Economics

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Armenia – industrial-agrarian country. The country has significant reserves of copper-molybdenum and polymetallic ores, bauxite, building stone, mineral water deposits of precious metals (gold), precious and semi-precious stones. Development of the production of synthetic rubber, textiles, food processing, construction materials and machinery.

In 2010, the GDP (PPP) amounted to 17.27 billion US dollars, the GDP per capita (PPP) – 5800 US dollars.

The structure of GDP in 2010 was as follows: the service sector – 31.4%, industry – 46.6%, agriculture – 22%.

In 2007, Armenia ranked 84th on the Human Development Index of the United Nations, which is the best result among the Transcaucasian countries, and in 2010, Armenia has risen to 76th place. In 2007 Corruption Perceptions Index ranked Armenia 99th out of 179 countries of the. In 2010, Armenia ranked 123rd out of 178 countries-mi. In 2008 Index of Economic Freedom Armenia ranked 28th, ahead of countries such as Austria, France, Portugal and Italy.
In the mid-2000s, the annual growth of the Armenian economy for several years exceeded 10%,

Currency Armenia – AMD equal to 100 lyumam.
AMD is in the treatment of 22 November 1993.
In monetary circulation there are coins in denominations of 10, 20, 50, 100, 200, 500 AMD, as well as denominations of 1,000, 5,000, 10,000, 20,000, 50,000, and 100,000 drams.
The design of all modern banknotes developed by British company «Thomas de la Rue». Design of banknotes sample 1993-95 was developed by the German company «Giesecke & Devrient».
Coins of 1994 (except 10 AMD) and specimen banknote 1993-1995 currently not used.

The modern industry in Armenia was created in Soviet period, then the country delivered on domestic market of the USSR machines and the equipment, textile and other industrial output in exchange for deliveries of raw materials and the electric power. As it was told above, in the nineties the last century there was a serious recession caused by a set of negative factors, and the majority of productions didn’t work due to the lack of resources. After acceptance in the 1994th year of measures for rescue of economy the industry gradually began to be restored. Annually since 2001 in Armenia passes the universal commerce and industry exhibition forum Armenia EXPO, largest in the region.

Owing to the world financial crisis the industry (as well as all economy in general) strongly suffered. But in 2010 some areas (the mining and processing branches) of the industry managed even to exceed the level which was before crisis, and also production of soft drinks — for 9,1%, natural juice — for 64,7%, mineral waters — 28,4% and spring water — for 26,2% increased. However in other branches recession is the same year observed. So, production of products and alcohol was reduced, but it against growth physical the volume of retail commodity turnover in January-May, 2010.

In 1962 completed the construction of the Sevan-Hrazdan irrigation complex and cascade, initiated in 1937, were built six hydroelectric power station on the river Hrazdan and many irrigation canals and reservoirs, and in the mountains to tunnel to clear the river water in the lake. Sevan in order to replenish its water reserves. As a result of the electricity generated in the country exported to Georgia and Azerbaijan in exchange for natural gas. In Yerevan, Hrazdan and Vanadzor were built power plants operating on gas fuel. In 1970, they gave more energy than HPS.

In 1977-1979 he. in Metsamor near Yerevan was a powerful nuclear power plant with two power units, fully meet the needs of the republic’s electricity. In particular, ensure that requests aluminum smelter and a large plant for the production of synthetic rubber and tires.

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