GDP: US$17.2 billion (2007).
Main exports: Processed and unprocessed diamonds, machinery, metal products and food.
Main imports: Natural gas, petroleum, tobacco products, foods and diamonds.
Main trade partners: Russia, Belgium, Netherlands, Iran and Israel.

The Armenian economy is hobbled by the closed borders with Turkey and Azerbaijan, factors that cause high import prices. Nevertheless, GDP growth is a robust 13% and Armenia has been labelled a ‘Caucasian Tiger' for its economic advances.

Mineral deposits including copper, zinc, gold, marble, bauxite and molybdenum have brought some foreign revenue and investment, although this sector is relatively undeveloped. The industrial sector comprises textile and chemical industries, aluminium production and some mechanical engineering. Remittances, which make up 10% of the economy, have triggered some of the growth. In rural areas, many people rely on subsistence agriculture.

The privatisation programme, launched in the mid 1990s, has been extended to include major parts of the national infrastructure, such as the electricity grid. The volume of foreign investment is growing, despite concerns about widespread corruption and poor financial controls. Inflation stands at 4.4% while unemployment is 7.7%.

Business is generally conducted formally, and visitors should dress smartly. Appointments are necessary.

Office hours: Mon-Fri 0900-1800.

Ministry of Trade and Economic Development
5 M Mkrtchian, 375010, Yerevan, Armenia
Tel: (10) 566 185.
Website: www.minted.am

Ministry of Foreign Affairs
2 Republic Square, Yerevan 0010, Armenia
Tel: (10) 544 041.
Website: www.armeniaforeignministry.com

Chamber of Commerce and Industry
11 Khanjyan Street, Yerevan 375010, Armenia
Tel: (10) 560 184 or 196.
Website: www.armcci.am

Armenian Development Agency
17 Charents Street, Yerevan 0025, Armenia
Tel: (10) 570 170.
Website: www.ada.am