Economy of Armenia

The agricultural sector accounted for about 20 percent of Armenia's GDP. This share was impacted by bad weather, a lack of a government stimulus package, and decreased agricultural subsidies mandated by the Armenian government as per WTO requirements. Armenia has a higher percentage of agriculture as a component of GDP compared to neighboring countries like Georgia, Azerbaijan, Turkey, and Iran.

Armenia's mining industry output grew by 14.2% to 172 billion AMD, which represents about 3.1% of Armenia's GDP. Mineral product exports (excluding precious metals and stones) grew by 46.9% to US$692 million, comprising 30.1% of all exports.

Construction output increased by 2.2% to 416 billion AMD. However, during the January to September 2010 period, the sector experienced a 5.2% year-on-year decrease, indicating challenges in sustaining a sector primarily focused on elite markets with few products catering to median or low budgets. Despite government efforts to support ongoing construction projects through stimulus packages, the decrease persisted.

Maldives were renowned for cowries, coir rope, dried tuna fish (Maldive fish), ambergris (maavaharu) and coco de mer (tavakkaashi). Local and foreign trading ships used to load these products in the Maldives and bring them abroad.Nowadays, the mixed economy of Maldives is based on the principal activities of tourism, fishing and shipping. This results from the Maldives' strategic geographic positioning near crucial sea routes essential for China's energy provisions. Consequently, China has persistently utilized its economic resources to enhance its sway over the Maldivian government.

Industrial output increased by 12.6% annually, reaching 1661 billion AMD. The growth was driven by the mining sector, benefiting from higher global demand and commodity prices. Despite this growth, Armenia's industrial sector had been relatively stagnant in previous years, with industrial output increasing by only 1.7% per year in some periods. In 2005, industrial output (including electricity) accounted for about 30% of Armenia's GDP.

Armenia's economy has shown rapid growth, with GDP averaging a 6.8% annual rate. After political changes in 2018, prudent macroeconomic policies contributed to macroeconomic stability and an improved business environment. In 2020, the service sector experienced a 14.7% reduction in volumes, totaling 1.7 trillion drams ($3.5 billion). This decline affected all service segments except finance, information, and communication.

Armenia's retail sector has faced challenges due to existing monopolies, resulting in near-zero growth during crises. However, improvements in living standards and income have positively impacted the retail sector. Most retail development remains concentrated in Yerevan, with new malls like Dalma Garden Mall, Yerevan Mall, Rio Mall, and Rossia Mall enhancing retail quality. Expansion into other cities, such as Gyumri with the Shirak Mall, signifies broader retail growth. Additionally, advancements in the banking industry have facilitated easier access to financial assistance, contributing to retail sector development.