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Inflation, Currency and Exchange Rate
During recent years the currency exchange rate was stable at low level which contributed to the economic growth. According to the official data by the Central Bank of Armenia, the average currency exchange rate made 5.2% in 2008, 6.5% in 2009. In 2003-dram-dollar relation was stable then the dram devaluated against USD due to the economic widespread changes. Currently, 1 USD= 385 Armenian Dram.
Education / Labor Force
The majority of people (56%) are between the ages of 17 and 59 and the level of education is high. Education continues to be one of the main values in Armenian society. Today, there are 18 state universities, 8 foreign managed (American University, French University, European University and 5 Russian universities) and the remainder are private. There are more than 77,000 third-level students.
Exports and Imports of Armenia
Due to stable economic growth and an open trade system, exports have increased considerably since 1999, accompanied by import substitution as a result of an increase in domestic production. Exports increased by 5.1% in 1999 while import growth was negative, at -10.1%. In 2004 exports and imports increased by 4.3% and 5.6 % respectively. In 2005 the growth trend of exports was continued at 34.2%. For the same period, the main export countries were: CIS countries (18.9%); EU (46.6%); Israel (13.6%); and USA (6.5%).
Exports and Imports Growth Rate from 2004 to 2009
|
|
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Exports |
4.3% |
31.5% |
3.1% |
17.5% |
-7.2% |
-34% |
|
Imports |
5.6% |
30.9% |
21.8% |
49.7% |
35% |
-25.3% |
Main Export and Import Countries of Armenia
|
2006 total of exports |
2006 total of imports |
2007 total of exports |
2007 total of imports |
|
Belgium 11% |
Belgium 5,5% |
Belgium 9,1% |
Belgium 3,5% |
|
Georgia 5% |
Germany 6,6% |
Georgia 7,5% |
Germany 6,8% |
|
Germany 15% |
Greece 2,3% |
Germany 4,7% |
Greece 1,3% |
|
Iran 3% |
Iran 5,2% |
Iran 3,3% |
Iran 4,3% |
|
Netherlands 12,9% |
Russia 13,9% |
Netherlands 13,5% |
Russia 15,3% |
|
Russia 12,3% |
UAE 0,9% |
Russia 17,4% |
UAE 0,6% |
|
Switzerland 7,3% |
UK 7,4% |
Switzerland 4,3% |
UK 7,7% |
|
|
USA 6,6% |
|
USA 4,4% |
Main Export and Import countries of Armenia in 2005-2009
|
|
Exports |
Imports |
2005 |
2006 |
2007 |
2008 |
2009 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
EU |
46.6% |
48.1% |
48.9% |
53.9% |
44.5% |
28.5% |
34.0% |
34.7% |
26.6% |
22.3% |
|
CIS |
18.9% |
21.6% |
30.7% |
31.8% |
19.9% |
28.9% |
31.8% |
33.1% |
25.7% |
22.7% |
|
USA |
6.5% |
6.6% |
4.4% |
4.9% |
9.6% |
6.3% |
4.8% |
4.4% |
6.8% |
5.1% |
|
Other Countries |
28% |
30% |
16% |
9.4% |
26.0% |
36.3% |
29.4% |
27.8% |
40.9% |
49.9% |
Main Export and Import Products of Armenia in 2003-2007
|
Products |
Main Export Products |
Main Import Products |
|
2003 |
2004 |
2005 |
2006 |
2007 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
Precious & Semi-Precious Stones |
51% |
42% |
51% |
31% |
19% |
29% |
22% |
22% |
14% |
10% |
|
Foodstuffs |
11% |
12% |
11% |
10% |
13% |
7% |
21% |
8% |
8% |
8% |
|
Non-Precious Metal |
13% |
19% |
9% |
29% |
33% |
6% |
5% |
6% |
8% |
11% |
|
Mineral Products |
7% |
12% |
8% |
14% |
15% |
13% |
16% |
18% |
17% |
16% |
|
Sewing Products |
15% |
6% |
6% |
4% |
3% |
35% |
4% |
4% |
3% |
20% |
|
Machinery |
3% |
7% |
4% |
3% |
4% |
10% |
19% |
2% |
14% |
14% |
|
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