Ess gross market Armenia

How much did Armenia produce in 1988?

In 1988, Armenia produced only 0.9% of the net material product of the Soviet Union (1.2% of industry, 0.7% of agriculture). The republic retained 1.4% of total state budget revenue, delivered 63.7% of its NMP to other republics, and exported only 1.4% of what it produced to markets outside the Soviet Union.

What happened to Armenia's service sector in 2020?

In Armenia, the service sector in 2020 reduced volumes by 14.7%, against 15% growth a year earlier, amounting to 1.7 trillion drams ($3.5 billion). According to the Statistical Committee, a negative trend was recorded in all service segments except finance, as well as information and communication.

What percentage of Armenia's economy comes from construction?

According to the National Statistical Service, Armenia's booming construction sector generated about 20 percent of Armenia's GDP during the first eight months of 2007. According to a World Bank official, 30 percent of Armenia's economy in 2009 came from the construction sector.

How much does Armenia trade with the EU?

In 2022 Armenia's bilateral trade with the EU topped $2.3 billion, making the EU one of Armenia's biggest and most important economic partners. EU-Armenia trade increased by 15% in 2018 reaching a total value of €1.1 billion. In 2017 EU countries accounted for 24.3 percent of Armenia's foreign trade.

Why is Armenia's economy growing so fast?

In the 2000s, along with the construction sector, the services sector was the driving force behind Armenia's recent high economic growth rate. Between 2017 and 2019, Armenia's economy increased fast, with annual rate of GDP growth averaging 6.8 percent.

Does Armenia have a retail sector?

Nowadays (2019), Armenia has improved standards of living and growing income, which brought to the improvement of retail sector in Armenia. retail sector has the highest employment level. While the sector improves, currently the major sector is still in Yerevan, and not in the other cities of Armenia.