Part 14
Argentine Association of Pharmaceutical Labs (CILFA); Argentine Industrial Union (manufacturers' association); Argentine Rural Confederation or CRA (small to medium landowners' association); Argentine Rural Society (large landowners' association); Central of Argentine Workers or CTA (a radical union for employed and unemployed workers); General Confederation of Labor or CGT (Peronist-leaning umbrella labor organization); Roman Catholic Church other: business organizations; Peronist-dominated labor movement; Piquetero groups (popular protest organizations that can be either pro or anti-government); students
International organization participation:
AfDB (nonregional members), Australia Group, BCIE, BIS, CAN (associate), FAO, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, Mercosur, MIGA, MINURSO, MINUSTAH, NSG, OAS, OPANAL, OPCW, PCA, RG, UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, Union Latina (observer), UNTSO, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Hector Marcos TIMERMAN chancery: 1600 New Hampshire Avenue NW, Washington, DC 20009 telephone: [1] (202) 238-6400 FAX: [1] (202) 332-3171 consulate(s) general: Atlanta, Chicago, Houston, Los Angeles, Miami, New York
Diplomatic representation from the US:
chief of mission: Ambassador Earl Anthony WAYNE embassy: Avenida Colombia 4300, C1425GMN Buenos Aires mailing address: international mail: use embassy street address; APO address: US Embassy Buenos Aires, Unit 4334, APO AA 34034 telephone: [54] (11) 5777-4533 FAX: [54] (11) 5777-4240
Flag description:
three equal horizontal bands of light blue (top), white, and light blue; centered in the white band is a radiant yellow sun with a human face known as the Sun of May
Economy Argentina
Economy - overview:
Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 9% annually over the subsequent five years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation, however, reached double-digit levels in 2006 and the government of President Nestor KIRCHNER responded with "voluntary" price agreements with businesses, as well as export taxes and restraints. Multi-year price freezes on electricity and natural gas rates for residential users stoked consumption and kept private investment away, leading to restrictions on industrial use and blackouts in 2007.
GDP (purchasing power parity):
$526.4 billion (2007 est.)
GDP (official exchange rate):
$260 billion (2007 est.)
GDP - real growth rate:
8.7% (2007 est.)
GDP - per capita (PPP):
$13,100 (2007 est.)
GDP - composition by sector:
agriculture: 9.5% industry: 34% services: 56.5% (2007 est.)
Labor force:
16.03 million note: urban areas only (2007 est.)
Labor force - by occupation:
agriculture: 1% industry: 23% services: 76% (2007 est.)
Unemployment rate:
8.5% (2007 est.)
Population below poverty line:
23.4% (January-June 2007)
Household income or consumption by percentage share:
lowest 10%: 1% highest 10%: 35% (January-March 2007)
Distribution of family income - Gini index:
49 (2006)
Investment (gross fixed):
24.2% of GDP (2007 est.)
Budget:
revenues: $48.99 billion expenditures: $61.23 billion (2007 est.)
Fiscal year:
calendar year
Public debt:
56.1% of GDP (2007 est.)
Inflation rate (consumer prices):
8.8% official rate; actual rate may be double the official rate (2007 est.)
Central bank discount rate:
NA
Commercial bank prime lending rate:
11.05% (31 December 2007)
Stock of money:
$33.93 billion (31 December 2007)
Stock of quasi money:
$45.92 billion (31 December 2007)
Stock of domestic credit:
$72.55 billion (31 December 2007)
Agriculture - products:
sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock
Industries:
food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel
Industrial production growth rate:
7.5% (2007 est.)
Electricity - production:
109.4 billion kWh (2006 est.)
Electricity - consumption:
97.72 billion kWh (2006 est.)
Electricity - exports:
2.628 billion kWh (2007 est.)
Electricity - imports:
10.27 billion kWh (2007 est.)
Electricity - production by source:
fossil fuel: 52.2% hydro: 40.8% nuclear: 6.7% other: 0.2% (2001)
Oil - production:
790,800 bbl/day (2007 est.)
Oil - consumption:
525,100 bbl/day (2006 est.)
Oil - exports:
339,900 bbl/day (2005)
Oil - imports:
23,380 bbl/day (2005)
Oil - proved reserves:
2.587 billion bbl (1 January 2008 est.)
