Armenia in Numbers

Macroeconomy

Indicator	Unit	Jan–Jun 2026	y/y %
Economic activity	%	x	107.9
Industrial output	mln ֏	1 522 502.1	110.8
Agriculture, gross	mln ֏	310 050.5	88.1
Construction	mln ֏	282 220.0	124.5
Trade turnover	mln ֏	3 155 866.0	100.9
Services, excl. trade	mln ֏	2 148 598.5	111.0
Consumer prices	%	x	104.6

Source: Statistical Committee of Armenia

Sectors

Indicator	Unit	Jan–Jun 2026	y/y %
Electricity	mln kWh	5 163.7	110.0
External trade	mln $	9 570.9	99.9
— exports	mln $	3 431.3	93.3
— imports	mln $	6 139.6	104.0
Avg. monthly wage	֏	310 787	105.5

Source: Statistical Committee of Armenia

External trade

Direction	2026 Jan–Jun, mln $	Share %	y/y %	Balance, mln $
Total	9 570.9	100.0	99.9	−2 708.3
CIS countries	2 970.8	31.0	83.4	−208.6
— of which EAEU	2 815.5	29.4	81.0	−166.5
European Union	1 695.3	17.8	146.2	−662.4
Other countries	4 904.8	51.2	101.0	−1 837.4

Source: Statistical Committee of Armenia. Total turnover was flat year-on-year, but its composition shifted sharply: EU turnover rose 46.2% while EAEU trade fell 19%. The trade deficit widened to $2.71bn from $2.23bn. Figures include re-export flows.

Exports and imports

Direction	Exports 2026, mln $	Exports y/y %	Imports 2026, mln $	Imports y/y %
Total	3 431.3	93.3	6 139.6	104.0
CIS countries	1 381.1	98.0	1 676.6	74.6
— of which EAEU	1 324.5	95.8	1 491.0	72.1
European Union	516.5	180.2	1 293.3	128.4
Other countries	1 533.7	77.4	3 169.7	119.7

Source: Statistical Committee of Armenia. Imports are shown by country of origin. Exports to the EU grew 80.2% while shipments to other countries fell 22.6% — the clearest sign of the reorientation under way.

Technology sector

Indicator	2017	2024	2025
Active companies	650	8 396	12 026
Employees	15 350	21 541	41 431
Turnover, bn ֏	306.0	915.8	>1 000
Exports, bn ֏	135.4	702.1	711.5
Average wage, ֏ (December)	567 337	1 015 249	1 010 668

Source: Ministry of High-Tech Industry and Artificial Intelligence, press briefing of 16 February; wage data from the Statistical Committee of Armenia, December of each year. Employment nearly doubled in 2025 while turnover grew about 9%, exports 1.3% and the average wage edged down 0.5%. Turnover per employee fell from 42.5mn to roughly 24.1mn AMD — a pattern consistent with growth in small entities and individual registrations rather than scaling firms.

Banking and deposits

Indicator	Jul 2025	Jul 2026	y/y %
Total deposits, bn ֏	5 294.3	6 652.2	125.6
— in drams	3 435.5	4 561.0	132.8
— in foreign currency	1 858.9	2 091.3	112.5
Term deposits, drams	1 964.3	2 688.5	136.9
Credit to economy, bn ֏	7 056.6	8 639.2	122.4
— to enterprises	3 036.5	3 796.3	125.0
— to households	3 449.0	4 193.8	121.6
Deposit dollarisation, %	35.1	31.4	—

Source: Central Bank of Armenia, summary indicators of commercial banks, end of July. Dram deposits grew 32.8% against 12.5% for foreign currency, cutting dollarisation from 35.1% to 31.4% in a year. Term dram deposits rose fastest of all — 36.9% — meaning savers are locking money up in local currency rather than holding it on demand.

Public debt

Indicator	31 Dec 2025	30 Jun 2026	Change %
External state debt, mln $	6 547.5	6 629.0	101.2
— multilateral programmes	3 621.4	3 456.4	95.4
— bilateral programmes	971.1	889.7	91.6
— FX bonds held by non-residents	1 392.6	1 442.3	103.6
— T-bonds held by non-residents	545.9	825.4	151.2
Domestic state debt, bn ֏	2 806.2	2 676.5	95.4

Source: Statistical Committee of Armenia, socio-economic situation January–July 2026. External debt grew 1.2% while its structure changed markedly: concessional lending from multilateral and bilateral programmes shrank, and the gap was filled by market borrowing — treasury bonds held by non-residents rose 51.2% in six months. Domestic debt fell 4.6%. Average yield on treasury bonds dropped to 7.68% from 9.38% a year earlier.

