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Economy of Armenia vs Taiwan compared: GDP & Debt

Updated on by Georank team

Armenia has a GDP of $26B compared to $802B for Taiwan, ranking 114/197 and 22/197 by economy size, respectively.

Armenia has $13B in government debt (50% of GDP), compared to $211B (26.3% of GDP) in Taiwan.

Armenia vs Taiwan GDP by year

Armenia
Taiwan
1x
Year GDP, current $
Armenia Taiwan
2024 $25,955,275,380 $801,529,000,000
2023 $24,185,982,216 $757,328,000,000
2022 $19,513,506,553 $765,529,000,000
2021 $13,878,908,629 $777,062,000,000
2020 $12,641,698,583 $676,935,000,000
2019 $13,619,290,539 $613,453,000,000
2018 $12,457,940,695 $610,744,000,000
2017 $11,527,458,709 $591,734,000,000
2016 $10,546,136,236 $543,002,000,000
2015 $10,553,337,518 $534,474,000,000
2014 $11,609,513,247 $535,332,000,000
2013 $11,121,464,437 $512,957,000,000
2012 $10,619,320,683 $495,536,000,000
2011 $10,142,111,825 $483,957,000,000
2010 $9,260,285,756 $444,245,000,000
2009 $8,647,937,081 $390,788,000,000
2008 $11,662,040,714 $415,824,000,000
2007 $9,206,301,270 $406,940,000,000
2006 $6,384,452,067 $386,492,000,000
2005 $4,900,469,511 $374,042,000,000
2004 $3,576,615,240 $346,881,000,000
2003 $2,807,061,009 $317,374,000,000
2002 $2,376,335,048 $307,429,000,000
2001 $2,118,467,913 $299,303,000,000
2000 $1,911,563,669 $330,725,000,000
1999 $1,845,482,173 $303,827,000,000
1998 $1,893,726,437 $279,926,000,000
1997 $1,639,492,445 $303,315,000,000
1996 $1,596,968,946 $292,473,000,000
1995 $1,468,317,435 $279,013,000,000
1994 $1,315,158,637 $256,213,000,000
1993 $1,201,312,829 $234,943,000,000
1992 $1,272,835,453 $222,947,000,000
1991 $2,069,870,130 $187,100,000,000
1990 $2,256,863,449 $166,392,000,000
1989 - $152,687,000,000
1988 - $126,378,000,000
1987 - $104,956,000,000
1986 - $78,347,000,000
1985 - $63,599,000,000
1984 - $61,036,000,000
1983 - $54,155,000,000
1982 - $49,540,000,000
1981 - $49,047,000,000
1980 - $42,292,000,000
1979 - $33,875,000,000
1978 - $27,373,000,000
1977 - $22,252,000,000
1976 - $18,988,000,000
1975 - $15,836,000,000
1974 - $14,739,000,000
1973 - $10,940,000,000
1972 - $8,063,000,000
1971 - $6,727,000,000
1970 - $5,785,000,000
1969 - $5,017,000,000
1968 - $4,325,000,000
1967 - $3,709,000,000
1966 - $3,207,000,000
1965 - $2,869,000,000
1964 - $2,592,000,000
1963 - $2,218,000,000
1962 - $1,960,000,000
1961 - $1,778,000,000
1960 - $1,743,000,000
1959 - $1,444,000,000
1958 - $1,836,000,000
1957 - $1,636,000,000
1956 - $1,399,000,000
1955 - $1,940,000,000
1954 - $1,628,000,000
1953 - $1,481,000,000
1952 - $1,677,000,000
1951 - $1,197,000,000

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).

