Home | Armenia | Economy of Armenia

Economy of Armenia

Activity, Remittances, Exports, Inflation


Armenia ranks in 50th place and is classified as “moderatly free” in the 2023 report of Index of Economic Freedom by Heritage Foundation. This is the highest rank among other EEU countries, as well as ahead of many EU economies (France, Spain, Italy, Hungry and other).
Doing Business ranks Armenia in 47th place with the total score of 74.5 among 190 economies in its 2020 report. In the “starting a business” sub-index, Armenia ranks in 10th place with a score of 96.1, exceeding the average regional score of 90.5 (Europe and Central Asia).
In the 2019 report of Global Competitiveness Index, Armenia ranks in 69th place out of 141 economies.

2022 economic growth was 12.6%, which is the highest recorded GDP growth since  2007.


Top 5 sectors contributing the most to the country’s GDP are industry, agriculture, wholesale and retail trade, real estate activities and construction, accounting together for 49% of the GDP in 2019.




Transfers from abroad have always been a significant part of Armenia’s economy, in January-December 2023, the inflow of remittances from individuals to RA amounted to 5.69 billion USD, reflecting a 9.7% increase compared to January-December 2022.”




The top exported products are copper, tobacco, spirits and gold.