Editing Economy of Armenia (section)

==Main sectors of economy==
===Agricultural sector===
{{main|Agriculture in Armenia}}

Armenia produced in 2018:

* 415 thousand tons of potatoes;
* 199 thousand tons of vegetables;
* 187 thousand tons of wheat;
* 179 thousand tons of grapes;
* 138 thousand tons of tomatoes;
* 126 thousand tons of watermelons;
* 124 thousand tons of barley;
* 109 thousand tons of apples;
* 104 thousand tons of apricots (12th-largest world producer);;
* 89 thousand tons of cabbages;
* 54 thousand tons of sugar beet;
* 52 thousand tons of peaches;
* 50 thousand tons of cucumbers;
* 39 thousand tons of onions;

In addition to smaller productions of other agricultural products.<ref>{{Cite web|url=http://www.fao.org/faostat/en/#data/QC/|title=FAOSTAT|website=www.fao.org|access-date=2020-11-01|archive-date=2017-05-11|archive-url=https://web.archive.org/web/20170511194947/http://www.fao.org/faostat/en/#data/QC/|url-status=live}}</ref>

[[Image:Armenia - Terrestrial Paradise?.jpg|thumb|left|[[Cornelian cherry|Cornelian cherries]], [[common fig|figs]], [[pear]]s, [[peach]]es and [[apple]]s sold at a market in [[Yerevan]] are among a few of Armenian agricultural products]]
As of 2010, the [[agricultural sector|agricultural production]] comprises on average 25 percent of Armenia's GDP.<ref name="Armenia_in_2010"/> In 2006, the agricultural sector accounted for about 20 percent of Armenia's GDP.<ref name="ArmeniaLib-Aug-8-2006">[http://www.armenialiberty.org/armeniareport/report/en/2006/08/218f6eeb-de6f-47e4-970e-dba7583d7d39.asp "Kocharian Orders Tax Exemption For Armenian Farmers"], Armenia Liberty ([[RFE/RL]]), August 8, 2006.</ref>

Armenia's agricultural output dropped by 17.9 percent in the period of January–September 2010.  This was owing to bad weather, a lack of a government stimulus package, and the continuing effects of decreased [[agricultural subsidy|agricultural subsidies]] by the Armenian government (per WTO requirements).<ref name="Armenia_in_2010"/> In addition, the share of agriculture in Armenia's GDP hovered around 17.9% until 2012 according to the World Bank. Then already in 2013 the share of it was a bit higher comprising 18.43%. Afterwards a declining trend was registered in the period of 2013-2017 reaching to around 14.90% in 2017.<ref>{{Cite web|url=https://www.theglobaleconomy.com/Armenia/Share_of_agriculture/|title=Armenia GDP share of agriculture - data, chart|website=TheGlobalEconomy.com|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512080752/https://www.theglobaleconomy.com/Armenia/Share_of_agriculture/|url-status=live}}</ref> By comparing the share of agriculture as a component of GDP with the neighboring countries (Georgia, Azerbaijan, Turkey, Iran) one can notice that the percentage is highest for Armenia. As of 2017 the contribution of agriculture to the GDP for the neighboring countries was 6.88, 5.63, 6.08 and 9.05 respectively.<ref>{{Cite web|url=https://www.theglobaleconomy.com/rankings/Share_of_agriculture/|title=GDP share of agriculture by country, around the world|website=TheGlobalEconomy.com|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512080751/https://www.theglobaleconomy.com/rankings/Share_of_agriculture/|url-status=live}}</ref>

In 2022, the industry with the highest number of companies registered in Armenia is Services with 1,907 companies followed by Wholesale Trade and Manufacturing with 510 and 408 companies respectively.<ref>{{cite web|url=https://www.hithorizons.com/eu/analyses/country-statistics/armenia|title=Industry Breakdown of Companies in Armenia|website=HitHorizons|access-date=2023-07-10|archive-date=2023-07-09|archive-url=https://web.archive.org/web/20230709144206/https://www.hithorizons.com/eu/analyses/country-statistics/armenia|url-status=live}}</ref>