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

GDP per capita in Armenia vs Taiwan by year

Armenia
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Armenia Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,556 $22,823 $34,238 -
2023 $8,159 $21,534 $32,444 -
2022 $6,572 $19,161 $32,827 -
2021 $4,685 $15,922 $33,111 -
2020 $4,269 $14,706 $28,705 -
2019 $4,597 $14,976 $25,998 -
2018 $4,196 $12,877 $25,901 -
2017 $3,869 $12,066 $25,121 $50,500
2016 $3,524 $10,570 $23,091 -
2015 $3,512 $9,757 $22,780 $46,800
2014 $3,852 $9,736 $22,874 -
2013 $3,680 $9,455 $21,973 $39,600
2012 $3,512 $8,943 $21,295 $39,400
2011 $3,350 $7,624 $20,866 $38,200
2010 $3,041 $7,095 $19,197 $35,700
2009 $2,821 $6,812 $16,933 $32,000
2008 $3,778 $7,827 $18,081 $31,100
2007 $2,963 $7,137 $17,757 $30,100
2006 $2,042 $6,073 $16,934 $29,500
2005 $1,557 $5,172 $16,456 $27,500
2004 $1,130 $4,377 $15,317 $25,300
2003 $882 $3,836 $14,066 $23,400
2002 $743 $3,282 $13,686 $18,000
2001 $660 $2,844 $13,397 $17,200
2000 $593 $2,531 $14,908 $17,400
1999 $583 $2,377 $13,804 $16,100
1998 $590 $2,239 $12,820 -
1997 $505 $2,040 $14,020 -
1996 $487 $1,922 $13,641 -
1995 $444 $1,767 $13,119 -
1994 $391 $1,591 $12,150 -
1993 $348 $1,440 $11,242 -
1992 $356 $1,492 $10,768 -
1991 $573 $2,477 $9,125 -
1990 $635 $2,760 $8,205 -
1989 - - $7,613 -
1988 - - $6,370 -
1987 - - $5,350 -
1986 - - $4,036 -
1985 - - $3,314 -
1984 - - $3,224 -
1983 - - $2,903 -
1982 - - $2,699 -
1981 - - $2,720 -
1980 - - $2,389 -
1979 - - $1,950 -
1978 - - $1,606 -
1977 - - $1,330 -
1976 - - $1,158 -
1975 - - $985 -
1974 - - $934 -
1973 - - $706 -
1972 - - $530 -
1971 - - $451 -
1970 - - $397 -
1969 - - $357 -
1968 - - $319 -
1967 - - $280.8 -
1966 - - $249.1 -
1965 - - $229.3 -
1964 - - $213.6 -
1963 - - $188.6 -
1962 - - $172 -
1961 - - $161.2 -
1960 - - $163.4 -
1959 - - $140.4 -
1958 - - $185.1 -
1957 - - $170.5 -
1956 - - $150.6 -
1955 - - $216.3 -
1954 - - $188.3 -
1953 - - $177.7 -
1952 - - $208.4 -
1951 - - $154.3 -

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).

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

Armenia's GDP per capita is $8,556, ranking 90/197, compared to $34,238 in Taiwan, ranking 35/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while Taiwan ranks 44th at $50,500.

Economic indicators

Armenia Taiwan
Gross domestic product
$26B
2024
$802B
2024
GDP rank
114/197
2024
22/197
2024
GDP growth
5.9%
2023-2024
2.3%
2023-2024
GDP per capita
$8,556
2024
$34,238
2024
GDP per capita rank
90/197
2024
35/197
2024
GDP per capita, PPP
$22,823
2024
$50,500
2017
GDP per capita PPP rank
86/197
2024
44/197
2017
Government debt
$13B
2024
$211B
2024
Debt-to-GDP ratio
50%
2024
26.3%
2024
Government debt per person
$4,275
2024
$9,020
2024
Government debt per person rank
89/185
2024
59/185
2024
Average annual personal income after taxes
$6,687
2026
$18,163
2026
Market capitalization of domestic companies
$4.85B
2024
n/a
Number of millionaires n/a
759,000
2025
Number of billionaires
1
2025
54
2025
Income share by richest 10%
22.9%
2023
n/a
Income share by poorest 10%
4%
2023
n/a
Government expenditure, % of GDP
29%
2024
15.8%
2024
Consumer prices inflation
0.4%
2023-2024
2.2%
2023-2024
Central bank interest rate
6.75%
2025
2%
2024
Unemployment rate
8.3%
2023
3.35%
2025
Population
2989841
23229461

