valued exports. Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Armenia joined the WTO in January 2003. The government made some improvements in tax and customs administration in recent years, but anti-corruption measures will be more difficult to implement. Despite strong economic growth, Armenia's unemployment rate remains high. Armenia will need to pursue additional economic reforms in order to improve its economic competitiveness and to build on recent improvements in poverty and unemployment, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan.
GDP (purchasing power parity):
$17.17 billion (2007 est.)
GDP (official exchange rate):
$7.974 billion (2007 est.)
GDP - real growth rate:
13.7% (2007 est.)
GDP - per capita (PPP):
$5,800 (2007 est.)
GDP - composition by sector:
agriculture: 17.2% industry: 36.4% services: 46.4% (2007 est.)
Labor force:
1.2 million (2007 est.)
Labor force - by occupation:
agriculture: 46.2% industry: 15.6% services: 38.2% (2006 est.)
Unemployment rate:
7.1% (2007 est.)
Population below poverty line:
26.5% (2006 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6% highest 10%: 41.3% (2004)
Distribution of family income - Gini index:
37 (2006)
Investment (gross fixed):
33.6% of GDP (2007 est.)
Budget:
revenues: $1.666 billion expenditures: $1.735 billion; including capital expenditures of $NA (2007 est.)
Fiscal year:
calendar year
Inflation rate (consumer prices):
4.4% (2007 est.)
Commercial bank prime lending rate:
17.52% (31 December 2007)
Stock of money:
$1.507 billion (31 December 2007)
Stock of quasi money:
$765.2 million (31 December 2007)
Stock of domestic credit:
$1.256 billion (31 December 2007)
Agriculture - products:
fruit (especially grapes), vegetables; livestock
Industries:
diamond-processing, metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry manufacturing, software development, food processing, brandy
Industrial production growth rate:
3.2% (2007 est.)
Electricity - production:
5.544 billion kWh (2007 est.)
Electricity - consumption:
4.539 billion kWh (2006 est.)
Electricity - exports:
322.6 million kWh; note - exports an unknown quantity to Georgia; includes exports to Nagorno-Karabakh region in Azerbaijan (2007 est.)
Electricity - imports:
400.6 million kWh; note - imports an unknown quantity from Iran (2007 est.)
Electricity - production by source:
fossil fuel: 42.3% hydro: 27% nuclear: 30.7% other: 0% (2001)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
41,090 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
44,670 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
2.05 billion cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
2.05 billion cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006)
Current account balance:
-$571.4 million (2007 est.)
Exports:
$1.2 billion f.o.b. (2007 est.)
Exports - commodities:
pig iron, unwrought copper, nonferrous metals, diamonds, mineral products, foodstuffs, energy
Exports - partners:
Russia 17.5%, Germany 14.7%, Netherlands 13.5%, Belgium 8.7%, Georgia 7.6%, US 6.6%, Switzerland 4.3%, Bulgaria 4.1%, Ukraine 4% (2007)
Imports:
$2.807 billion f.o.b. (2007 est.)
Imports - commodities:
natural gas, petroleum, tobacco products, foodstuffs, diamonds
Imports
