Armenia's GDP changed from approximately $108M in 1992 to $25B 408M in 2024, showing an overall 23425.9% sharply increased during the period.
The lowest GDP was recorded in 1992 at $108M, and the highest in 2024 at $25B 408M.
Over the 32-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 18.6%.
For comparison, the average annual growth rate of Azerbaijan was 14.0%, and that of Georgia was 13.0%.
Overview of Armenia's GDP (1992–2024)
The Gross Domestic Product (GDP) of Armenia recorded a 23425.9% sharply increased from 1992 to 2024.
The average GDP during this period was $8B 196M, and the median was $9B 206M.
GDP fluctuated within a range of $25B 300M, with a standard deviation of $6B 639M.
The average annual change was $639M 611K.
Armenia GDP from 1992 to 2024
The total market value of goods and services produced annually in Armenia.
Highest and Lowest GDP Records
- Lowest GDP: 1992, $108M
- Highest GDP: 2024, $25B 408M
- Most Recent GDP: 2024, $25B 408M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2009: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Armenia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $13B 619M → $12B 642M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $9B 206M → $8B 648M
- Outcome: declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $1B 912M → $2B 118M
- Outcome: sharply increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $1B 639M → $1B 892M
- Outcome: sharply increased
Key Economic Indicators of Armenia (1992–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1992 | $ 108M | $ 31.32 | $ 1,624.85 | $ 5B 606M | 0 % | -46.28 % | 0 % | 0 % | 3M 450K people |
1993 | $ 835M | $ 247.88 | $ 1,463.53 | $ 4B 932M | -14.054 % | -5.993 % | 0 % | 0 % | 3M 370K people |
1994 | $ 648M | $ 196.98 | $ 1,613.81 | $ 5B 309M | 5.4 % | 3.804 % | 0 % | 0 % | 3M 290K people |
1995 | $ 1B 287M | $ 399.58 | $ 1,818.69 | $ 5B 856M | 8.033 % | -16.972 % | 3.84 % | 0 % | 3M 220K people |
1996 | $ 1B 597M | $ 503.77 | $ 1,978.44 | $ 6B 272M | 5.169 % | -18.202 % | 2.89 % | 0 % | 3M 170K people |
1997 | $ 1B 639M | $ 521.87 | $ 2,100.61 | $ 6B 596M | 3.387 % | -19.315 % | 3.95 % | 0 % | 3M 140K people |
1998 | $ 1B 892M | $ 608.41 | $ 2,279.21 | $ 7B 88M | 6.271 % | -21.993 % | 0.69 % | 0 % | 3M 110K people |
1999 | $ 1B 845M | $ 597.24 | $ 2,400.17 | $ 7B 417M | 3.17 % | -16.936 % | 3.83 % | 0 % | 3M 90K people |
2000 | $ 1B 912M | $ 620.64 | $ 2,606.63 | $ 8B 28M | 5.853 % | -15.78 % | 2.45 % | 0 % | 3M 80K people |
2001 | $ 2B 118M | $ 692.29 | $ 2,936.74 | $ 8B 986M | 9.468 % | -10.44 % | 5.40 % | 0 % | 3M 60K people |
2002 | $ 2B 376M | $ 779.12 | $ 3,435.21 | $ 10B 477M | 14.807 % | -6.219 % | 11.94 % | 0 % | 3M 50K people |
2003 | $ 2B 807M | $ 923.39 | $ 4,008.42 | $ 12B 186M | 14.052 % | -6.181 % | 18.21 % | 0 % | 3M 40K people |
2004 | $ 3B 577M | $ 1,180.40 | $ 4,562.29 | $ 13B 824M | 10.473 % | -2.204 % | 20.71 % | 0 % | 3M 30K people |
2005 | $ 4B 900M | $ 1,628.06 | $ 5,405.11 | $ 16B 268M | 14.113 % | -2.529 % | 25.84 % | -1.517 % | 3M 10K people |
2006 | $ 6B 384M | $ 2,128.15 | $ 6,328.19 | $ 18B 985M | 13.198 % | -2.395 % | 31.16 % | -1.611 % | 3M people |
2007 | $ 9B 206M | $ 3,079.03 | $ 7,418.02 | $ 22B 180M | 13.749 % | -7.357 % | 30.80 % | -2.018 % | 2M 990K people |
2008 | $ 11B 662M | $ 3,913.44 | $ 8,113.36 | $ 24B 178M | 6.948 % | -14.225 % | 29.59 % | -1.465 % | 2M 980K people |
2009 | $ 8B 648M | $ 2,911.76 | $ 7,031.88 | $ 20B 885M | -14.15 % | -16.484 % | 17.34 % | -7.171 % | 2M 970K people |
2010 | $ 9B 260M | $ 3,121.78 | $ 7,282.87 | $ 21B 604M | 2.2 % | -13.622 % | 15.80 % | -4.107 % | 2M 966K people |
2011 | $ 10B 142M | $ 3,417.17 | $ 7,778.18 | $ 23B 86M | 4.7 % | -10.44 % | 16.56 % | -1.942 % | 2M 968K people |