===Mining===
{{main|Mining in Armenia}}
[[Image:Kajaran Mine.jpg|thumb|Armenia's largest mine, the [[Kajaran Mine|Kajaran copper-molybdenum open-pit mine]] in southern Armenia]]

In 2017, mining industry output with grew by 14.2% to 172 billion AMD at current prices and run at 3.1% of Armenia's GDP.<ref>{{Cite web|url=http://www.armstat.am/file/article/sv_01_18a_112.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_01_18a_112.pdf |archive-date=2022-10-09 |url-status=live|title=Armenian 2017 GDP breakdown by sector - Armstat (am)|accessdate=November 9, 2021}}</ref>

In 2017, mineral product (without precious metals and stones) exports grew by 46.9% and run at US$692 million, which comprised 30.1% of all exports.<ref name="2017trade">{{Cite web|url=http://www.armstat.am/file/article/sv_12_17r_411.pdf|title=Armenian 2017 foreign trade summary - Armstat (ru)|accessdate=November 9, 2021|archive-date=September 18, 2021|archive-url=https://web.archive.org/web/20210918074058/https://armstat.am/file/article/sv_12_17r_411.pdf|url-status=live}}</ref>

===Construction sector===
Real estate transactions count grew by 36% in September 2019 compared to September 2018. Also, the average market value of one square meter of housing in apartment buildings in Yerevan in September 2019 grew by 10.8% from September 2018.<ref>{{Cite web|url=http://arka.am/en/news/business/some_15_572_real_estate_transactions_effected_in_armenia_in_2019_september_by_36_1_more_than_in_sept/|title=Some 15,572 real estate transactions effected in Armenia in 2019 September, by 36.1% more than in September 2018|website=arka.am|access-date=2019-11-05|archive-date=2019-11-05|archive-url=https://web.archive.org/web/20191105184414/http://arka.am/en/news/business/some_15_572_real_estate_transactions_effected_in_armenia_in_2019_september_by_36_1_more_than_in_sept/|url-status=live}}</ref>

In 2017, construction output increased by 2.2% reaching 416 billion AMD.<ref name="Armstat-2018.01.25-en">{{cite web|url=http://www.armstat.am/file/doc/99506853.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/doc/99506853.pdf |archive-date=2022-10-09 |url-status=live|title=Preliminary Main Macro-Economic Indicators of Armenian Economy in 2017 by Armstat|access-date=28 February 2018}}</ref>

Armenia experienced a construction boom during the latter part of the 2000s.  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.<ref name="ArmeniaLib-Sept-20-2007">[http://www.armenialiberty.org/armeniareport/report/en/2007/09/ac00c04d-a570-479a-8d0c-9554e4acb7b6.asp "Armenian Growth Still In Double Digits"], Armenia Liberty ([[RFE/RL]]), September 20, 2007.</ref> According to a World Bank official, 30 percent of Armenia's economy in 2009 came from the construction sector.<ref name="ArmLib-Nov-27-2009" />

However, during the January to September 2010 period, the sector experienced a 5.2 percent year-on-year decrease, which according to the [[Civilitas Foundation]] is an indication of the unsustainability of a sector based on an elite market, with few products for the median or low budgets.<ref name="Armenia_in_2010">{{Armenia in 2010. A Year of Uncertainty}}</ref> This decrease comes despite the fact that an important component of the government stimulus package was to support the completion of ongoing construction projects.<ref name="Armenia_in_2010"/>

===Energy===
{{main|Energy in Armenia|Electricity sector in Armenia}}
In 2017, electricity generation increased by 6.1% reaching 7.8 billion [[Kilowatt hour|KWh]].<ref name="Armstat-2018.01.25-en" />

