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 - partners:
Russia 15.1%, Ukraine 7.7%, Kazakhstan 7.4%, Germany 6.8%, China 6%,
France 4.6%, US 4.5%, Iraq 4.3% (2007)
Economic aid - recipient:
ODA, $180 million (2007)
Reserves of foreign exchange and gold:
$1.657 billion (December 2007 est.)
Debt - external:
$1.372 billion (31 December 2007 est.)
Market value of publicly traded shares:
$42.8 million (2005)
Currency (code):
dram (AMD)
Currency code:
AMD
Exchange rates:
drams (AMD) per US dollar - 344.06 (2007), 414.69 (2006), 457.69 (2005), 533.45 (2004), 578.76 (2003)
Communications
Armenia
Telephones - main lines in use:
603,900 (2006)
Telephones - mobile cellular:
1,185,400 (2006)
Telephone system:
general assessment: telecommunications investments have made major inroads in modernizing and upgrading the outdated telecommunications network inherited from the Soviet era; now 100% privately owned and undergoing modernization and expansion; mobile-cellular services monopoly terminated in late 2004 and a second provider began operations in mid-2005 domestic: reliable modern landline and mobile-cellular services are available across Yerevan in major cities and towns; significant but ever-shrinking gaps remain in mobile-cellular coverage in rural areas international: country code - 374; Yerevan is connected to the Trans-Asia-Europe fiber-optic cable through Iran; additional international service is available by microwave radio relay and landline