Armenia

Armenia's economy grew by 7.6% in 2019, the largest growth since 2007. In 2019, economic growth was accompanied by an improvement in the sectoral structure of the economy, low inflation, and stable financial indicators. The growth in the manufacturing industry in 2019 was 12%. For the first time since 2008, the manufacturing industry, excluding the mining industry, has become the leading sector of the economy in the structure of GDP.

According to the EIA and EES EAEC, there were no proven recoverable reserves of natural energy resources in Armenia. The net installed capacity of power plants is 3,621 MW, including: thermal power plants burning organic fuel – 50.4%, nuclear power plants - 11.3% and renewable energy sources - 38.3%.

In the industrial sector, thanks to the attraction of foreign investment, a number of important facilities have been launched in recent years. Traditionally, mining and processing of building materials is carried out: tuff, felsite, travertine, basalt, perlite, limestone, pumice, marble and others. Cement is produced. A copper smelting plant operates on the basis of the development of copper ore deposits. Aluminum, molybdenum and gold are produced from local raw materials. Diamonds are cut. There is a chemical complex, which includes 25 enterprises. The production of wine and cognac products is growing.

More than 800 companies worked in the field of information technology in Armenia in 2018, and the number of specialists involved in this sector exceeded 15 thousand. The average annual growth in the field of information technology in Armenia was over 26%.

Approximately 45% of the country's area is allocated for agricultural needs, and only 20% is cultivated. Pasture lands account for 25%. The main agricultural crops are melons, potatoes, wheat, grapes, fruit, essential oil, sugar beet, cotton, tobacco, tea. Animal husbandry specializes in dairy and meat cattle breeding, sheep are bred in mountainous areas.

In 2020, Armenia exported goods worth $2.54 billion. The negative balance of foreign trade amounted to $2.0 billion. The turnover with the CIS countries accounted for 34.2% of the total foreign trade turnover, and the negative trade balance with the CIS countries accounted for 47.2% of the total foreign trade balance. Armenia exports the largest quantities of such goods as copper ore, cigars and cigarettes, spirits, gold and diamonds.

In 2016, Armenia's total imports of goods amounted to $3,218 billion. The leading positions in the Armenian market were taken by Russia and China with shares of 31% and 11%, respectively. The Russian Federation is the main supplier of fuel and energy resources with a share of 75% of all imports of fuel and energy resources of Armenia. In the field of machinery and electronics supplies, China occupies one of the leading positions with a share of 31% of Armenia's total imports of machinery and electronics. Pharmaceuticals are imported for medical support of the population. The main suppliers of these products are European countries: Germany, France, the Netherlands.