External debt by creditor

Creditor	31 Dec 2025	30 Jun 2026	Share %
World Bank	1 674.6	1 610.2	36.9
Asian Development Bank	1 043.4	1 005.5	23.1
Eurasian Development Bank	403.2	381.3	8.7
France	506.9	485.2	11.1
Germany (KfW)	210.7	179.9	4.1
Japan (JICA)	114.7	107.0	2.5
Russian Federation	116.8	97.3	2.2
IMF	44.0	26.2	0.6

Source: Statistical Committee of Armenia, loan and credit agreements as of 30 June 2026, mln USD. Western institutions hold the bulk of Armenia’s concessional debt: the World Bank and Asian Development Bank together account for 60%. Debt to Russia fell 16.7% in six months and to the IMF 40.6%, while the Eurasian Development Bank position declined 5.4%.

Wages and employment

Indicator	Jun 2025	Jun 2026	y/y %
Average wage, AMD	297 665	308 678	103.7
— in USD	774	838	108.2
— in EUR	673	728	108.2
Registered organisations	—	64 606	—
Employees	—	829 231	—
Public sector wage, AMD	226 410	249 957	110.4
Private sector wage, AMD	324 867	330 390	101.7
Social sector wage, AMD	193 496	213 153	110.2

Source: Statistical Committee of Armenia, June 2026, based on State Revenue Committee payroll records. Public sector pay rose 10.4% against 1.7% in the private sector, narrowing a gap that stood at 43% a year ago to 32%. In dollar terms the average wage gained 8.2% — faster than in drams, as the currency held firm. Of 64 606 registered employers, 81% employ fewer than ten people but account for just 18% of jobs; the 341 largest firms employ 32%.

Demography

Indicator	Jan–Jul 2025	Jan–Jul 2026	Change %
Births	17 523	17 096	97.6
Deaths	15 143	14 484	95.6
Natural increase	2 380	2 612	109.7
Marriages	7 738	7 916	102.3
Divorces	2 784	2 542	91.3
Infant deaths (0–1)	133	95	71.4

Source: Statistical Committee of Armenia, civil registry, January–July. Births fell 2.4% but deaths fell faster, so natural increase rose 9.7%. Infant mortality dropped 28.6% year-on-year, to 5.6 per 1 000 live births from 7.6. Marriages are up and divorces down 8.7%.

Labour force

Indicator	Q1 2025	Q1 2026	Change, pp
Labour force participation	58.2	56.2	−2.0
Employment rate	50.1	48.5	−1.6
Unemployment rate	14.0	13.7	−0.3
Outside labour force	41.8	43.8	+2.0

Source: Statistical Committee of Armenia, labour force survey, Q1. Unemployment fell 0.3pp, but not because more people found work: the employment rate dropped 1.6pp and the share of population outside the labour force rose 2.0pp. Fewer people are looking for jobs, which mechanically lowers the unemployment rate while employment shrinks.

Foreign investment

Country	Q1 2025, total	Q1 2026, total	Q1 2026, FDI
Total, mln ֏	24 214.3	25 266.3	64 746.7
UAE	−10 628.7	78 705.0	1 107.5
Russian Federation	−5 178.8	43 542.4	35 667.7
Luxembourg	9 304.7	19 187.1	19 187.1
Iran	63.4	7 500.3	−2.4
Georgia	235.9	2 334.5	1 971.5
United States	2 614.4	−70 572.9	12 184.7
Cyprus	−15 684.1	−6 963.7	−6 057.7

Source: Statistical Committee of Armenia, net flows into the real sector, Q1. Total flows were flat year-on-year, but direct investment rose almost nineteen-fold — from 3.5bn to 64.7bn AMD. The composition inverted: the UAE and Russia moved from net withdrawal to the two largest sources, while the US shows a large negative total flow alongside positive direct investment, meaning loans and trade credits were repaid rather than equity sold. Metal ore mining attracted 29.9bn AMD of direct investment, the single largest sector.

Business formation

Legal form	July 2026
Sole proprietors	2 501
Limited liability companies	1 205
Public organisations	53
Closed joint-stock companies	10
Foreign branches (commercial)	3
Total registrations	3 788

Source: State Register of Legal Entities, Ministry of Justice, July 2026. Sole proprietorships account for two thirds of new registrations, LLCs for a third. The mix — many individual registrations, few corporate structures — matches what the technology sector figures show: headcount growth concentrated in small entities rather than scaling firms.