 - 38.1% 28.2% 38.1%
2000 - 39.6% 25.6% 32.5%
1999 - 39.2% 24.6% 34.4%
1998 - 45.2% 23.1% 33.6%
1997 - 46.5% 21.2% 29.6%
1996 - 40.8% 22.4% 32.8%
1995 - - 22.6% 38.2%
1994 - - 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 70.1% in Malaysia, ranking 108/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Malaysia
1x
Year Deficit/surplus, % of GDP
Armenia Malaysia
2024 -3.69% -3.95%
2023 -2.02% -3.97%
2022 -2.11% -4.56%
2021 -4.58% -6.03%
2020 -5.4% -4.9%
2019 -0.98% -2.01%
2018 -1.75% -2.64%
2017 -4.79% -2.41%
2016 -5.63% -2.6%
2015 -4.84% -2.55%
2014 -1.94% -2.63%
2013 -1.59% -3.48%
2012 -1.49% -3.1%
2011 -2.87% -3.57%
2010 -4.98% -4.32%
2009 -7.69% -5.88%
2008 -1.76% -3.4%
2007 -2.33% -2.57%
2006 -1.95% -2.6%
2005 -1.98% -2.83%
2004 - -3.35%
2003 - -4.6%
2002 - -3.96%
2001 - -4.36%
2000 - -6.05%
1999 - -3%
1998 - -0.63%
1997 - 4.84%
1996 - 3.27%
1995 - 3.1%
1994 - 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/armenia/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Malaysia ran a deficit in 20 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 3.5% of GDP for Malaysia.

Inflation comparison by year

Inflation
Armenia

Malaysia
1x
Year Consumer prices inflation
Armenia Malaysia
2024 0.4% 1.83%
2023 2% 2.49%
2022 8.8% 3.38%
2021 7.5% 2.48%
2020 1.5% -1.14%
2019 1.5% 0.66%
2018 2.5% 0.88%
2017 0.9% 3.87%
2016 -1.4% 2.09%
2015 3.7% 2.1%
2014 3% 3.14%
2013 5.7% 2.11%
2012 2.5% 1.66%
2011 7.5% 3.17%
2010 8.2% 1.62%
2009 3.5% 0.58%
2008 9.1% 5.44%
2007 4.4% 2.03%
2006 2.9% 3.61%
2005 0.6% 2.98%
2004 6.9% 1.42%
2003 4.7% 1.09%
2002 1% 1.81%
2001 3.2% 1.42%
2000 -0.8% 1.53%
1999 0.7% 2.74%
1998 8.7% 5.27%
1997 14% 2.66%

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/malaysia | CC BY

Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 2.25% in Malaysia. In 2024, inflation was 0.4% in Armenia and 1.83% in Malaysia.

Top exports between countries

Armenia
Export category Export value
Raw materials & minerals $12.1M
Machinery & equipment $149K
Metals $121K
Processed food, beverages & tobacco $76K
Textiles & consumer goods $3K
Malaysia
Export category Export value
Machinery & equipment $3.63M
Processed food, beverages & tobacco $1.1M
Chemicals & pharma $238K
Textiles & consumer goods $135K
Raw materials & minerals $128K
Wood & paper products $17K
Metals $6K
Precious metals & jewellery $5K
Animal & marine products $1K
Miscellaneous $1K

Balance of trade

Armenia Malaysia
Current account balance
-$1.19B
2024
$7.15B
2024
Current account balance ranking
128/190
2024
26/190
2024
Current account balance, % of GDP
-4.6%
2024
+1.69%
2024
Goods imports
$15.4B
2024
$223B
2024
Goods exports
$13.2B
2024
$248B
2024
Service imports
$4.39B
2024
$56.4B
2024
Service exports
$5.86B
2024
$53.4B
2024
Imports of goods and services, % of GDP
76.4%
2024
66%
2024
Exports of goods and services, % of GDP
73.6%
2024
71.3%
2024

Economic freedom indices

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

Armenia Malaysia
Economic freedom 67.1 68
Economic freedom ranking 58/197 51/197
Property rights 48.6 62.7
Government integrity 51.8 52.9
Judicial effectiveness 31.4 63.4
Tax burden 87.2 83.5
Government spending 77.5 82
Fiscal health 84.1 62.5
Business freedom 72.9 79.6
Labor freedom 59.2 55.4
Monetary freedom 77.2 80.8
Trade freedom 75 83
Investment freedom 70 60
Financial freedom 70 50

Economic freedom comparison by year

Armenia
Malaysia
1x
Year Economic freedom index
Armenia Malaysia
2026 67.1 68
2025 65.4 67.1
2024 64.9 65.7
2023 65.1 67.3
2022 65.3 68.1
2021 71.9 74.4
2020 70.6 74.7
2019 67.7 74
2018 68.7 74.5
2017 70.3 73.8
2016 67 71.5
2015 67.1 70.8
2014 68.9 69.6
2013 69.4 66.1
2012 68.8 66.4
2011 69.7 66.3
2010 69.2 64.8
2009 69.9 64.6
2008 69.9 63.9
2007 68.6 63.8
2006 70.6 61.6
2005 69.8 61.9
2004 70.3 59.9
2003 67.3 61.1
2002 68 60.1
2001 66.4 60.2
2000 63 66
1999 56.4 68.9
1998 49.6 68.2
1997 46.7 66.8
1996 42.2 69.9
1995 - 71.9

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

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

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Malaysia
Services, % of GDP
62%
2024
53.7%
2024
Industry, % of GDP
22.9%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
8.13%
2024
GNI, Atlas method
$23.7B
2024
$414B
2024
GNI per capita, PPP
$22,020
2024
$37,450
2024
Total reserves including gold
$3.69B
2024
$116B
2024
Total reserves ranking
111/177
2024
24/177
2024
Net foreign direct investment
-$74.8M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$132M
2024
$15.6B
2024
Net outflows of foreign direct investment
$56.8M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
7.26%
2024
n/a
Poverty at national poverty lines
23.7%
2023
5.8%
2023
Gross capital formation, % of GDP
23.8%
2024
22%
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/malaysia | CC BY

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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. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.