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EIU Armenia

Overview

Armenia's political scene will remain volatile. The president, Serzh Sargsyan, will face opposition to Armenia's rapprochement with Turkey. Despite the signing of two protocols in October 2009 between the two countries, a further improvement of ties will be hampered by Armenia's unresolved dispute over Nagorny Karabakh with Azerbaijan, an important Turkish ally. The risk of social unrest in the earlier part of the forecast period is elevated, owing to the recent increase in unemployment and lower remittance inflows. After contracting by an estimated 15.2% in 2009, real GDP growth will resume in 2010, rising to 3.3% in 2011 as the external environment improves.

Key Reports Available for Armenia
  • Country Report
  • Country Profile
  • Basic Data

    Total area
    29,800 sq km, of which around 80% is mountainous
    Population
    3.23m (end-2007)
    Main towns
    Yerevan (capital; population 1.1m); Gyumri; Vanadzor
    Climate
    Continental and dry, with cold winters and warm summers. The heaviest rainfall is in the mountains. The average temperature in July is 21°C; in January, the coldest month, it is -7°C
    Languages
    Armenian is the national language; Russian is widely spoken in towns
    Weights and measures
    Metric system
    Currency
    The Armenian dram was introduced as legal tender in November 1993 to replace the rouble. Average exchange rate in 2007: Dram342:US$1; on February 27th 2008: Dram307:US$1
    Time
    4 hours ahead of GMT
    National holidays
    January 1st-2nd (New Year); January 6th (Christmas); January 28th (Army Day); March 8th (International Women's Day); April 24th (Armenian Genocide Commemoration Day); May 1st (International Workers' Day); May 9th (Victory Day); May 28th (Day of the First Republic); July 5th (Constitution Day); September 21st (Independence Day); December 31st (New Year's Eve)


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