Natural gas - production:
44.8 billion cu m (2007 est.)
Natural gas - consumption:
44.1 billion cu m (2007 est.)
Natural gas - exports:
2.6 billion cu m (2007 est.)
Natural gas - imports:
1.9 billion cu m (2007 est.)
Natural gas - proved reserves:
446 billion cu m (1 January 2008 est.)
Current account balance:
$7.438 billion (2007 est.)
Exports:
$55.78 billion f.o.b. (2007 est.)
Exports - commodities:
soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Exports - partners:
Brazil 19.1%, China 9.4%, US 7.9%, Chile 7.6% (2007)
Imports:
$42.53 billion f.o.b. (2007 est.)
Imports - commodities:
machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Imports - partners:
Brazil 34.6%, US 12.6%, China 12%, Germany 5% (2007)
Economic aid - recipient:
$99.66 million (2005)
Reserves of foreign exchange and gold:
$46.12 billion (31 December 2007 est.)
Debt - external:
$135.8 billion (31 December 2007)
Stock of direct foreign investment - at home:
$65.31 billion (2007 est.)
Stock of direct foreign investment - abroad:
$26.26 billion (2007 est.)
Market value of publicly traded shares:
$79.73 billion (2006)
Currency (code):
Argentine peso (ARS)
Currency code:
ARS
Exchange rates:
Argentine pesos (ARS) per US dollar - 3.1105 (2007), 3.0543 (2006), 2.9037 (2005), 2.9233 (2004), 2.9006 (2003)
Communications Argentina
Telephones - main lines in use:
9.5 million (2007)
Telephones - mobile cellular:
40.402 million (2007)
Telephone system:
general assessment: by opening the telecommunications market to competition and foreign investment with the "Telecommunications Liberalization Plan of 1998," Argentina encouraged the growth of modern telecommunications technology; fiber-optic cable trunk lines are being installed between all major cities; major networks are entirely digital and the availability of telephone service is improving; fixed-line telephone density is gradually increasing reaching nearly 25 lines per 100 people in 2007; mobile telephone subscribership has been increasing rapidly and has reached a level of 100 telephones per 100 persons domestic: microwave radio relay, fiber-optic cable, and a domestic satellite system with 40 earth stations serve the trunk network; more than 110,000 pay telephones are installed and mobile telephone use is rapidly expanding; broadband services are gaining ground international: country code - 54; landing point for the Atlantis-2, UNISUR, and South America-1 optical submarine cable systems that provide links to Europe, Africa, South and Central America, and US; satellite earth stations - 112; 2 international gateways near Buenos Aires (2007)
Radio broadcast stations:
AM 260 (includes 10 inactive stations), FM (probably more than 1,000, mostly unlicensed), shortwave 6 (1998)
Radios:
24.3 million (1997)
Television broadcast stations:
42 (plus 444 repeaters) (1997)
Televisions:
7.95 million (1997)
Internet country code:
.ar
Internet hosts:
3.813 million (2008)
Internet Service Providers (ISPs):
33 (2000)
Internet users:
9.309 million (2007)
Transportation Argentina
Airports:
1,272 (2007)
Airports - with paved runways:
total: 154 over 3,047 m: 4 2,438 to 3,047 m: 26 1,524 to 2,437 m: 65 914 to 1,523 m: 50 under 914 m: 9 (2007)
Airports - with unpaved runways:
total: 1,118 over 3,047 m: 2 2,438 to 3,047 m: 1 1,524 to 2,437 m: 44 914 to 1,523 m: 515 under 914 m: 556 (2007)
Heliports:
1 (2007)
Pipelines:
gas 28,657 km; liquid petroleum gas 41 km; oil 5,607 km; refined products 3,052 km; unknown (oil/water) 13 km (2007)
Railways:
total: 31,902 km broad gauge: 20,858 km 1.676-m gauge (141 km electrified) standard gauge: 2,885 km 1.435-m gauge (26 km electrified) narrow gauge: 7,922 km 1.000-m gauge; 237 km 0.750-m gauge (2006)
Roadways:
total: 231,374 km paved: 69,412 km (includes 734 km of expressways) unpaved: 161,962 km (2004)
Waterways:
11,000 km (2006)
Merchant marine:
total: 46 by type: bulk carrier 3, cargo 9, chemical tanker 2, container 1, passenger 1, passenger/cargo 3, petroleum tanker 24, refrigerated cargo 2, roll on/roll off 1 foreign-owned: 14 (Brazil 1, Chile 7, Spain 2, UK 4) registered in other countries: 19 (Liberia 3, Panama 8, Paraguay 5, Uruguay 3) (2008)
Ports and terminals:
Arroyo Seco, Bahia Blanca, Buenos Aires, La Plata, Punta Colorada, Rosario, San Lorenzo-San Martin
Military Argentina
Military branches:
Argentine Army (Ejercito Argentino), Navy of the Argentine Republic (Armada Republica; includes naval aviation and naval infantry), Argentine Air Force (Fuerza Aerea Argentina, FAA) (2008)
Military service age and obligation:
18-24 years of age for voluntary military service (18-21 requires parental permission); no conscription (2001)
Manpower available for military service:
males age 16-49: 10,029,488 females age 16-49: 9,889,002 (2008 est.)
