GDP, current US$ billion
GDP per capita, current US$
Poverty Rate (US$5.5/day 2011 PPP terms) (2018)
Life Expectancy at birth, years (2018)
The Government continues to enjoy strong public support. Along with a parliamentary majority, it has a firm platform to advance its reform agenda, including far-reaching changes to Armenia’s political and judicial systems.
On the foreign policy front, Armenia has strengthened its ties with the European Union while maintaining a strong partnership with the countries of the Eurasian Economic Union.
Following robust real GDP growth of 7.5 percent in 2017 and 5.2 percent in 2018, economic performance remained strong in 2019, expanding by 7.6 percent.
Among the sectors, services drove growth following an acceleration in tourism output and continued dynamism in trade. Industry also expanded strongly, driven by a rebound in mining production.
Inflationary pressures remained low, with an average annual inflation rate of 1.4 percent in 2019 (down from 2.5 percent in 2018), well below the lower band of the Central Bank of Armenia’s inflation target range.
The labor market has improved, but the unemployment rate remains exceptionally high at 18 percent. Real wages also continue to grow and were higher by 4.5 percent in 2019, though this may not have had an impact on the large segment of the population that remains employed in agriculture and the informal sector.
Last Updated: Apr 16, 2020