Chamber of Commerce Country Factsheet Last update: 19.06.2018
Your advisors at the Chamber of Commerce
- Steven Koener+352423939379
- Violaine Mathurin+352423939481
Armenia prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. During World War I in the western portion of Armenia, the Ottoman Empire instituted a policy of forced resettlement coupled with other harsh practices that resulted in at least 1 million Armenian deaths. The eastern area of Armenia was ceded by the Ottomans to Russia in 1828; this portion declared its independence in 1918, but was conquered by the Soviet Red Army in 1920.
Armenian leaders remain preoccupied by the long conflict with Azerbaijan over Nagorno-Karabakh, a primarily Armenian-populated region, assigned to Soviet Azerbaijan in the 1920s by Moscow. Armenia and Azerbaijan began fighting over the area in 1988; the struggle escalated after both countries attained independence from the Soviet Union in 1991. By May 1994, when a cease-fire took hold, ethnic Armenian forces held not only Nagorno-Karabakh but also seven surrounding regions, approximately 14 percent of Azerbaijan’s territory. The economies of both sides have been hurt by their inability to make substantial progress toward a peaceful resolution.
Turkey closed the common border with Armenia in 1993 in support of Azerbaijan in its conflict with Armenia over control of Nagorno-Karabakh and surrounding areas, further hampering Armenian economic growth. In 2009, senior Armenian leaders began pursuing rapprochement with Turkey, aiming to secure an opening of the border, but Turkey has not yet ratified the Protocols normalizing relations between the two countries. In January 2015, Armenia joined Russia, Belarus, and Kazakhstan as a member of the Eurasian Economic Union. In November 2017, Armenia signed a Comprehensive and Enhanced Partnership Agreement (CEPA) with the EU.
Source: The CIA World Factbook - Armenia
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 3.606 3.016 3.233 3.400 3.700 Gross domestic product, current prices 11.610 10.529 10.754 11.159 11.799 Gross domestic product per capita, current prices 3,889.004 3,520.949 3,595.874 3,731.074 3,944.674 Inflation, average consumer prices 2.981 3.731 -0.520 2.455 4.000 Volume of imports of goods and services 3.221 -9.193 -0.802 2.034 2.902 Volume of exports of goods and services 8.343 14.475 9.133 0.668 1.782 Unemployment rate 17.600 17.705 17.915 17.955 17.796 Current account balance -0.883 -0.279 -0.267 -0.340 -0.398 Current account balance -7.607 -2.651 -2.486 -3.043 -3.374
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 23.06.2009 (Memorial 2010, A, no. 54 p. 830)
- Effective as of 01.01.2011 (Memorial 2010, A, no. 54 p. 830)
Air Services agreement
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact point in Armenia
Economic and Commercial Attaché (AWEX)
Economic and Commercial Attaché with jurisdiction in all Russian territory except the region of St. Petersburg and in Belarus, Georgia, Russia (ERDF) :
Mr. Gérard SEGHERS
Ulitsa Malaya Molchanovka, 7
Honorary Consul with jurisdiction on Armenia:
Mr. Souren ZOHRABYAN
A Tigranyan str. 35/1
Tél.: (+374) 55 502 700
Country risk as defined by Office du Ducroire for Russia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other Useful Links:
- The CIA World Factbook on Armenia
- Doing Business in Armenia
- Das ist Armenien
- Investing in Armenia
- L'Arménie sur le site de l'AWEX
The Chamber of Commerce and the country