Armenia

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Armenia - In Short.

Overview of Armenia

Armenia prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. During World War I in the western portion of Armenia, the Ottoman Empire instituted a policy of forced resettlement coupled with other harsh practices that resulted in at least 1 million Armenian deaths – actions widely recognized as constituting genocide. The eastern area of Armenia was ceded by the Ottomans to Russia in 1828; this portion declared its independence in 1918, but was conquered by the Soviet Red Army in 1920. Armenia remains involved in the protracted struggle with Azerbaijan over control of Nagorno-Karabakh, a primarily ethnic Armenian region that Moscow recognized in 1923 as an autonomous oblast within Soviet Azerbaijan. In the late Soviet period, a separatist movement developed that sought to end Azerbaijani control over the region. Fighting over Nagorno-Karabakh began in 1988 and escalated after Armenia and Azerbaijan attained independence from the Soviet Union in 1991. By the time a cease-fire took effect in May 1994, separatists, with Armenian support, controlled Nagorno‑Karabakh and seven surrounding Azerbaijani territories. Following the Second Nagorno-Karabakh War that took place in September-November 2020, Armenia lost control over much of the territory it had captured a quarter century earlier. Under the terms of a cease-fire agreement signed in November 2020, Armenia returned to Azerbaijan the remaining territories it occupied and some parts of the Nagorno-Karabakh region, including the key city that Armenians call Shushi and Azerbaijanis call Shusha. Turkey closed the common border with Armenia in 1993 in support of Azerbaijan in its conflict with Armenia over control of Nagorno-Karabakh and surrounding areas, further hampering Armenian economic growth. In 2009, Armenia and Turkey signed Protocols normalizing relations between the two countries, but neither country ratified the Protocols, and Armenia officially withdrew from the Protocols in March 2018. In 2015, Armenia joined the Eurasian Economic Union alongside Russia, Belarus, Kazakhstan, and Kyrgyzstan. In November 2017, Armenia signed a Comprehensive and Enhanced Partnership Agreement (CEPA) with the EU. In spring 2018, former President of Armenia (2008-18) Serzh SARGSIAN of the Republican Party of Armenia (RPA) tried to extend his time in power by becoming prime minister, prompting popular protests that became known as the “Velvet Revolution” after SARGSIAN was forced to resign. The leader of the protests, Civil Contract party chief Nikol PASHINYAN, was elected by the National Assembly as the new prime minister on 8 May 2018. Pashinyan’s party prevailed in an early legislative election in December 2018, and he was reelected as prime minister.
Value
Country Full Name
Armenia
Country Code
ARM
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
12641209802
Population
2963234
Land Area
28470
Net National Income Per Capita
3520.522766
GDP per Capita (PPP)
13312.11386

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Armenia - Economic

Economy of Armenia

Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders – Iran and Georgia – because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia’s ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.Armenia joined the World Trade Organization in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.Armenia’s geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia. Armenia is particularly dependent on Russian commercial and governmental support, as most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector. Remittances from expatriates working in Russia are equivalent to about 12-14% of GDP. Armenia joined the Russia-led Eurasian Economic Union in January 2015, but has remained interested in pursuing closer ties with the EU as well, signing a Comprehensive and Enhanced Partnership Agreement with the EU in November 2017. Armenia’s rising government debt is leading Yerevan to tighten its fiscal policies – the amount is approaching the debt to GDP ratio threshold set by national legislation.

Unemployment Rate

Inflation Rate

Armenia - GDP Composition

GDP Composiiton & Value Added of Armenia

Last Updated: Jan, 2021, Updated For 2020.

Armenia - GDP, Value Added

Demographics of Armenia

most of the population is located in the northern half of the country; the capital of Yerevan is home to more than five times as many people as Gyumri, the second largest city in the country
Geographic Location

Southwestern Asia, between Turkey (to the west) and Azerbaijan; note - Armenia views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both

Races

Armenian 98.1%, Yezidi (Kurd) 1.2%, other 0.7% (2011 est.)

Languages

Armenian (official) 97.9%, Kurdish (spoken by Yezidi minority) 1%, other 1%; note - Russian is widely spoken (2011 est.)major-language

Religion

Armenian Apostolic 92.6%, Evangelical 1%, other 2.4%, none 1.1%, unspecified 2.9% (2011 est.)

Dependency & Expectancy of Armenia

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Armenia - Social Media & Social Commerce

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Politics & Policies of Armenia

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, BSEC, CD, CE, CIS, CSTO, EAEC (observer), EAEU, EAPC, EBRD, FAO, GCTU, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, MIGA, NAM (observer), OAS (observer), OIF, OPCW, OSCE, PFP, UN, UNCTAD, UNESCO, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Armenia

Export of Armenia

Import Destination

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