a slower pace, but
has been given renewed emphasis by the current administration. Armenia
is a food importer, and its mineral deposits (gold, bauxite) are small.
The ongoing conflict with Azerbaijan over the ethnic Armenian-dominated
region of Nagorno-Karabakh and the breakup of the centrally directed
economic system of the former Soviet Union contributed to a severe
economic decline in the early 1990s. By 1994, however, the Armenian
Government had launched an ambitious IMF-sponsored economic program
that has resulted in positive growth rates in 1995-2001. Armenia also
managed to slash inflation and to privatize most small- and medium-sized
enterprises. The chronic energy shortages Armenia suffered in recent
years have been largely offset by the energy supplied by one of its
nuclear power plants at Metsamor. Armenia's severe trade imbalance has
been offset somewhat by international aid, domestic restructuring of
the economy, and foreign direct investment.

GDP: purchasing power parity - $11.2 billion (2001 est.)

GDP - real growth rate: 9.6% (2001 est.)

GDP - per capita: purchasing power parity - $3,350 (2001 est.)

GDP - composition by sector: agriculture: 29% industry: 32% services:
39% (2000 est.)

Population below poverty line: 55% (2001 est.)

Household income or consumption by percentage share: lowest 10%: 2.3%
highest 10%: 35.2% (1996)

Distribution of family income - Gini index: 44.4 (1996)

Inflation rate (consumer prices): 3.1% (2000 est.)

Labor force: 1.4 million (2001)

Labor force - by occupation: agriculture 44%, services 14%, industry 42%
(2000 est.)

Unemployment rate: 20% note: official rate is 10.9% for 2000 (2001 est.)

Budget: revenues: $358 million expenditures: $458 million, including
capital expenditures of $NA (2001 est.)

Industries: metal-cutting machine tools, forging-pressing machines,
electric motors, tires, knitted wear, hosiery, shoes, silk fabric,
chemicals, trucks, instruments, microelectronics, gem cutting, jewelry
manufacturing, software development, food processing, brandy

Industrial production growth rate: 3.8% (2001)

Electricity - production: 5.69 billion kWh (2000)

Electricity - production by source: fossil fuel: 36.34% other: 0%
(2000) nuclear: 32.34% hydro: 31.32%

Electricity - consumption: 4.89 billion kWh (2000)

Electricity - exports: 704 million kWh note: exports an unknown quantity
to Georgia; includes exports to Nagorno-Karabakh