In this subsection, data on main indicators of budget system and public debt of Armenia are presented.
Data source: Statistical Committee of the Republic of Armenia and Ministry of Finance of the Republic of Armenia.
Calculations and data processing: Economic Development and Research Center (EDRC)
Data were updated on October 21, 2025.
Table 1. Main Indicators of State and Consolidated Budgets, bln AMD
Table 2. State Budget Revenues, bln AMD
Table 3. State Budget Expenditures by Functional Classification, bln AMD
Table 4. State Budget Expenditures by Economic Classification, bln AMD
Table 5. Main Indicators of State and Consolidated Budgets, in % to GDP
Table 6. State Budget Revenues, in % to GDP
Table 7. State Budget Expenditures by Functional Classification, in % to GDP
Table 8. State Budget Expenditures by Economic Classification, in % to GDP
Table 9. Public Debt of Armenia
Table 10. External public debt of Armenia, breakdown per donors, mln USD
Table 1. Main Indicators of State and Consolidated Budgets, bln AMD
| 1991 | 1995 | 2000 | 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Revenues, total | ||||||||||||||||
| State Budget | 4.6 | 94.5 | 172.1 | 785.4 | 690.0 | 780.4 | 1,167.7 | 1,171.1 | 1,237.8 | 1,341.7 | 1,565.5 | 1,560.7 | 1,683.8 | 2,063.1 | 2,358.8 | 2,579.2 |
| Consolidated Budget | - | - | 204.8 | 802.9 | 711.7 | 804.3 | 1,201.7 | 1,205.8 | 1,276.8 | 1384.5 | 1,614.9 | 1,608.7 | 1,743.9 | 2,132.9 | 2,455.1 | 2,696.8 |
| Expenditures, total | ||||||||||||||||
| State Budget | 4.4 | 125.6 | 222.9 | 810.6 | 929.1 | 954.3 | 1,409.0 | 1,449.1 | 1,504.8 | 1,447.1 | 1,629.4 | 1,894.6 | 2,004.3 | 2,242.6 | 2,547.6 | 2,955.3 |
| Consolidated Budget | - | - | 254.4 | 829.5 | 947.6 | 975.9 | 1,444.0 | 1,485.3 | 1,541.6 | 1480.8 | 1,667.3 | 1,924.9 | 2,061.9 | 2,322.4 | 2,638.4 | 3,049.7 |
| Deficit (-)/Surplus (+) | ||||||||||||||||
| State Budget | 0.3 | -31.1 | -50.8 | -25.2 | -239.1 | -173.9 | -241.3 | -278.0 | -267.0 | -105.4 | -63.9 | -334.0 | -320.5 | -179.5 | -188.9 | -376.1 |
| Consolidated Budget | - | - | -49.7 | -26.6 | -235.9 | -171.6 | -242.3 | -279.5 | -264.8 | -96.3 | -52.4 | -316.2 | -318.1 | -189.5 | -183.2 | -352.9 |
Note: Data for 1991 are in bln roubles. State budget data for 1991 and 1995 include Municipal budgets data.
Municipal budgets have been separated from the State budget in 1997.
