Capital City: Yerevan
	It is %T:%M %A in Yerevan

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Economic trends

Like other CIS (Commonwealth of Independent States) countries, Armenia's economy initially suffered from the legacy of a centrally-planned economy and the breakdown of the former Soviet trading patterns. However, the Government of Armenia has been able to carry out wide-ranging economic reforms that have resulted into strong economic growth since 1995. The GDP growth rate was 13.3% in 2006 and 11.1% in 2007. It is forecasted to reached 10% in 2008. The growth is sustained by the domestic demand, which, in turn, is stimulated by investment and the remittances from Armenians working abroad. This steady economic progress has earned Armenia increasing support from international institutions like IMF and World Bank. Total foreign loans and grants extended to Armenia since 1993 exceed USD1.1 billion. Inflation remains under control at less than 3.7%.

Main branches of industry

Agriculture holds a significant place in Armenia's economy, employing more than one-third of its population and contributing nearly 20% to GDP. Armenia mainly produces wheat, citrus fruits and wine grapes. Cotton and tobacco are the important industrial crops. New sectors like information and communication technology, jewellery and even tourism are beginning to supplement more traditional sectors like agriculture and textiles. Armenia has some deposits of copper, molybdenum, bauxite, zinc, lead, iron, gold, and mercury; which provide the basis for country’s chemical industry. The industrial sector contributes 45% to the GDP and the services sector nearly 35%. Armenia is dependent on its neighbours (particularly Russia) for its energy (oil and gas) requirements. Hydroelectricity is the main domestic energy source. Also the nuclear power plant located at Metzamor was re-opened in 1995 (after it was closed since 1998 earthquake).

International trade

Armenia is liberal to foreign trade. The share of foreign-trade in country’s GDP is around 70%. Armenia has also joined WTO in 2003. The top three export partners of Armenia are: Germany, the Netherlands, and Belgium. The commodities mainly exported are pearls & precious stones, iron & steel, beverages & spirits, and copper & other ores. The top three import partners are: Russia, Belgium and the USA. Armenia mainly imports pearls & precious stones, mineral fuels & oils, machinery, and vehicles.