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Armenia
Armenia
HistorySaid – pattern
Armenia matched the Export Boom Cycle pattern in 2022. 4 pattern matches detected historically. View →
HistorySaid – ranking
Armenia ranks 79th globally by GDP ($26.0B in 2024). View →
HistorySaid – inflation
Inflation in Armenia fell from 2.0% (2023) to 0.3% (2024) – a 1.7pp shift. View →
HistorySaid – population
Armenia has a population of 3.0 million as of 2024 (growth: 2.33%). View →
Economy & Growth
GDP $26.0B
GDP per Capita $8,556
GDP Growth 5.90%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 10.15% | 8.10% | 7.81% | 6.65% Trend | 5.62% Trend | 4.59% Trend | – | – | – |
| GDP | $19.5B | $24.2B | $26.0B | $27.9B IMF WEO Oct 2025 | $29.1B IMF WEO Oct 2025 | $31.5B IMF WEO Oct 2025 | $33.7B IMF WEO Oct 2025 | $35.9B IMF WEO Oct 2025 | $38.4B IMF WEO Oct 2025 |
| GDP Deflator | 7.99% | 3.10% | 1.40% | 2.86% Trend | 2.39% Trend | 1.93% Trend | – | – | – |
| GDP Growth | 12.60% | 8.30% | 5.90% | 4.80% IMF WEO Oct 2025 | 4.90% IMF WEO Oct 2025 | 5.50% IMF WEO Oct 2025 | 4.80% IMF WEO Oct 2025 | 4.50% IMF WEO Oct 2025 | 4.50% IMF WEO Oct 2025 |
| GDP PPP | $56.9B | $63.8B | $69.2B | $74.4B IMF WEO Oct 2025 | $79.5B IMF WEO Oct 2025 | $85.2B IMF WEO Oct 2025 | $90.8B IMF WEO Oct 2025 | $96.5B IMF WEO Oct 2025 | $102.8B IMF WEO Oct 2025 |
| GDP per Capita | $6,572 | $8,159 | $8,556 | $8,969 IMF WEO Oct 2025 | $9,393 IMF WEO Oct 2025 | $10,193 IMF WEO Oct 2025 | $10,952 IMF WEO Oct 2025 | $11,729 IMF WEO Oct 2025 | $12,576 IMF WEO Oct 2025 |
| GDP per Capita PPP | $19,161 | $21,534 | $22,823 | $23,954 IMF WEO Oct 2025 | $25,662 IMF WEO Oct 2025 | $27,621 IMF WEO Oct 2025 | $29,521 IMF WEO Oct 2025 | $31,504 IMF WEO Oct 2025 | $33,664 IMF WEO Oct 2025 |
| GNI | $19.0B | $23.6B | $25.0B | $29.3B Trend | $32.8B Trend | $36.4B Trend | – | – | – |
| GNI per Capita | $5,690 | $6,850 | $7,810 | $8,661 Trend | $9,604 Trend | $10,547 Trend | – | – | – |
| Gross Savings | 22.77% | 20.19% | 19.24% | 19.28% IMF WEO Oct 2025 | 18.40% IMF WEO Oct 2025 | 19.08% IMF WEO Oct 2025 | 19.09% IMF WEO Oct 2025 | 19.24% IMF WEO Oct 2025 | 19.54% IMF WEO Oct 2025 |
| Industry Value Added | 25.44% | 22.88% | 22.86% | 21.45% Trend | 20.31% Trend | 19.17% Trend | – | – | – |
| Services Value Added | 55.62% | 60.35% | 61.99% | 64.28% Trend | 66.76% Trend | 69.24% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 0.27%
Consumer Price Index 155.68
PPP Conversion Factor 147.23
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 152.24 | 155.26 | 155.68 | 166.31 Trend | 172.81 Trend | 179.31 Trend | – | – | – |
| Inflation Rate | 8.64% | 1.98% | 0.27% | 3.33% IMF WEO Oct 2025 | 2.79% IMF WEO Oct 2025 | 2.90% IMF WEO Oct 2025 | 3.16% IMF WEO Oct 2025 | 2.92% IMF WEO Oct 2025 | 3.02% IMF WEO Oct 2025 |
| PPP Conversion Factor | 149.43 | 148.71 | 147.23 | 150.42 Trend | 151.53 Trend | 152.63 Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Population
Population 3.0M
Population Growth 2.31%
Population Density 105.1
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 12.3 | – | – | 12.4 Trend | 12.4 Trend | – | – |
| Death Rate | 8.2 | – | – | 8.2 Trend | 7.8 Trend | – | – |
| Dependency Ratio | 48.71 | 49.12 | – | 49.29 Trend | 49.50 Trend | 49.71 Trend | – |
| Fertility Rate | 1.90 | – | – | 1.96 Trend | 2.02 Trend | – | – |
| Life Expectancy | 77.5 | – | – | 76.4 Trend | 76.8 Trend | – | – |