Table 2. State Budget Revenues, bln AMD
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget revenues, total | 785.4 | 690 | 780.4 | 1,167.7 | 1,171.1 | 1,237.8 | 1,341.7 | 1,565.5 | 1,560.7 | 1,683.8 | 2,063.1 | 2,358.8 | 2,579.2 |
| 1. Taxes, duties and compulsory social insuarance contribution | 726.1 | 625.3 | 699.4 | 1,067.9 | 1,079.7 | 1,158.0 | 1,258.1 | 1,464.3 | 1,385.2 | 1,586.9 | 1,926.0 | 2,221.9 | 2,390.9 |
| 1.1 Tax revenues | 598.8 | 503.3 | 574.1 | 1,015.9 | 1,032.9 | 1105.1 | 1202.9 | 1399.8 | 1327.0 | 1477.0 | 1754.7 | 2064.2 | 2207.0 |
| Value added tax | 318.3 | 254.2 | 301.7 | 423.9 | 391.1 | 406.6 | 438.2 | 506.5 | 471.6 | 556.0 | 679.6 | 767.2 | 755.9 |
| Excise tax | 45.9 | 42.8 | 48.1 | 49.0 | 59.7 | 82.3 | 109.0 | 138.6 | 123.6 | 113.1 | 127.5 | 149.4 | 146.5 |
| Income tax | 53.7 | 60.2 | 73.9 | -0.2 | 0.0 | - | - | - | - | - | - | - | - |
| Profit tax | 86.2 | 80.8 | 77.8 | 103.7 | 127.2 | 109.9 | 170.1 | 233.8 | 148.8 | 158.6 | 222.8 | 321.5 | 335.7 |
| Customs duty | 37.3 | 25.1 | 29.4 | 61.5 | 55.4 | 72.6 | 80.2 | 95.1 | 68.3 | 84.8 | 56.7 | 75.3 | 76.2 |
| Fixes payments | 20.3 | 23.8 | 22.0 | 3.1 | 3.2 | 3.6 | 0.3 | - | - | - | - | - | - |
| Turnover tax | - | - | - | 11.9 | 15.3 | 18.2 | 21.3 | 31.6 | 26.6 | 32.4 | 40.7 | 52.2 | 60.9 |
| Income tax | - | - | - | 311.7 | 332.7 | 341.5 | 356.6 | 440.8 | 411.5 | 426.3 | 474.8 | 554.5 | 650.1 |
| Other tax incomes | 37.0 | 16.4 | 21.1 | 51.4 | 48.3 | 70.4 | 27.2 | -46.7 | 76.7 | 105.8 | 152.6 | 144.0 | 181.8 |
| 1.2 State duties | 22.3 | 19.0 | 20.0 | 32.4 | 33.3 | 37.1 | 37.9 | 45.9 | 33.4 | 66.9 | 106.8 | 67.4 | 80.5 |
| 1.3 Social payments | 105.0 | 102.9 | 105.3 | 19.6 | 13.5 | 15.8 | 17.4 | 18.7 | 24.8 | 43.0 | 64.5 | 90.3 | 103.4 |
| Compulsory social insurance contributions | 105.0 | 102.9 | 105.3 | 8.7 | 0.1 | - | - | - | - | - | - | - | - |
| Targeted social payments | - | - | - | 10.9 | 13.4 | 15.8 | 17.4 | 18.7 | 24.8 | 43.0 | 64.5 | 90.3 | 103.4 |
| 2. Official transfers | 15.0 | 21.7 | 30.6 | 29.9 | 31.4 | 14.6 | 11.2 | 12.4 | 53.2 | 12.4 | 15.0 | 13.1 | 26.7 |
| 3. Other incomes | 44.3 | 43.0 | 50.4 | 70.0 | 60.0 | 65.2 | 72.3 | 88.8 | 122.2 | 84.6 | 122.1 | 123.7 | 161.6 |
Table 3. State Budget Expenditures by Functional Classification, bln AMD
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget expenditures, total | 810.6 | 929.1 | 954.3 | 1,409.0 | 1,449.1 | 1,504.8 | 1,447.1 | 1,629.4 | 1,894.6 | 2,004.3 | 2,242.6 | 2,547.6 | 2,955.3 |
