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Resources to refer back to
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Post-Soviet Nationalism: https://www.press.umich.edu/pdf/0472098985-ch9.pdf
Soviet Armenian Economic History: https://ia801204.us.archive.org/30/items/armeniansovietso00unse/armeniansovietso00unse.pdf
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The economy of Armenia is an emerging free-market economy. It is the 113th-largest economy in the world (out of 192 countries measured by IMF), with a gross domestic product (GDP) of $27.86 billion in 2025. The services sector is the largest in Armenia’s economy, contributing 61.5% of the country’s total GDP, followed by the industrial sector at 23.2% and the agricultural sector at 7.9%. A smaller, but increasingly important piece of the economy is the IT sector, which makes up 6.25% of national GDP and was growing at an average yearly rate of 20% as of 2022.
As a former member of the Soviet Union, Armenia‘s economy has underwent a period of ”heavy” central planning, with the USSR driving large-scale industrialization efforts throughout the entire union.[citation needed] This greatly sped up the transition of Armenia’s economy from primarily agrarian to a more modern, industrial economy. Some of the most prominent manufacturing industries during this time were chemicals, electronics, machinery, processed food, synthetic rubber and textiles.[citation needed] The Soviet period also saw a large expansion of Armenia’s mining industry, exploiting domestic deposits of copper, zinc, gold, lead, and bauxite for export to other parts of the Soviet Union.[citation needed] After gaining independence in 1991, the economy ”swung in the other direction” and saw rapid privatization throughout the economy. The economic shock caused by the breakup of the Soviet Union, along with the conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh, contributed to a severe economic decline in the early 1990s.[citation needed] Armenia recovered from this ”collapse” in the decades later through a period of high, sustained economic growth; the size of the economy tripled by the end of the decade from the post-war low of 1994, and grew ”another 5x’‘ in the 2000s.[citation needed] More recently, there has been enduring economic growth, but concerns about rising government debt and ”hostile relations” with Azerbaijan continue to pose economic challenges for the future.[citation needed]
Owing to a relative lack of domestic natural resources, Armenia needs to import large amounts of raw materials and energy resources to sustain its economy. This contributes to a significant trade deficit, which is somewhat offset by international aid and remittances from Armenians abroad, and foreign direct investment.[citation needed] The vast majority of energy is produced with imported fuel from Russia, including natural gas and nuclear fuel for Armenia’s Metsamor nuclear power plant.[citation needed] Armenia is a member of the Eurasian Economic Union and economic ties with Russia ”and other member states” remain close, especially in the energy and [fill in the blank] sectors.[citation needed]
