Economy of Armenia

The economy of Armenia grew by 7.5% in 2017 and reached a nominal GDP of $11.537 billion per annum, while per capita GDP grew by 10.1% and reached $3,880 (from $3,525 in 2016). Until independence, Armenia's economy was based largely on industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources. Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel, including gas and nuclear fuel from Russia (for its one nuclear power plant.) The main domestic energy source is hydroelectric. Small amounts of coal, gas and petroleum have not yet been developed. Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Economic ties with Russia remain close, especially in the energy sector. The former government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been more difficult to implement in the period when Republican Party of Armenia was in power. This is expected to change after 2018 velvet revolution.


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