Economy of Armenia

Common card · No. 244922

Armenia has an emerging free-market economy. It is the 112th-largest economy in the world in nominal terms, with an estimated gross domestic product (GDP) of almost $34 billion. In terms of purchasing power parity (PPP), Armenia's GDP surpasses $83 billion and is ranked 109th in the world. The service sector dominates the economy, contributing 61.4% of the country's total GDP, followed by the industrial sector at 23.3% and the agricultural sector at 7.9%. A smaller, but increasingly important piece of the economy is the IT sector, which makes up 6.25% of national GDP and was growing at an average yearly rate of 20% as of 2022. As a former member of the Soviet Union, Armenia's economy was subjected to rigorous central planning, with the USSR driving large-scale industrialization efforts throughout the entire union. This greatly sped up the transition of Armenia's economy from primarily agrarian to a more modern, industrial economy. Some of the most prominent manufacturing industries during...

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