Armenian Economy

A brief introduction to Armenian Economy:
Ever since the disintegration of Union of Soviet Socialist Republic, in the year 1991, there has been gradual growth in some of the segments of the economy of Armenia. Post 1991, small scale farming has gained ground in Armenia. However, the agriculture industry in Armenia required latest technology and sufficient funds. Small business firms along with the service industry made up the majority of the economy of Armenia.

Current state of Armenian economy:
Studies conducted on Armenia ‘s economy stated that the GDP or the gross domestic product of Armenia in the year 2007 is likely to witness growth by 8.5%. Economists had predicted growth by 12.5% in GDP in the year 2006. The sector dealing in construction contributes approximately 50% of the growth in economy of Armenia.

Armenia Economic Performance GDP Inflation Graph 1996-2013

One of the major problems, the Armenian economy is encountering is lack of competition. Even though, accrediting of the private sector escalated by around 33%, approachability of the financing segment is comparatively low.It has also been pointed out by several economists that unless there is an increase in the productivity of Armenia’s economy, economic development may get delayed and become sluggish.
Economy of Armenia attained 9.4% in the first two months of 2007. Armenia’s GDP during the same period was found to be amounting to 186.8 billion drams.
This is equivalent to $519.1 million. The average wage received by a worker in Armenia as on date is around USD$200.

Armenia Economic Performance 1993-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1993 -14.05 3731.8 2004 10.47 6.96
1994 5.4 5273.45 2005 14.11 0.65
1995 8.03 176.74 2006 13.2 2.96
1996 5.17 18.65 2007 13.75 4.55
1997 3.39 14.05 2008 6.95 9.02
1998 6.27 8.67 2009 -14.15 3.54
1999 3.17 0.65 2010 2.1 7.27
2000 5.85 -0.79 2011 4.55 7.65
2001 9.47 3.15 2012 3.91 2.81
2002 14.81 1.07 2013 4 4.2
2003 14.05 4.7

 

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Last Updated on : 5th August 2013