Diplomatic representation in the US: chief of mission: Ambassador Ruben SHUGARIAN chancery: 2225 R Street NW, Washington, DC 20008 telephone: [1] (202) 319-1976 FAX : [1] (202) 319-2982 consulate(s) general: Los Angeles
Diplomatic representation from the US: chief of mission: Ambassador Peter TOMSEN embassy: 18 Gen Bagramian, Yerevan mailing address : use embassy street address telephone: [374] (2) 151-144, 524-661 FAX: [374] (2) 151-550
Flag description: three equal horizontal bands of red (top), blue, and gold
Economy
Economy - overview: Under the old Soviet central planning system, Armenia had developed a modern industrial sector, supplying machine building tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Since the implosion of the USSR in December 1991, Armenia has switched to small-scale agriculture away from the large agroindustrial complexes of the Soviet area. The privatization of industry has been at a much slower pace. 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 embargoes imposed by Azerbaijan and Turkey 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 and 1996. Armenia also managed to slash inflation and to privatize most small and medium-sized enterprises. The chronic energy shortages Armenia suffered in recent years has been partially offset by the energy supplied by one of its nuclear power plants at Metsamor, which in 1996 supplied about 40% of the country's energy needs, according to the Armenian Government. Moreover, Armenia is expanding its energy imports from Iran.
GDP: purchasing power parity - $9.7 billion (1996 estimate as extrapolated from World Bank estimate for 1994)
GDP - real growth rate: 4% (1996 est.)
GDP - per capita: purchasing power parity - $2,800 (1996 est.)
GDP - composition by sector: agriculture: 35% industry: 35% services : 30% (1995 est.)
Inflation rate - consumer price index: 5.7% (1996 est.)