| Net Migration | 75,000 | -29,966 | -29,013 | – | -19,211 Trend | -27,919 Trend | -36,627 Trend |
| Population | 3.0M | 3.0M | – | 3.0M Trend | 3.0M Trend | 3.1M Trend | – |
| Population Density | 105.1 | – | – | 105.9 Trend | 106.1 Trend | – | – |
| Population Growth | -0.17% | 2.31% | – | 1.82% Trend | 2.27% Trend | 2.72% Trend | – |
| Refugee Population | – | – | – | – | – | – | – |
| Urban Population | 65.70% | 65.81% | – | 66.00% Trend | 66.17% Trend | 66.33% Trend | – |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 12.87%
Youth Unemployment 26.24%
Labor Force Participation 59.39%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Employment | 28.07% | 27.48% | 26.97% | – | 26.67% Trend | 26.22% Trend | 25.77% Trend | – | – |
| Female Labor Participation | 51.52% | 51.59% | 51.06% | – | 49.87% Trend | 49.19% Trend | 48.52% Trend | – | – |
| Industry Employment | 20.47% | 20.90% | 21.30% | – | 21.97% Trend | 22.46% Trend | 22.94% Trend | – | – |
| Labor Force Participation | 59.99% | 59.92% | 59.39% | – | 58.81% Trend | 58.40% Trend | 58.00% Trend | – | – |
| Services Employment | 51.46% | 51.62% | 51.73% | – | 51.36% Trend | 51.32% Trend | 51.29% Trend | – | – |
| Unemployment Rate | 12.41% | 12.41% | 12.87% | 13.50% IMF WEO Oct 2025 | 13.30% IMF WEO Oct 2025 | 13.10% IMF WEO Oct 2025 | 12.90% IMF WEO Oct 2025 | 12.70% IMF WEO Oct 2025 | 12.50% IMF WEO Oct 2025 |
| Youth Unemployment | 26.74% | 26.66% | 26.24% | – | 24.96% Trend | 24.19% Trend | 23.42% Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 22.37%
Government Spending 20.95%
Military Spending 5.48%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | -2.11% | -2.02% | -3.69% | -5.51% IMF WEO Oct 2025 | -4.50% IMF WEO Oct 2025 | -3.83% IMF WEO Oct 2025 | -3.30% IMF WEO Oct 2025 | -3.00% IMF WEO Oct 2025 | -2.66% IMF WEO Oct 2025 |
| Education Spending | – | – | – | – | – | – | – | – | – |
| Government Debt to GDP | 49.28% | 50.45% | 49.96% | 53.44% IMF WEO Oct 2025 | 54.09% IMF WEO Oct 2025 | 53.74% IMF WEO Oct 2025 | 53.93% IMF WEO Oct 2025 | 53.94% IMF WEO Oct 2025 | 53.08% IMF WEO Oct 2025 |
| Government Revenue | 24.27% | 24.86% | 25.30% | 25.13% IMF WEO Oct 2025 | 25.42% IMF WEO Oct 2025 | 25.48% IMF WEO Oct 2025 | 25.47% IMF WEO Oct 2025 | 25.49% IMF WEO Oct 2025 | 25.50% IMF WEO Oct 2025 |
| Government Spending | 21.16% | 20.95% | – | 20.27% Trend | 19.56% Trend | – | – | – | – |
| Health Spending | 9.96% | 9.32% | – | 8.49% Trend | 7.85% Trend | – | – | – | – |
| Military Spending | 4.08% | 5.51% | 5.48% | 5.52% Trend | 5.72% Trend | 5.92% Trend | – | – | – |
| Tax Revenue | 21.83% | 22.39% | 22.37% | 22.51% Trend | 22.65% Trend | 22.79% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Debt
External Debt $16.4B
External Debt to GNI 65.99%
Short-term Debt 21.34%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Debt Service | 17.54% | 17.81% | 9.17% | -2.00% Trend | -11.00% Trend | -20.01% Trend |
| Domestic Credit | 64.99% | 68.51% | 78.77% | 69.45% Trend | 67.92% Trend | 66.39% Trend |
| External Debt | $15.9B | $15.8B | $16.4B | $17.6B Trend | $18.4B Trend | $19.3B Trend |
| External Debt to GNI | 83.88% | 67.59% | 65.99% | 50.94% Trend | 39.48% Trend | 28.02% Trend |
| Interest Payments to Revenue | 9.86% | 11.11% | 12.60% | 12.25% Trend | 12.66% Trend | 13.07% Trend |
| Short-term Debt | 20.35% | 19.62% | 21.34% | 24.96% Trend | 27.65% Trend | 30.34% Trend |
Italic values are IMF World Economic Outlook projections.