===Digital economy===
The digital economy is a branch of the economy based on digital computing technologies. The digital economy is sometimes referred to as the Internet economy or the web economy. The digital economy is often intertwined with the traditional economy, making it difficult to distinguish between them. Aimed at the sector's development on November 15, 2021, the Silicon Mountains Summit dedicated to introducing intelligent solutions in the economy was held in Yerevan. The main topic of the summit was the prospect of digitalization of the economy in Armenia. The main driving force of this sphere in Armenia is the banks. Digital transformation is a necessity for banks and financial institutions. At the moment, ACBA Bank is the leader․<ref>{{cite web| url = http://www.armbanks.am/hy/2021/11/15/136524/| title = Դեպի թվային տնտեսություն․ Կկայանա Silicon Mountains գագաթնաժողովը (ՎԻԴԵՈ) {{!}} ArmBanks.am| access-date = 2021-12-19| archive-date = 2021-12-19| archive-url = https://web.archive.org/web/20211219130105/http://www.armbanks.am/hy/2021/11/15/136524/| url-status = live}}</ref><ref>{{cite web| url = https://hy.freejournal.org/848510/1/%D5%A9%D5%BE%D5%A1%D5%B5%D5%AB%D5%B6-%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6.html| url-status = dead| archive-url = https://web.archive.org/web/20211219130125/https://hy.freejournal.org/848510/1/%D5%A9%D5%BE%D5%A1%D5%B5%D5%AB%D5%B6-%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6.html| archive-date = 2021-12-19| title = Թվային տնտեսություն, թվային հաշվիչ տեխնոլոգիաների վրա հիմնված տնտեսություն։ Թվային տնտեսությունը երբեմն անվանում են համացանցային տնտեսություն, նոր տնտեսություն}}</ref>

===Industrial sector===
In 2017, industrial output increased by 12.6% annually reaching 1661 billion AMD.<ref>{{Cite web|url=http://www.armstat.am/file/article/sv_12_17r_03.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.armstat.am/file/article/sv_12_17r_03.pdf |archive-date=2022-10-09 |url-status=live|title=Armenian economy macro statistics for 2017|accessdate=November 9, 2021}}</ref>

Industrial output was relatively positive throughout 2010, with year-on-year average growth of 10.9 percent in the period January to September 2010, due largely to the mining sector where higher global demand for commodities led to higher prices.<ref name="Armenia_in_2010" /> According to the National Statistical Service, during the January–August 2007 period, Armenia's [[industrial sector]] was the single largest contributor to the country's GDP, but remained largely stagnant with industrial output increasing only by 1.7 percent per year.<ref name="ArmeniaLib-Sept-20-2007" /> In 2005, Armenia's industrial output (including electricity) made up about 30 percent of GDP.<ref name="ArmeniaLib-Feb-10-2006">[http://www.armenialiberty.org/armeniareport/report/en/2006/02/7a425352-3ed4-4b17-a352-e11d38026faa.asp "Government Downplays Economic Cost Of Russian Gas Price Hike"] {{Webarchive|url=https://web.archive.org/web/20231109222036/https://www.azatutyun.am/a/1580461.html |date=2023-11-09 }}, Armenia Liberty ([[RFE/RL]]), February 10, 2006.</ref>

===Services sector===
In the 2000s, along with the construction sector, the [[services sector]] was the driving force behind Armenia's recent high economic growth rate.<ref name="ArmeniaLib-Sept-20-2007"/>
Between 2017 and 2019, Armenia's economy increased fast, with annual rate of GDP growth averaging 6.8 percent. Following the political realignment of 2018, prudent macroeconomic policy helped develop a track record of macroeconomic stability and an enhanced business environment. 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.