Spending and national debt comparison by year

Armenia
Spending

Debt
Taiwan
Spending

Debt
1x
Year % of GDP
Armenia Taiwan
Government spending Government debt Government spending Government debt
2024 29% 50% 15.8% 26.3%
2023 26.9% 50.4% 17.1% 29%
2022 26.4% 49.3% 16% 29.5%
2021 28.7% 63.6% 15.4% 30.1%
2020 30.6% 67.3% 16.2% 32%
2019 24.9% 54.2% 15.3% 32.6%
2018 24% 56.1% 15.4% 33.8%
2017 26% 58.1% 15.4% 34.5%
2016 27% 56.5% 15.6% 35.4%
2015 26.3% 48.3% 15.5% 35.9%
2014 24% 43.6% - 37.5%
2013 23.8% 41.6% - 38.9%
2012 22.4% 41.2% - 39.2%
2011 25% 42% 18.3% 38.3%
2010 26.2% 39.7% - 36.9%
2009 28.6% 40.2% - 36.7%
2008 22.2% 16.1% - 33.4%
2007 22.4% 16.1% - 32.2%
2006 20% 18.7% - 33.3%
2005 19.9% 24.4% - 34.1%
2004 - 26.4% - 33.4%
2003 - 33% - 32.1%
2002 - 38.2% - 29.8%
2001 - 38.1% 22.5% 30.1%
2000 - 39.6% - 26.2%
1999 - 39.2% - 23.7%
1998 - 45.2% - 23.7%
1997 - 46.5% - 25%
1996 - 40.8% - -
1995 - - - -
1994 - - - -
1993 - - - -
1992 - - - -
1991 - - 25.4% -
1990 - - - -
1989 - - - -
1988 - - - -
1987 - - - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - 23.6% -
1980 - - - -
1979 - - - -
1978 - - - -
1977 - - - -
1976 - - 21.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

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

In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while Taiwan spent $127B, or 15.8% of GDP.

Debt-to-GDP ratio is 50% in Armenia and 26.3% in Taiwan, ranking 108/185 and 160/185, respectively.

Government deficit by year

Deficit/surplus
Armenia

Taiwan
1x
Year Deficit/surplus, % of GDP
Armenia Taiwan
2024 -3.69% 0.43%
2023 -2.02% -0.61%
2022 -2.11% 0.17%
2021 -4.58% -0.18%
2020 -5.4% -1.03%
2019 -0.98% 0.11%
2018 -1.75% 0.02%
2017 -4.79% -0.14%
2016 -5.63% -0.31%
2015 -4.84% 0.1%
2014 -1.94% -
2013 -1.59% -
2012 -1.49% -
2011 -2.87% -2.15%
2010 -4.98% -
2009 -7.69% -
2008 -1.76% -
2007 -2.33% -
2006 -1.95% -
2005 -1.98% -
2004 - -
2003 - -
2002 - -
2001 - -3.71%
2000 - -
1999 - -
1998 - -
1997 - -
1996 - -
1995 - -
1994 - -
1993 - -
1992 - -
1991 - -4.5%
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -0.78%
1980 - -
1979 - -
1978 - -
1977 - -
1976 - 1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2005–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

GeoRank.org/economy/armenia/taiwan | 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 Taiwan's surplus of $3.45B, or 0.43% of GDP.

Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while Taiwan ran a deficit in 6 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 0.33% of GDP for Taiwan.

