The information for the years 2018 and 2019 and is based on data from international organizations such as the International Labor Organization, the International Monetary Fund and other organizations indicated industry is the main foundation of the Armenian economy
Armenia's GDP is classified as an emerging market economy. In 2020, Armenia's GDP was approximately $13.6 billion, according to the International Monetary Fund (IMF). The GDP per capita was around $4,500, indicating a relatively lower income level compared to many developed nations. Armenia has a diverse economic base, with industries and services contributing significantly to its GDP. Key industries in Armenia include mining (particularly Copper and molybdenum production), manufacturing (textiles, chemicals, machinery), Food processing, and construction. The mining sector plays a vital role in Armenia's economy, with significant mineral resources being extracted.
Remittances from Armenians living and working abroad have been a significant source of income for the country. Many Armenians migrate to countries like Russia, the United States, and European nations in search of better economic opportunities, and they send money back to their families in Armenia. Foreign direct investment plays a role in Armenia's economic development. Investments from countries like Russia, the United States, and European nations have been made in sectors such as IT, mining, and tourism. Armenia has received financial aid and assistance from international organizations and countries to support its development projects, infrastructure improvements, and social welfare programs.
In recent decades, in addition to industry, sectors such as tourism, services, agriculture have also experienced great prosperity. Especially tourism, which in recent years has attracted many Iranians to this country. Due to its mountainous texture, Armenia has long been a place for the extraction of various minerals. For this reason, different types of mines are active in it. The most important of these mines in Armenia are gold, iron, copper, salt and some other minerals.
However, main factor of the Armenian economy can be considered energy. Armenia as Iran's northern neighbor does not have much oil, Fossil fuel or gas resources. The information for the years 2018 and 2019 and is based on data from international organizations such as the International Labor Organization, the International Monetary Fund and other organizations indicated industry is the main foundation of the Armenian economy. Industrial production in this country was 4% of the total Soviet production. After Armenia's independence, the economic situation stagnated. Economic sectors are left in a state of disuse. In this country, a free market economic system is seen, which includes the aid of international organizations. As it is known, the sharp decline in 2009 was caused by the global crisis, but in 2011 the economic trend of Armenia climbed to 4.7 percent.
Armenia's income is provided through the export of goods such as diamonds and Minerals such as stone, copper and Metal parts. Various industries are operating in Armenia in the field of Chemical production, electronic components and tools, machinery as well as food. Agriculture accounts for about 44% of the workforce in the country and industry accounts for 42% of the workforce. Evidence shows that Armenia's financial institutions and institutions are operating in good condition. Inflation has been in equilibrium in Armenia since 1998. The country has controlled its economic growth.
The services sector is an important driver of Armenia's economy, accounting for a significant portion of its GDP. Key areas within the services sector include tourism, information technology (IT) and software development, financial services, and telecommunications. Agriculture remains an important sector in Armenia, although its contribution to the overall GDP has decreased over the years. Key agricultural products include fruits, vegetables, grains, Dairy products, and livestock. Agriculture is primarily carried out on small-scale family farms. Taxation is an essential source of revenue for the Armenian government. Taxes are levied on income, corporate profits, value-added goods and services, and property. The government also relies on other domestic revenue sources, such as fees and licenses.