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ARMENIA Tenders




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Capital Yerevan
ISO 3166 Code AM
Population 3,013,900
Area, Sq KM 29,800
Currency Dram
Official Language Armenian
GDP, Billion USD 9,910
GDP Growth Rate, % 3.2
Inflation, Avg CP, % Chng 10.50
Interest Rates, % N/A
Unemployement Rate, % 18
Exchange Rate, 1 USD Equals 473.42
International dial code 374
Time Zone GMT+04:00
Internet TLD .am

Armenia is one of the smallest countries which belonged to the Soviet Republic, and gained independence from it to have an identity of its own. With the capital of Armenia being Yerevan, the population of the country stands at 3,018,854 people, which means that compared to the size of the country, it is pretty densely populated. It is a multi-party democracy and has existed as the Satrapy of Armenia since the 6th century BC. It became part of the Soviet Union in 1920, and till 19941, it remained part of the Soviet Union, after which it was granted independence. Armenia is developed in several ways which is demonstrated by the fact that they have their own official Armenian alphabet, which is used as their official language. It is also part of several world organizations such as the Eurasian Economic Union, the Collective Security Treaty Organization and the Council of Europe. Before Armenia became independent of the Soviet Union, industry accounted for the bulk of its economy. This included processed food items, electronic goods, synthetic rubber, chemicals, textiles, etc. whereas only 20% of the economy was contributed by the likes of agricultural pursuits. After independence however, Armenia’s economy suffered for a number of reasons. First, they lost the support and the economic planning of the Soviet Union, and had to build up their economy from scratch. In addition to that, despite the ceasefire, strained relations and occasional conflicts with Azerbaijan has taken its toll on the economy. In 1988, a devastating earthquake struck the country, which led to the death of more than 25,000 people, whose effects are still being felt. However, despite these adversities, Armenia has seen a slow, but sure growth in its economy, and its total annual GDP stands at $20.831 billion and a per capita GDP of $6,128. The economy is dependent on foreign aid from organizations such as WTO and the World Bank. One field which has seen substantial growth after independence is the technology industry. The unemployment rate stands at 15% because of the high rate of migrants and refugees from neighboring countries, and sectors such as agriculture and tourism are yet to gain momentum to contribute substantially to the economy. The main trade partners of Armenia are Germany, Bulgaria and Russia, although they are still yet to pick up on the export business because of the prolonged lack of production business in the country.

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