Manpower fit for military service:
males age 16-49: 8,352,147 females age 16-49: 8,366,781 (2008 est.)
Manpower reaching militarily significant age annually:
male: 348,310 female: 332,944 (2008 est.)
Military expenditures:
1.3% of GDP (2005 est.)
Military - note:
the Argentine military is a well-organized force constrained by the country's prolonged economic hardship; the country has recently experienced a strong recovery, and the military is implementing a modernization plan aimed at making the ground forces lighter and more responsive (2008)
Transnational Issues Argentina
Disputes - international:
Argentina continues to assert its claims to the UK-administered Falkland Islands (Islas Malvinas), South Georgia, and the South Sandwich Islands in its constitution, forcibly occupying the Falklands in 1982, but in 1995 agreed no longer to seek settlement by force; territorial claim in Antarctica partially overlaps UK and Chilean claims; unruly region at convergence of Argentina-Brazil-Paraguay borders is locus of money laundering, smuggling, arms and illegal narcotics trafficking, and fundraising for extremist organizations; uncontested dispute between Brazil and Uruguay over Braziliera/Brasiliera Island in the Quarai/Cuareim River leaves the tripoint with Argentina in question; in 2006, Argentina went to the ICJ to protest, on environmental grounds, the construction of two pulp mills in Uruguay on the Uruguay River, which forms the boundary; both parties presented their pleadings in 2007 with Argentina's reply in January and Uruguay's rejoinder in July 2008; the joint boundary commission, established by Chile and Argentina in 2001 has yet to map and demarcate the delimited boundary in the inhospitable Andean Southern Ice Field (Campo de Hielo Sur)
Trafficking in persons:
current situation: Argentina is a source, transit, and destination country for men, women, and children trafficked for the purposes of commercial sexual exploitation and forced labor; most victims are trafficked within the country, from rural to urban areas; child sex tourism is a problem; foreign women and children, primarily from Paraguay, Brazil, and the Dominican Republic, are trafficked to Argentina for commercial sexual exploitation; Argentine women and girls are also trafficked to neighboring countries, Mexico, and Western Europe for sexual exploitation; a significant number of Bolivians, Peruvians, and Paraguayans are trafficked into the country for forced labor in sweatshops, agriculture, and as domestic servants tier rating: Tier 2 Watch List - despite some progress, Argentina remains on the Tier 2 Watch List for the third consecutive year for its failure to show evidence of increasing efforts to combat human trafficking, particularly in terms of providing adequate assistance to victims and curbing official complicity with trafficking activity, especially on the provincial and local levels; the Argentine Congress has demonstrated progress by enacting much-needed and first-ever federal anti-trafficking legislation (2008)
Illicit drugs:
a transshipment country for cocaine headed for Europe; some money-laundering activity, especially in the Tri-Border Area; law enforcement corruption; a source for precursor chemicals; increasing domestic consumption of drugs in urban centers, especially cocaine base and synthetic drugs
This page was last updated on 18 December, 2008
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@Armenia
Introduction Armenia
Background:
Armenia prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. During World War I in the western portion of Armenia, Ottoman Turkey instituted a policy of forced resettlement coupled with other harsh practices that resulted in an estimated 1 million Armenian deaths. The eastern area of Armenia was ceded by the Ottomans to Russia in 1828; this portion declared its independence in 1918, but was conquered by the Soviet Red Army in 1920. Armenian leaders remain preoccupied by the long conflict with Muslim Azerbaijan over Nagorno-Karabakh, a primarily Armenian-populated region, assigned to Soviet Azerbaijan in the 1920s by Moscow. Armenia and Azerbaijan began fighting over the area in 1988; the struggle escalated after both countries attained independence from the Soviet Union in 1991. By May 1994, when a cease-fire took hold, Armenian forces held not only Nagorno-Karabakh but also a significant portion of Azerbaijan proper. The economies of both sides have been hurt by their inability to make substantial progress toward a peaceful resolution. Turkey imposed an economic blockade on Armenia and closed the common border because of the Armenian separatists' control of Nagorno-Karabakh and surrounding areas.
