Economy of Armenia
Armenia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Armenia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Armenia exports around $1.65 billion and imports roughly $3.46 billion. 18.2% of population in the country are unemployed. The total number of unemployed people in Armenia is 534,016. In Armenia, 32% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Armenia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3% of GDP. The Gini Index of the country is 30.9. Armenia is experiencing good equality. The majority of citizens in Armenia fall within a narrow range of income, although some cases may show significant differences. Armenia has a Human Development Index (HDI) of 0.73. Armenia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Armenia is 2.028. The strength of legal rights index for Armenia is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Armenia is Armenian dram. The plural form of the word Armenian dram is drams. The symbol used for this currency is ֏, and it is abbreviated as AMD. The Armenian dram is divided into Luma; there are 100 in one dram.
The depth of credit information index for Armenia is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the Fitch credit-rating agency, Armenia has a credit rating score of BB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Armenia has a credit rating score of Ba2, and the prospects of this rating are negative.
The prime lending rate of Armenia's commercial banks is 15.9. In Armenia, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Republic of Armenia. Locally, the central bank of Armenia is called Hayastani Kentronakan Bank. The average deposit interest rate offered by local banks in Armenia is 10.4%.
Armenia has a government debt of 13.22% of the country's Gross Domestic Product (GDP), as assessed in 2010.
The corporate tax in Armenia is set at 20%. Personal income tax ranges from 24.4% to 36%, depending on your specific situation and income level. VAT in Armenia is 20%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Armenia is $20.831 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Armenia was last recorded at $0 million. PPP in Armenia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Armenia is 10 billion. Based on this statistic, Armenia is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Armenia was last recorded at $0 million. The average citizen in Armenia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Armenia averaged 3.2% in 2014. According to this percentage, Armenia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Armenia.
Major industries in the country are 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, brandy, mining. The total labor force of Armenia is 1,409,660 people, wherein 18.2% of population in the country are unemployed. The total number of unemployed people in Armenia is 534,016. The Industrial Production growth rate of Armenia is 8%.To read more about industrial information within Armenia click on industry of Armenia.
There are 4775 km2 of arable land in Armenia, and it comprises 16% of the country's total territory. There are 5347 km2 of cultivated land in Armenia. The country's major agricultural crops and products are fruit, vegetables, livestock.To read more about agriculture click on agriculture of Armenia.