Armenia: public finances

What are Armenia's government revenue and spending?

Armenia's state budget revenue and official transfers totalled 2,137.0 billion dram in January to August 2026, according to Armstat's state budget revenue table, 14.4% more than a year earlier. Expenditure was 2,119.3 billion dram, up 9.9%. The budget was in a surplus of 17.7 billion dram over the eight months.

The figures are cumulative from the start of the year at current prices and follow the IMF Government Finance Statistics classification. Revenue and spending are not spread evenly over the year, so a surplus part-way through can turn into a deficit by December.

Official sources: Armstat: State budget incomes and official transfers · Armstat: State budget expenditures · Armstat: State budget deficit/surplus

What is Armenia's budget deficit?

Armenia's state budget ran a deficit of 418.8 billion dram in 2025, according to Armstat's budget balance table. The deficit was 376.1 billion dram in 2024. The 2025 figure is preliminary. Revenue in 2025 was 2,886.5 billion dram and expenditure 3,305.3 billion dram.

The deficit is the amount by which spending exceeded revenue and official transfers. Armstat also publishes the consolidated budget, which adds local government budgets; its deficit was 392.7 billion dram in 2025.

Official sources: Armstat: State budget deficit/surplus · Armstat: Consolidated budget deficit/surplus

How much external debt does the Armenian government have?

Armenia's external public debt was 6,629.0 million US dollars at the end of the second quarter of 2026, according to Armstat's external public debt table. It was 6,680.6 million dollars at the end of the first quarter and 7,036.6 million dollars at the end of 2025.

External public debt is debt owed by the state to non-residents, measured at the end of each period. Armstat notes that from 2026 the figures follow the classification in the Law on Public Debt, which came into force on 8 January 2026. The debt figure excludes debt owed to residents.

Official sources: Armstat: External public debt

What is Armenia's government debt?

The latest figure from the IMF, for 2025, is 46.9% of GDP. The peak was 64.5% of GDP in 2020 and the low 14.9% of GDP in 2007. Across Europe & Central Asia the middle value was 46.9% of GDP, and Armenia placed 25th highest of 51. Worldwide: 110th of 185.

What is Armenia's fiscal deficit?

According to the IMF, general government net lending or borrowing in Armenia was -3.7% of GDP in 2025, which is a deficit. The peak was -1.0% of GDP in 2019 and the low -7.7% of GDP in 2009. Across Europe & Central Asia the middle value was -2.4% of GDP, and Armenia placed 36th highest of 51. World rank, highest first: 120th of 188.

What is Armenia's government revenue?

In 2025, general government revenue in Armenia was 25.4% of GDP, according to the IMF. It is the top of the series, which starts in 2005. Europe & Central Asia median: 41.3% of GDP; Armenia is 46th highest of 50. World rank, highest first: 104th of 187.

What is Armenia's government spending?

According to the IMF, general government spending in Armenia was 29.2% of GDP in 2025. Since 2005 it has ranged from 19.9% of GDP (2005) to 30.7% of GDP (2020). Europe & Central Asia median: 43.3% of GDP; Armenia is 44th highest of 50. World rank, highest first: 99th of 186.

What is Armenia's tax to GDP ratio?

The IMF puts central government tax revenue in Armenia at 22.4% of GDP in 2024. Since 2005 it has ranged from 14.3% of GDP (2005) to 22.4% of GDP (2023). It is 17th highest of 42 in Europe & Central Asia, where the median is 20.8% of GDP. Worldwide: 26th of 92.

How much does Armenia spend on its military?

In 2025, military spending in Armenia was 6.1% of GDP, according to SIPRI. That is the highest since at least 2005. It is 4th highest of 46 in Europe & Central Asia, where the median is 2.0% of GDP. Of 149 countries with 2025 data, 7th highest.