[[File:VivaCell MTS headquarters in Yerevan.JPG|thumb|Headquarters of VivaCell MTS, Armenia's leading mobile services provider]]

====Retail trade====
In 2010, retail trade turnover was largely unaltered compared to 2009.<ref name="Armenia_in_2010" />  The existing monopolies throughout the retail sector have made the sector non-responsive to the crisis and resulted in near zero growth. The aftermath of the crisis has started to shift the structure in the retail sector in favor of food products.<ref name="Armenia_in_2010" />

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.  The development that happened in this sector was the opening of Dalma Garden Mall, and later Yerevan mall, Rio mall and Rossia mall, which dramatically increased the quality of retail in Yerevan. Currently there is a new development, as in [[Gyumri]] there is a new mall opened called Shirak Mall. Another reason for the development of the retail is the development that happened in the banking industry. Today people can easily get financial assistance from the banks right to their credit cards, without visiting the bank.<ref>{{cite web|url=http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|title=Armenia Investment Map, Oct. 2018|website=EV Consulting|access-date=2019-05-12|archive-date=2019-05-12|archive-url=https://web.archive.org/web/20190512194236/http://evconsulting.com/sites/default/files/ArmInvestMap_2018new_1.pdf|url-status=live}}</ref>

==== Information and Communication Technologies ====
{{see also|Science and technology in Armenia}}As of February 2019 nearly 23 thousand employees were counted in ICT sector.  With 404 thousand AMD they enjoyed highest pay rate among surveyed sectors of economy.  Average salaries in pure IT sector (excluding communications sub-sector) stood at 582 thousand AMD.<ref>{{Cite web|url=https://www.armstat.am/file/article/sv_03_19r_142.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_03_19r_142.pdf |archive-date=2022-10-09 |url-status=live|title=Armstat - Оплата труда и численность работников|accessdate=November 9, 2021}}</ref>

====Financial Services====
{{main|List of banks in Armenia}}In January 2019 there were 20.5 thousand employees registered in the financial sector.<ref name="auto">{{Cite web|url=https://www.armstat.am/file/article/sv_02_19r_142.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.armstat.am/file/article/sv_02_19r_142.pdf |archive-date=2022-10-09 |url-status=live|title=Оплата труда и количество работников|accessdate=November 9, 2021}}</ref>

According to Moody's, robust economic growth will benefit banks with GDP growth remaining robust at around 4.5% in 2019–20.<ref>{{Cite web|url=http://www.armbanks.am/|title=ArmBanks.am - Armenian financial-banking portal|website=ArmBanks.am|language=en-US|access-date=2019-05-04|archive-date=2016-11-28|archive-url=https://web.archive.org/web/20161128143506/http://www.armbanks.am/|url-status=live}}</ref>
{| class="wikitable"
|+
Development of Financial Services in 2017 according to [[Central Bank of Armenia|CBA]] report<ref>{{Cite news|url=https://armenpress.am/eng/news/932552.html|title=Net profit of Armenian banks grow 8 billion AMD in 2017|work=armenpress.am|access-date=2018-05-06|language=en|archive-date=2018-05-05|archive-url=https://web.archive.org/web/20180505170013/https://armenpress.am/eng/news/932552.html|url-status=live}}</ref>
!Financial Services Segments
!2017
!2016
|-
|'''Banking system'''
|
|
|-
|Net profit
|39.7 billion AMD
|31.7 billion AMD
|-
|Return on assets (ROA)
|1.0%
|0.9%
|-
|Return on equity (ROE)
|6.0%
|5.8%
|-
|Assets growth rate
|9.2%
|
|-
|Total capital growth rate
|4.9%
|
|-
|Liabilities growth rate
|10.1%
|
|-
|Loans provided to businesses growth rate
|8.5%
|
|-
|General liquidity normative indicator (minimum 15%)
|32.1%
|
|-
|Ongoing liquidity normative indicator (minimum 60%)
|141.7%
|
|-
|'''Credit organizations'''
|
|
|-
|Assets growth rate
|21.1%
|
|-
|Total capital growth rate
|41.4%
|
|-
|Liabilities growth rate
|3.5%
|
|-
|'''Insurance system'''
|
|
|-
|Assets growth rate
|6.1%
|
|-
|Total capital growth rate
| –11%
|
|-
|Liabilities growth rate
|11.2%
|
|-
|'''Investment companies'''
|
|
|-
|Assets growth rate
|54.8%
|
|-
|Total capital growth rate
|51.9%
|
|-
|Liabilities growth rate
|55.3%
|
|-
|'''Mandatory pension funds'''
|
|
|-
|Net assets growth rate
|67.0%
|
|-
|Net assets
|105.6 billion AMD
|
|}
Industry report on banking sector prepared by AmRating presents slightly varying figures for some of above data.<ref name=":4">{{Cite web|url=https://www.raexpert.eu/files/Industry_report_Armenia_Banks_07.05.2018.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.raexpert.eu/files/Industry_report_Armenia_Banks_07.05.2018.pdf |archive-date=2022-10-09 |url-status=live|title=Armenia Industry Research – Banks (07 May 2018)|accessdate=November 9, 2021}}</ref>

