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| Government Type |
republic |
| Legal System |
based on civil law system |
| Currency |
dram (AMD) |
| Economic Overview |
Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agroindustrial complexes of the Soviet era. The agricultural sector has long-term needs for more investment and updated technology. The privatization of industry has been at a slower pace, but has been given renewed emphasis by the current administration. Armenia is a food importer, and its mineral deposits (copper, gold, bauxite) are small. The ongoing conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh and the breakup of the centrally directed economic system of the former Soviet Union contributed to a severe economic decline in the early 1990s. By 1994, however, the Armenian Government had launched an ambitious IMF-sponsored economic program that has resulted in positive growth rates in 1995-2002. Armenia also managed to slash inflation, stabilize the local currency (the dram), and privatize most small- and medium-sized enterprises. The chronic energy shortages Armenia suffered in the early and mid-1990s have been offset by the energy supplied by one of its nuclear power plants at Metsamor. Armenia is now a net energy exporter, although it does not have sufficient generating capacity to replace Metsamor, which is under international pressure to close. The electricity distribution system was privatized in 2002. Armenia's severe trade imbalance, which has decreased in recent years, has been offset somewhat by international aid, domestic restructuring of the economy, and foreign direct investment. |
| Natural Resources |
small deposits of gold, copper, molybdenum, zinc, alumina |
| Primary Industries |
metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, gem cutting, jewelry manufacturing, software development, food processing, brandy |
| Agricultural Products |
fruit (especially grapes), vegetables; livestock |
| Import Commodities |
natural gas, petroleum, tobacco products, foodstuffs, diamonds |
| Export Commodities |
diamonds, mineral products, foodstuffs, energy |
| Export Partners |
Russia 17.7%, US 15.2%, Belgium 13.6%, Israel 9.7% (2001) |
| AIRPORTS of Armenia |
| Yerevan-Zvartnots Airport |
Yerevan 15km (9miles) |
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