| 01 General public services | 104.8 | 113.0 | 143.3 | 281.4 | 292.1 | 274.7 | 278.5 | 320.1 | 344.3 | 381.0 | 407.4 | 522.5 | 671.3 |
| 02 Defense | 121.2 | 130.2 | 147.6 | 198.5 | 225.9 | 294.4 | 238.5 | 315.6 | 387.8 | 336.0 | 480.4 | 525.9 | 549.0 |
| 03 Maintenance of public order and security and judicial activities. | 61.7 | 69.5 | 67.4 | 122.0 | 120.3 | 122.5 | 123.1 | 143.7 | 151.4 | 160.0 | 196.9 | 207.6 | 227.8 |
| 04 Economic relations | 89.4 | 133.8 | 112.5 | 109.8 | 131.1 | 129.5 | 112.2 | 111.9 | 125.6 | 151.8 | 175.8 | 199.2 | 203.7 |
| 05 Preservation of the environment | 3.0 | 3.9 | 4.9 | 5.7 | 4.5 | 5.4 | 5.7 | 5.8 | 4.4 | 6.0 | 6.8 | 7.7 | 10.7 |
| 06 Housing and communal facilities | 14.0 | 21.1 | 42.8 | 39.2 | 25.6 | 12.6 | 11.7 | 16.2 | 8.9 | 9.5 | 9.5 | 10.9 | 14.5 |
| 07 Health | 50.0 | 56.2 | 56.1 | 86.1 | 88.6 | 83.2 | 79.6 | 99.3 | 148.2 | 160.5 | 142.2 | 141.3 | 154.8 |
| 08 Culture, sport and religion | 16.0 | 16.3 | 16.1 | 30.4 | 26.6 | 26.0 | 25.3 | 33.6 | 33.6 | 30.4 | 43.9 | 43.3 | 40.5 |
| 09 Education | 103.5 | 107.5 | 97.8 | 122.3 | 122.4 | 124.4 | 121.6 | 129.3 | 143.8 | 149.1 | 165.4 | 183.6 | 231.0 |
| 10 Social security | 212.6 | 243.6 | 244.2 | 383.7 | 396.8 | 409.0 | 416.6 | 453.9 | 546.6 | 620.0 | 614.5 | 705.8 | 851.9 |
| 11 Expenditures non classified under the main groups | 34.3 | 33.9 | 21.6 | 29.9 | 15.1 | 23.0 | 34.3 | - | - | - | - | - | - |
Table 4. State Budget Expenditures by Economic Classification, bln AMD
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget expenditures, total | 810.6 | 929.1 | 954.3 | 1,409.0 | 1,449.1 | 1,504.8 | 1,447.1 | 1,629.4 | 1,894.6 | 2,004.3 | 2,242.6 | 2,547.6 | 2,955.3 |
| 1. Current expenditures | 717.5 | 718.3 | 763.1 | 1,238.9 | 1,281.8 | 1,267.4 | 1,299.0 | 1,437.1 | 1,668.5 | 1,788.0 | 1,862.2 | 2,075.1 | 2,413.6 |
| Wages | 64.1 | 75.6 | 78.3 | 141.0 | 142.4 | 145.3 | 152.8 | 172.6 | 176.1 | 181.4 | 194.1 | 218.0 | 242.7 |
| Acquisition of goods and services | 135.3 | 152.3 | 159.9 | 258.6 | 162.2 | 154.3 | 155.6 | 192.1 | 179.2 | 198.5 | 205.3 | 191.1 | 108.7 |
| Subsidies | 87.7 | 19.0 | 17.8 | 32.9 | 120.8 | 112.8 | 111.2 | 113.4 | 119.1 | 136.8 | 150.5 | 164.0 | 187.7 |
| Interest payments | 11.1 | 16.3 | 30.4 | 74.1 | 98.3 | 122.1 | 139.0 | 157.6 | 164.8 | 180.8 | 198.3 | 253.4 | 313.6 |
| Transfers | 83.2 | 80.1 | 94.4 | 152.9 | 158.1 | 133.0 | 126.3 | 150.0 | 186.9 | 204.7 | 238.6 | 281.0 | 303.4 |