Geography Armenia
Location:
Southwestern Asia, east of Turkey
Geographic coordinates:
40 00 N, 45 00 E
Map references:
Asia
Area:
total: 29,743 sq km land: 28,454 sq km water: 1,289 sq km
Area - comparative:
slightly smaller than Maryland
Land boundaries:
total: 1,254 km border countries: Azerbaijan-proper 566 km, Azerbaijan-Naxcivan exclave 221 km, Georgia 164 km, Iran 35 km, Turkey 268 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
highland continental, hot summers, cold winters
Terrain:
Armenian Highland with mountains; little forest land; fast flowing rivers; good soil in Aras River valley
Elevation extremes:
lowest point: Debed River 400 m highest point: Aragats Lerrnagagat' 4,090 m
Natural resources:
small deposits of gold, copper, molybdenum, zinc, bauxite
Land use:
arable land: 16.78% permanent crops: 2.01% other: 81.21% (2005)
Irrigated land:
2,860 sq km (2003)
Total renewable water resources:
10.5 cu km (1997)
Freshwater withdrawal (domestic/industrial/agricultural):
total: 2.95 cu km/yr (30%/4%/66%) per capita: 977 cu m/yr (2000)
Natural hazards:
occasionally severe earthquakes; droughts
Environment - current issues:
soil pollution from toxic chemicals such as DDT; the energy crisis of the 1990s led to deforestation when citizens scavenged for firewood; pollution of Hrazdan (Razdan) and Aras Rivers; the draining of Sevana Lich (Lake Sevan), a result of its use as a source for hydropower, threatens drinking water supplies; restart of Metsamor nuclear power plant in spite of its location in a seismically active zone
Environment - international agreements:
party to: Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Wetlands signed, but not ratified: Air Pollution-Persistent Organic Pollutants
Geography - note:
landlocked in the Lesser Caucasus Mountains; Sevana Lich (Lake Sevan) is the largest lake in this mountain range
People Armenia
Population:
2,968,586 (July 2008 est.)
Age structure:
0-14 years: 18.7% (male 296,401/female 259,594) 15-64 years: 70.3% (male 975,438/female 1,111,989) 65 years and over: 11% (male 128,398/female 196,766) (2008 est.)
Median age:
total: 31.1 years male: 28.4 years female: 34 years (2008 est.)
Population growth rate:
-0.077% (2008 est.)
Birth rate:
12.53 births/1,000 population (2008 est.)
Death rate:
8.34 deaths/1,000 population (2008 est.)
Net migration rate:
-4.95 migrant(s)/1,000 population (2008 est.)
Sex ratio:
at birth: 1.15 male(s)/female under 15 years: 1.14 male(s)/female 15-64 years: 0.88 male(s)/female 65 years and over: 0.65 male(s)/female total population: 0.89 male(s)/female (2008 est.)
Infant mortality rate:
total: 20.94 deaths/1,000 live births male: 25.82 deaths/1,000 live births female: 15.33 deaths/1,000 live births (2008 est.)
Life expectancy at birth:
total population: 72.4 years male: 68.79 years female: 76.55 years (2008 est.)
Total fertility rate:
1.35 children born/woman (2008 est.)
HIV/AIDS - adult prevalence rate:
0.1% (2003 est.)
HIV/AIDS - people living with HIV/AIDS:
2,600 (2003 est.)