Money
Lending Rate 13.15%
Deposit Rate 8.15%
Real Interest Rate 11.59%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Credit to GDP | 52.55% | 55.40% | 64.38% | 54.67% Trend | 52.48% Trend | 50.29% Trend |
| Deposit Rate | 8.47% | 8.36% | 8.15% | 8.32% Trend | 8.34% Trend | 8.36% Trend |
| Lending Rate | 11.72% | 12.39% | 13.15% | 13.23% Trend | 13.60% Trend | 13.97% Trend |
| M2 Money Supply Growth | 16.10% | 17.40% | 13.66% | 17.95% Trend | 19.32% Trend | 20.69% Trend |
| Non-Performing Loans | 2.40% | – | – | 0.02% Trend | – | – |
| Real Interest Rate | 3.46% | 9.01% | 11.59% | 10.15% Trend | 10.99% Trend | 11.82% Trend |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 392.73
Real Effective Exchange Rate 122.33
Foreign Reserves $3.7B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Exchange Rate | 435.67 | 392.48 | 392.73 | 351.57 Trend | 321.19 Trend | 290.80 Trend |
| Foreign Reserves | $4.1B | $3.6B | $3.7B | $4.2B Trend | $4.5B Trend | $4.7B Trend |
| Real Effective Exchange Rate | 117.55 | 126.45 | 122.33 | 133.66 Trend | 140.29 Trend | 146.92 Trend |
| Reserves in Months of Imports | 4.1 | 2.6 | 2.1 | 1.0 Trend | 0.0 Trend | -0.9 Trend |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $19.1B
Imports $19.8B
Trade Balance $-730.4M
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | 0.74% | -2.77% | -4.60% | -4.66% IMF WEO Oct 2025 | -4.72% IMF WEO Oct 2025 | -4.46% IMF WEO Oct 2025 | -4.40% IMF WEO Oct 2025 | -4.42% IMF WEO Oct 2025 | -4.32% IMF WEO Oct 2025 |
| Exports | $10.3B | $14.7B | $19.1B | $22.7B Trend | $26.7B Trend | $30.7B Trend | – | – | – |
| FDI Inflows | 5.00% | 2.40% | 0.51% | 2.16% Trend | 2.14% Trend | 2.13% Trend | – | – | – |
| FDI Outflows | 0.25% | 0.22% | 0.22% | 0.41% Trend | 0.50% Trend | 0.59% Trend | – | – | – |
| Imports | $10.4B | $15.1B | $19.8B | $22.8B Trend | $26.7B Trend | $30.5B Trend | – | – | – |
| Remittances Received | $2.1B | $1.5B | $1.3B | $1.5B Trend | $1.5B Trend | $1.5B Trend | – | – | – |
| Tourism Receipts | – | – | – | – | – | – | – | – | – |
| Trade Balance | $-143.8M | $-339.1M | $-730.4M | $-168.8M Trend | $13.1M Trend | $194.9M Trend | – | – | – |
| Trade Openness | 103.88% | 123.42% | 150.06% | 166.56% Trend | 186.97% Trend | 207.37% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Financial Markets
Market Capitalization 18.67%
Stock Turnover Ratio 0.04%
Listed Companies 12
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Interest Rate Spread | 3.25% | 4.02% | 5.00% | 4.91% Trend | 5.26% Trend | 5.61% Trend |
| Listed Companies | 12 | 12 | 12 | 13 Trend | 13 Trend | 13 Trend |
| Market Capitalization | 1.29% | 1.16% | 18.67% | 15.67% Trend | 19.46% Trend | 23.24% Trend |
| Stock Turnover Ratio | 0.97% | 2.47% | 0.04% | 1.37% Trend | 1.50% Trend | 1.62% Trend |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability -0.83
Government Effectiveness -0.18
Regulatory Quality 0.05
