Key Facts
- GDP (ppp) per CAPITA
- $5,700 (2006 est.)
- Inflation Rate
- 2.9% (2006 est.)
- Population
- 2,971,650 (July 2007 est.)
- Country Risk Ratings
- C
- Ease of Doing Business
- 39/178
- Global Competitiveness
- 93/131
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Armenia
The first country to formally accept Christianity, Armenia is
concerned with the problem over Nagorno-Karabakh; Moscow gave this
region, whose people are predominantly Armenian, to Soviet
Azerbaijan in the 1920s. The two countries have been fighting over
the region since 1988; a ceasefire has been in place since 1994.
With the Azerbaijani and Turkish borders closed, the Armenian
economy has been in trouble, given its reliance on energy and raw
materials that come from abroad. But, economic reforms have still
taken place, and have resulted to economic growth since 1995.
Industries, like agriculture, are being enhanced by incoming
industries such as information and communication technology, and
tourism.
Capital City: Yerevan (+4 GMT)
Chief of State: President Robert KOCHARIAN
Head of Govt.: Prime Minister Serzh SARGSYAN
Currency: Dram
Major Languages: Armenian
Calling Code: 374
Voltage: 220V
Stock Exchanges: Armenia Stock Exchange
Primary Religions: Armenian Orthodox
Main Airports
Zvartnots (EVN)
U.S. Embassy
1 American Avenue
tel: 374-10-46-47-00
Statistics
- GDP: purchasing power parity:
- $13.46 billion (2005 est.)
- GDP - real growth rate:
- 13.9% (2005 est.)
- GDP - per capita: purchasing power parity:
- 4,500 (2005 est.)
- Inflation rate (consumer prices):
- 0.6% (2005 est.)
- Labor force:
- 1.2 million (2005)
- Exports:
- $800 million f.o.b. (2005 est.)
- Exports - partners:
- Germany 15.6%, Netherlands 13.7%, Belgium 12.8%, Russia
12.2%, Israel 11.5%, US 11.2%, Georgia 4.8% (2005)
- Imports:
- $1.5 billion f.o.b. (2005 est.)
- Imports - partners:
- Russia 13.5%, Belgium 8%, Germany 7.9%, Ukraine 7%,
Turkmenistan 6.3%, US 6.2%, Israel 5.8%, Iran 5%, Romania 4.2%
(2005)
- Population:
- 2,976,372 (July 2006 est.)
- Population growth rate:
- -0.19% (2006 est.)
- Population Below Poverty Line:
- 43% (2003 est.)
- Major 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
- Employing Workers: 41*
- Registering Property: 2*
- Enforcing Contracts: 18*
- Closing a Business: 40*
- *2006 World Bank rank out of 175 countries
- Starting a Business
The table below shows the number of steps and the amount of
time needed to start a business, on average
| Indicator |
Armenia |
Region |
| Procedures (number) |
9 |
9.4 |
| Time (days) |
24 |
32 |
Armenia Risk Assessment
Country Rating
Rating: C
A very uncertain
political and economic outlook and a business environment with many
troublesome weaknesses can have a significant impact on corporate
payment behaviour. Corporate default probability is high.
Risk Assessment
In 2007 Armenia again posted
two-digit growth. Construction remained the main economic engine
thanks to major investments in mining, metallurgy, and energy as
well as in residential property and office buildings in the capital
Erevan. Transfers from Armenians residing abroad spurred demand. GDP
growth, although down slightly from 2007, should remain high this
year.
The dynamism of domestic demand has
undermined external accounts but with foreign exchange reserves
still at comfortable levels. Although debt ratios have been moderate
thanks to prudent fiscal policy, tax revenues have not sufficed to
meet the country's infrastructure and education needs.
Armenia has successfully carried out a
radical transformation to a market economy. Although the legal and
institutional environment is relatively satisfactory, corruption is
still a major weakness. The legislative elections in June 2007 and
the presidential election early this year will not affect Armenia's
political and economic overtures to the West and the country also
maintains very good relations with Moscow. Armenia's main weakness
has been its geographic and political isolation, its borders closed
with its two principal neighbours, Turkey and Azerbaijan. A renewal
of hostilities with Azerbaijan over disputed Nagorno-Karabakh
moreover remains a possibility.
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