HIV/AIDS - deaths:
fewer than 200 (2003 est.)
Nationality:
noun: Armenian(s) adjective: Armenian
Ethnic groups:
Armenian 97.9%, Yezidi (Kurd) 1.3%, Russian 0.5%, other 0.3% (2001 census)
Religions:
Armenian Apostolic 94.7%, other Christian 4%, Yezidi (monotheist with elements of nature worship) 1.3%
Languages:
Armenian 97.7%, Yezidi 1%, Russian 0.9%, other 0.4% (2001 census)
Literacy:
definition: age 15 and over can read and write total population: 99.4% male: 99.7% female: 99.2% (2001 census)
School life expectancy (primary to tertiary education):
total: 11 years male: 11 years female: 12 years (2006)
Education expenditures:
3.2% of GDP (2001)
Government Armenia
Country name:
conventional long form: Republic of Armenia conventional short form: Armenia local long form: Hayastani Hanrapetut'yun local short form: Hayastan former: Armenian Soviet Socialist Republic, Armenian Republic
Government type:
republic
Capital:
name: Yerevan geographic coordinates: 40 10 N, 44 30 E time difference: UTC+4 (9 hours ahead of Washington, DC during Standard Time) daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
11 provinces (marzer, singular - marz); Aragatsotn, Ararat, Armavir, Geghark'unik', Kotayk', Lorri, Shirak, Syunik', Tavush, Vayots' Dzor, Yerevan
Independence:
21 September 1991 (from Soviet Union)
National holiday:
Independence Day, 21 September (1991)
Constitution:
adopted by nationwide referendum 5 July 1995; amendments adopted through a nationwide referendum 27 November 2005
Legal system:
based on civil law system; has not accepted compulsory ICJ jurisdiction
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Serzh SARGSIAN (since 9 April 2008) head of government: Prime Minister Tigran SARGSIAN (since 9 April 2008) cabinet: Council of Ministers appointed by the prime minister elections: president elected by popular vote for a five-year term (eligible for a second term); election last held 19 February 2008 (next to be held February 2013); prime minister appointed by the president based on majority or plurality support in parliament; the prime minister and Council of Ministers must resign if the National Assembly refuses to accept their program election results: Serzh SARGSIAN elected president; percent of vote - Serzh SARGSIAN 52.9%, Levon TER-PETROSSIAN 21.5%, Artur BAGHDASARIAN 16.7%
Legislative branch:
unicameral National Assembly (Parliament) or Azgayin Zhoghov (131 seats; members elected by popular vote, 90 members elected by party list and 41 by direct vote; to serve four-year terms) elections: last held 12 May 2007 (next to be held in the spring of 2012) election results: percent of vote by party - HHK 33.9%, Prosperous Armenia 15.1%, ARF (Dashnak) 13.2%, Rule of Law 7.1%, Heritage Party 6%, other 24.7%; seats by party - HHK 64, Prosperous Armenia 18, ARF (Dashnak) 16, Rule of Law 9, Heritage Party 7, independent 17
Judicial branch:
Constitutional Court; Court of Cassation (Appeals Court)
Political parties and leaders:
Armenian National Movement or ANM [Ararat ZURABYAN]; Armenian People's Party [Tigran KARAPETYAN]; Armenian Ramkavar Azadagan Party Alliance or HRAK (includes former Dashink Party, National Revival Party, and Ramkavar Liberal Party); Armenian Revolutionary Federation ("Dashnak" Party) or ARF [Hrant MARKARYAN]; Heritage Party [Raffi HOVHANNISYAN]; National Democratic Party [Shavarsh KOCHARIAN]; National Democratic Union or NDU [Vazgen MANUKIAN]; National Unity Party [Artashes GEGHAMYAN]; People's Party of Armenia [Stepan DEMIRCHYAN]; Prosperous Armenia [Gagik TSAROUKYAN]; Republic Party [Aram SARKISYAN]; Republican Party of Armenia or HHK [Serzh SARGSIAN]; Rule of Law Party (Orinats Yerkir) [Artur BAGHDASARIAN]; Union of Constitutional Rights [Hrant KHACHATURYAN]; United Labor Party [Gurgen ARSENYAN]
Political pressure groups and leaders:
Aylentrank (Impeachment) [Nikol PASHINYAN]; Yerkrapah Union [Manvel GRIGORIAN]
International organization participation:
ACCT (observer), ADB, BSEC, CE, CIS, CSTO, EAEC (observer), EAPC, EBRD, FAO, GCTU, IAEA, IBRD, ICAO, ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, MIGA, NAM (observer), OAS (observer), OIF (associate member), OPCW, OSCE, PFP, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Tatoul MARKARIAN chancery: 2225 R Street NW, Washington, DC 20008 telephone: [1] (202) 319-1976 FAX: [1] (202) 319-2982 consulate(s) general: Los Angeles
