Advancing the Digital Transformation of Armenian Businesses

Key economic indicators: Armenia

Table 1. Key macroeconomic indicators for Armenia, 2017-2024

Indicators	Unit of measurement	2017	2018	2019	2020	2021	2022	20231	20241
GDP Growth*	Percentage y-o-y	7.52	5.23	7.63	-7.15	5.68	12.60	8.71	6.01
Inflation*	Percentage average	1.19	2.49	1.44	1.23	7.20	8.65	1.97	3.12
Government balance2*	Percentage of GDP	-4.79	-1.75	-0.98	-5.40	-4.58	-2.11	-2.02	-4.61
Current account balance*	Percentage of GDP	-1.26	-7.23	-7.06	-4.00	-3.48	0.77	-1.94	-2.81
Exports of goods and services**	Percentage of GDP	38.22	39.39	41.35	29.76	35.91	50.01	-	-
Imports of goods and services**	Percentage of GDP	48.99	53.08	54.76	39.72	43.76	50.99	-	-
FDI net inflows**	Percentage of GDP	2.19	2.14	0.74	0.46	2.64	5.11	-	-
General government gross debt**	Percentage of GDP	-	-	50.03	63.40	60.08	-	-	-
Domestic credit to private sector**	Percentage of GDP	51.54	55.50	60.16	72.19	61.67	52.55	-	-
Unemployment*	Percentage of total labour force	17.80	19.00	18.30	18.20	15.50	13.00	12.50	13.00
Nominal GDP*	USD billion	11.53	12.46	13.62	12.64	13.88	19.51	24.16	25.41

Note:¹latest forecasts available; ²General government net lending/borrowing (Percent of GDP).

Source: * (IMF, 2024[1]) ** (World Bank, 2023[2]).

References

[1] IMF (2024), World Economic Outlook, https://www.imf.org/en/Publications/WEO/weo-database/2024/April.

[2] World Bank (2023), World Development Indicators, https://databank.worldbank.org/source/world-development-indicators.