Armenia
A landlocked economy in which technology services now earn more abroad than remittances bring in.
Armenia grew 13.0% in 2022 and 8.3% in 2023 on revised World Bank data, driven by re-exports to Russia, inflows of Russian money and a wave of technology workers. Much of that has reversed, but exports of ICT services rose every year, to USD 1.50bn in 2025.
The country's largest bank, Ameriabank, was bought by Bank of Georgia Group (now Lion Finance Group) in 2024. Armenia is moving closer to the United States, including through the peace framework agreed with Azerbaijan in August 2025.
Key indicators
- Real GDP growth
- 7.2%2025 · Armstat via ARKA
- Nominal GDP
- USD 29.2bn2025; AMD 11.3trn, converted by CIG at the 2025 average of AMD 387.0 per USD · Armstat via ARKA
- GDP per capita
- USD 9,4742025 · Armstat via ARKA
- ICT services exports
- USD 1.50bn2025 · World Bank WDI
- Refinancing rate
- 6.5%Held August 2026 · Central Bank of Armenia via Interfax
- Dram per US dollar
- 387.02025 average · World Bank WDI
- Currency
- Armenian dram (AMD)
CIG research on Armenia
Research library
Armenia in data
CIG DataIn 2025 Armenia earned more from ICT exports than from remittances
ICT services exports and personal remittances received, USD bn, 2019–2025
Armenia's ICT exports grew every year, through the boom and after it
ICT services exports, USD m, 2017–2025