Diplomatic representation from the US:
chief of mission: Ambassador Marie L. YOVANOVITCH embassy: 1 American Ave., Yerevan 0082 mailing address: American Embassy Yerevan, US Department of State, 7020 Yerevan Place, Washington, DC 20521-7020 telephone: [374](10) 464-700 FAX: [374](10) 464-742
Flag description:
three equal horizontal bands of red (top), blue, and orange
Economy Armenia
Economy - overview:
Since the breakup of the Soviet Union in 1991, Armenia has made progress in implementing many economic reforms including privatization, price reforms, and prudent fiscal policies. The conflict with Azerbaijan over the ethnic Armenian-dominated region of Nagorno-Karabakh contributed to a severe economic decline in the early 1990s. By 1994, however, the Armenian Government launched an ambitious IMF-sponsored economic liberalization program that resulted in positive growth rates. Economic growth has averaged over 13% in recent years. Armenia has managed to reduce poverty, slash inflation, stabilize its currency, and privatize most small- and medium-sized enterprises. Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agroindustrial complexes of the Soviet era. Nuclear power plants built at Metsamor in the 1970s were closed following the 1988 Spitak Earthquake, though they sustained no damage. One of the two reactors was re-opened in 1995, but the Armenian government is under international pressure to close it due to concerns that the Soviet era design lacks important safeguards. Metsamor provides 40 percent of the country's electricity - hydropower accounts for about one-fourth. Economic ties with Russia remain close, especially in the energy sector. The electricity distribution system was privatized in 2002 and bought by Russia's RAO-UES in 2005. Construction of a pipeline to deliver natural gas from Iran to Armenia is halfway completed and is scheduled to be commissioned by January 2009. Armenia has some mineral deposits (copper, gold, bauxite). Pig iron, unwrought copper, and other nonferrous metals are Armenia's highest valued exports. Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Armenia joined the WTO in January 2003. The government made some improvements in tax and customs administration in recent years, but anti-corruption measures will be more difficult to implement. Despite strong economic growth, Armenia's unemployment rate remains high. Armenia will need to pursue additional economic reforms in order to improve its economic competitiveness and to build on recent improvements in poverty and unemployment, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan.
GDP (purchasing power parity):
$17.17 billion (2007 est.)
GDP (official exchange rate):
$7.974 billion (2007 est.)
GDP - real growth rate:
13.7% (2007 est.)
GDP - per capita (PPP):
$5,800 (2007 est.)
GDP - composition by sector:
agriculture: 17.2% industry: 36.4% services: 46.4% (2007 est.)
Labor force:
1.2 million (2007 est.)
Labor force - by occupation:
agriculture: 46.2% industry: 15.6% services: 38.2% (2006 est.)
Unemployment rate:
7.1% (2007 est.)
Population below poverty line:
26.5% (2006 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6% highest 10%: 41.3% (2004)
Distribution of family income - Gini index:
37 (2006)
Investment (gross fixed):
33.6% of GDP (2007 est.)
Budget:
revenues: $1.666 billion expenditures: $1.735 billion; including capital expenditures of $NA (2007 est.)
Fiscal year:
calendar year
Inflation rate (consumer prices):
4.4% (2007 est.)
Commercial bank prime lending rate:
17.52% (31 December 2007)
Stock of money:
$1.507 billion (31 December 2007)
Stock of quasi money:
$765.2 million (31 December 2007)
Stock of domestic credit:
$1.256 billion (31 December 2007)
Agriculture - products:
fruit (especially grapes), vegetables; livestock
Industries:
diamond-processing, metal-cutting machine tools, forging-pressing machines, electric motors, tires, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry manufacturing, software development, food processing, brandy