Exporting

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Armenia prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. During World War I in the western portion of Armenia, the Ottoman Empire instituted a policy of forced resettlement coupled with other harsh practices that resulted in at least 1 million Armenian deaths. The eastern area of Armenia was ceded by the Ottomans to Russia in 1828; this portion declared its independence in 1918, but was conquered by the Soviet Red Army in 1920.

Location

Southwestern Asia, between Turkey (to the west) and Azerbaijan; note - Armenia views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both

Natural Resources

small deposits of gold, copper, molybdenum, zinc, bauxite

Population - distribution

most of the population is located in the northern half of the country; the capital of Yerevan is home to more than five times as many people as Gyumri, the second largest city in the country

2968000
Armenian (official) 97.9%, Kurdish (spoken by Yezidi minority) 1%, other 1% (2011 est.)
YEREVAN (capital) 1,044 (2015)
Conventional long form
Republic of Armenia
Conventional short form
Armenia
Local long form
Hayastani Hanrapetut'yun
Local short form
Hayastan
parliamentary democracy
Name
Yerevan
Geographic coordinates
40 10 N, 44 30 E
Time difference
UTC+4 (9 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agro industrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region.
Inflation
-1.273%
External debt stocks
US$ 8,925,142,000
Total tax rate (% of commercial profits)
18.5%
Real Interest Rate
16.761%
Manufacturing, value added (% of GDP)
10.2%
Current Account Balance
US$ -285,462,152
Labor Force, Total
1,488,483
Employment in Agriculture
35.33%
Employment in Industry
15.91%
Employment in Services
48.76%
Unemployment Rate
16.76%
Imports of goods and services
US$ 4,567,654,107
Exports of goods and services
US$ 3,495,675,648
Total Merchandise Trade
48.12%
FDI, net inflows
US$ 338,033,697
Commercial Service Exports
US$ 1,577,919,865
fruit (especially grapes and apricots), vegetables; livestock
brandy, mining, diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry, software, food processing
Commodities
unwrought copper, pig iron, nonferrous metals, gold, diamonds, mineral products, foodstuffs, brandy, cigarettes, energy
Partners
Russia 15.2%, China 11.1%, Germany 9.8%, Iraq 8.8%, Georgia 7.8%, Canada 7.6%, Bulgaria 5.3%, Iran 5.3% (2015)
Commodities
natural gas, petroleum, tobacco products, foodstuffs, diamonds, pharmaceuticals, cars
Partners
Russia 29.1%, China 9.7%, Germany 6.2%, Iran 6.1%, Italy 4.6%, Turkey 4.2% (2015)
Country Risk Rating
D
A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
Business Climate Rating
C
The business environment is difficult. Corporate financial information is often unavailable and when available often unreliable. Debt collection is unpredictable. The institutional framework has many troublesome weaknesses. Intercompany transactions run major risks in the difficult environments rated C.
  • Considerable mining resources (molybdenum, copper, gold)
  • Significant support form international organizations and the diaspora
  • Member of the Eurasian Economic Union (EAEU)
  • Geographic and political isolation exacerbated by an infrastructure deficit
  • Heavily dependent on Russia (trade, FDI,credit, migrant remittances)
  • High and persistent level of unemployment
  • High level of corruption
  • Conflict with Azerbaijan over the Nagorno-Karabakh question
  • Stalled diplomatic relations with Turkey

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