====Tourism====
{{main|Tourism in Armenia}}
[[File:Hotel Yerevan Royal Tulip (7).JPG|thumb|[[Grand Hotel Yerevan]], established in 1926]]

Tourism in Armenia has been a key sector to the [[Armenian economy]] since the 1990s when tourist numbers exceeded half a million people visiting the country every year (mostly ethnic [[Armenians]] from the [[Armenian diaspora|Diaspora]]). The Armenian Ministry of Economy reports that most international tourists come from [[Russia]], [[European Union|EU]] states, the [[United States]] and [[Iran]]. Though relatively small in size, Armenia has three [[List of World Heritage Sites in Armenia|UNESCO world heritage]] sites.<ref>{{Cite web |last=Centre |first=UNESCO World Heritage |title=Armenia - UNESCO World Heritage Convention |url=https://whc.unesco.org/en/statesparties/am |access-date=2024-05-03 |website=UNESCO World Heritage Centre |language=en}}</ref>

Despite internal and external problems, the number of incoming tourists has been continually increasing. 2018 saw a record high of over 1.6 million inbound tourists.<ref>{{Cite web |last=LLC |first=Helix Consulting |title=The number of tourists visiting Armenia increased by 10.5% in 2018 |url=https://www.panorama.am/en/news/2019/02/08/tourists/2070280 |access-date=2024-05-03 |website=www.panorama.am |language=en}}</ref>

In 2018 receipts from [[international tourism]] amounted to $1.2 billion, nearly twice the value for 2010.<ref>{{Cite book|url=https://www.e-unwto.org/doi/pdf/10.18111/9789284421152|title=International Tourism Highlights, 2019 Edition|website=www.e-unwto.org|year=2019|publisher=World Tourism Organization (UNWTO)|doi=10.18111/9789284421152|isbn=9789284421152|s2cid=240665765|access-date=2019-11-09|archive-date=2019-08-30|archive-url=https://web.archive.org/web/20190830074615/https://www.e-unwto.org/doi/pdf/10.18111/9789284421152|url-status=live}}</ref> In per capita terms these stood at $413, ahead of Turkey and Azerbaijan, but behind Georgia.<ref>{{Cite web|url=https://i.redd.it/i8xqp7h4hix31.jpg|title=Map of international tourism receipts per capita in Europe in 2018.|accessdate=November 9, 2021|archive-date=November 23, 2021|archive-url=https://web.archive.org/web/20211123132717/https://i.redd.it/i8xqp7h4hix31.jpg|url-status=live}}</ref>

In 2019 the largest growth at 27.2% was shown by accommodation and catering sector, which came as a result of the growth of tourist flows.<ref>{{Cite web|url=http://arka.am/en/news/economy/armenian_premier_largest_growth_in_2019_shown_by_accommodation_and_catering_27_2/|title=Armenian premier: Largest growth in 2019 shown by accommodation and catering - 27.2%|website=arka.am|date=21 February 2020 |access-date=2020-02-24|archive-date=2020-02-24|archive-url=https://web.archive.org/web/20200224100912/http://arka.am/en/news/economy/armenian_premier_largest_growth_in_2019_shown_by_accommodation_and_catering_27_2/|url-status=live}}</ref>