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | 0.05 | 0.03 | 0.06 | 0.22 Trend | 0.28 Trend |
| Government Effectiveness | -0.28 | -0.31 | -0.18 | -0.23 Trend | -0.23 Trend |
| Political Stability | -0.80 | -0.74 | -0.83 | -1.03 Trend | -1.11 Trend |
| Regulatory Quality | 0.13 | -0.02 | 0.05 | -0.13 Trend | -0.20 Trend |
| Rule of Law | -0.12 | -0.17 | -0.12 | -0.12 Trend | -0.11 Trend |
| Voice and Accountability | 0.05 | 0.09 | 0.08 | 0.10 Trend | 0.11 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $767
Infant Mortality Rate 8.9
Maternal Mortality Ratio 19.00
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $596 | $675 | $767 | $864 Trend | $924 Trend |
| Hospital Beds | 4.43 | 4.20 | 4.24 | 4.32 Trend | 4.33 Trend |
| Infant Mortality Rate | 9.7 | 9.3 | 8.9 | 8.0 Trend | 7.5 Trend |
| Maternal Mortality Ratio | 57.00 | 27.00 | 19.00 | 24.20 Trend | 21.80 Trend |
| Physicians | 3.26 | 3.36 | – | 3.72 Trend | – |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 99.84%
Tertiary Enrollment 52.77%
Education Spending 2.44%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Education Spending | 2.49% | 2.44% | – | 2.65% Trend | 2.68% Trend | – |
| Literacy Rate | 99.82% | 99.84% | – | 99.87% Trend | 99.88% Trend | – |
| Primary Enrollment | 96.95% | 98.09% | 101.99% | 103.41% Trend | 105.58% Trend | 107.75% Trend |
| Tertiary Enrollment | 57.18% | 56.28% | 52.77% | 55.20% Trend | 55.25% Trend | 55.31% Trend |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 9.10%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | – | – | – | – | – |
| CO2 per Capita | – | – | – | – | – |
| Electricity Access | 100.00% | 100.00% | 100.00% | 100.00% Trend | 100.00% Trend |
| Energy Use per Capita | 1,272 | 1,348 | – | 1,547 Trend | – |
| Forest Area | 11.64% | 11.63% | 11.62% | 11.67% Trend | 11.68% Trend |
| Renewable Energy | 9.10% | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 80.00%
Mobile Subscriptions 134.52
R&D Spending 0.18%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| High-tech Exports | 21.85% | 20.91% | 23.64% | 30.28% Trend | 35.08% Trend | 39.87% Trend |
| Internet Users | 77.03% | 80.00% | – | 86.71% Trend | 89.45% Trend | – |
| Mobile Subscriptions | 130.54 | 134.52 | – | 139.02 Trend | 141.99 Trend | – |
| Patent Applications | – | – | – | – | – | – |
| R&D Spending | 0.21% | 0.18% | – | 0.20% Trend | 0.20% Trend | – |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 27.2
Poverty Rate 1.90%
Income Share Top 10% 22.90%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Gini Index | 27.9 | 27.9 | 27.2 | 26.5 Trend | 26.2 Trend |
| Income Share Bottom 10% | 4.00% | 3.90% | 4.00% | 4.04% Trend | 4.05% Trend |
| Income Share Top 10% | 23.60% | 23.00% | 22.90% | 22.00% Trend | 21.69% Trend |
| Poverty Rate | 2.10% | 1.90% | 1.90% | 1.72% Trend | 1.66% Trend |
Italic values are IMF World Economic Outlook projections.