Inflation comparison by year

Inflation
Armenia

Taiwan
1x
Year Consumer prices inflation
Armenia Taiwan
2024 0.4% 2.2%
2023 2% 2.5%
2022 8.8% 2.9%
2021 7.5% 2%
2020 1.5% -0.2%
2019 1.5% 0.6%
2018 2.5% 1.4%
2017 0.9% 0.6%
2016 -1.4% 1.4%
2015 3.7% -0.3%
2014 3% 1.2%
2013 5.7% 0.8%
2012 2.5% 1.9%
2011 7.5% 1.4%
2010 8.2% 1%
2009 3.5% -0.9%
2008 9.1% 3.5%
2007 4.4% 1.8%
2006 2.9% 0.6%
2005 0.6% 2.3%
2004 6.9% 1.6%
2003 4.7% -0.3%
2002 1% -0.2%
2001 3.2% 0%
2000 -0.8% 1.2%
1999 0.7% 0.2%
1998 8.7% 1.7%
1997 14% 0.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 1.14% in Taiwan. In 2024, inflation was 0.4% in Armenia and 2.2% in Taiwan.

Balance of trade

Armenia Taiwan
Current account balance
-$1.19B
2024
$113B
2024
Current account balance ranking
128/190
2024
4/190
2024
Current account balance, % of GDP
-4.6%
2024
+14.1%
2024
Goods imports
$15.4B
2024
n/a
Goods exports
$13.2B
2024
n/a
Service imports
$4.39B
2024
n/a
Service exports
$5.86B
2024
n/a
Imports of goods and services, % of GDP
76.4%
2024
50.2%
2024
Exports of goods and services, % of GDP
73.6%
2024
63.3%
2024

Economic freedom indices

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

Armenia Taiwan
Economic freedom 67.1 79.8
Economic freedom ranking 58/197 6/197
Property rights 48.6 83.4
Government integrity 51.8 74.3
Judicial effectiveness 31.4 94.3
Tax burden 87.2 78.9
Government spending 77.5 90
Fiscal health 84.1 92.9
Business freedom 72.9 78.6
Labor freedom 59.2 69
Monetary freedom 77.2 80.3
Trade freedom 75 86
Investment freedom 70 70
Financial freedom 70 60

Economic freedom comparison by year

Armenia
Taiwan
1x
Year Economic freedom index
Armenia Taiwan
2026 67.1 79.8
2025 65.4 79.7
2024 64.9 80
2023 65.1 80.7
2022 65.3 80.1
2021 71.9 78.6
2020 70.6 77.1
2019 67.7 77.3
2018 68.7 76.6
2017 70.3 76.5
2016 67 74.7
2015 67.1 75.1
2014 68.9 73.9
2013 69.4 72.7
2012 68.8 71.9
2011 69.7 70.8
2010 69.2 70.4
2009 69.9 69.5
2008 69.9 70.3
2007 68.6 69.4
2006 70.6 69.7
2005 69.8 71.3
2004 70.3 69.6
2003 67.3 71.7
2002 68 71.3
2001 66.4 72.8
2000 63 72.5
1999 56.4 71.5
1998 49.6 70.4
1997 46.7 70
1996 42.2 74.1
1995 - 74.2

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

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

The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 79.8 for Taiwan, ranking 6/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Armenia Taiwan
Services, % of GDP
62%
2024
58.8%
2024
Industry, % of GDP
22.9%
2024
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
7.81%
2024
1.47%
2024
GNI, Atlas method
$23.7B
2024
$832B
2024
GNI per capita, PPP
$22,020
2024
n/a
Total reserves including gold
$3.69B
2024
n/a
Total reserves ranking
111/177
2024
n/a
Net foreign direct investment
-$74.8M
2024
n/a
Net inflows of foreign direct investment
$132M
2024
n/a
Net outflows of foreign direct investment
$56.8M
2024
n/a
Servicing debt to the IMF, % of GNI
7.26%
2024
n/a
Poverty at national poverty lines
23.7%
2023
1.5%
2020
Gross capital formation, % of GDP
23.8%
2024
26.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
  2. National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  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.