| Expenditures of social pentions and allowances | 207.9 | 240.2 | 244.0 | 391.0 | 405.1 | 411.1 | 425.5 | 453.2 | 559.1 | 621.2 | 613.1 | 710.2 | 1026.2 |
| Other expenditures | 128.2 | 134.9 | 138.3 | 188.4 | 195.0 | 188.8 | 188.5 | 198.3 | 283.4 | 264.6 | 262.4 | 257.2 | 231.3 |
| 2. Transactions with non financial assets | 93.1 | 210.8 | 191.2 | 170.1 | 167.3 | 237.4 | 148.1 | 192.3 | 226.2 | 216.3 | 380.4 | 472.6 | 541.7 |
Table 5. Main Indicators of State and Consolidated Budgets, in % to GDP
| 1991 | 1995 | 2000 | 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Revenues, total | ||||||||||||||||
| State Budget | 29.0 | 18.0 | 16.7 | 22.0 | 22.0 | 22.6 | 23.2 | 23.1 | 22.2 | 22.3 | 23.9 | 25.2 | 24.1 | 24.3 | 24.8 | 25.3 |
| Consolidated Budget | - | - | 19.9 | 22.5 | 22.7 | 23.2 | 23.8 | 23.8 | 22.9 | 23.0 | 24.7 | 26.0 | 24.9 | 25.1 | 25.9 | 26.5 |
| Expenditures, total | ||||||||||||||||
| State Budget | 27.4 | 24.0 | 21.6 | 22.7 | 29.6 | 27.6 | 27.9 | 28.6 | 27.0 | 24.0 | 24.9 | 30.6 | 28.7 | 26.4 | 26.8 | 29.0 |
| Consolidated Budget | - | - | 24.7 | 23.2 | 30.2 | 28.2 | 28.6 | 29.3 | 27.7 | 24.6 | 25.5 | 31.1 | 29.5 | 27.3 | 27.8 | 29.9 |
| Deficit (-)/Surplus (+) | ||||||||||||||||
| State Budget | 1.6 | -6.0 | -4.9 | -0.7 | -7.6 | -5.0 | -4.8 | -5.5 | -4.8 | -1.8 | -1.0 | -5.4 | -4.6 | -2.1 | -2.0 | -3.7 |
| Consolidated Budget | - | - | -4.8 | -0.7 | -7.5 | -5.0 | -4.8 | -5.5 | -4.8 | -1.6 | -0.8 | -5.1 | -4.5 | -2.2 | -1.9 | -3.5 |
Note: Data for 1991 are in bln roubles. State budget data for 1991 and 1995 include Municipal budgets data.
Municipal budgets have been separated from the State budget in 1997.
Table 6. State Budget Revenues, in % to GDP
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget revenues, total | 22.0 | 22.0 | 22.6 | 23.2 | 23.1 | 22.2 | 22.3 | 23.9 | 25.2 | 24.1 | 24.3 | 24.8 | 25.3 |
| 1. Taxes, duties and compulsory social insuarance contribution | 20.3 | 19.9 | 20.2 | 21.2 | 21.3 | 20.8 | 20.9 | 22.4 | 22.4 | 22.7 | 22.7 | 23.4 | 23.5 |
| 1.1 Tax revenues | 16.8 | 16.0 | 16.6 | 20.1 | 20.4 | 19.9 | 20.0 | 21.4 | 21.5 | 21.1 | 20.6 | 21.7 | 21.7 |
| Value added tax | 8.9 | 8.1 | 8.7 | 8.4 | 7.7 | 7.3 | 7.3 | 7.7 | 7.6 | 8.0 | 8.0 | 8.1 | 7.4 |
| Excise tax | 1.3 | 1.4 | 1.4 | 1.0 | 1.2 | 1.5 | 1.8 | 2.1 | 2.0 | 1.6 | 1.5 | 1.6 | 1.4 |
| Income tax | 1.5 | 1.9 | 2.1 | 0.0 | 0.0 | - | - | - | - | - | - | - | - |
| Profit tax | 2.4 | 2.6 | 2.2 | 2.1 | 2.5 | 2.0 | 2.8 | 3.6 | 2.4 | 2.3 | 2.6 | 3.4 | 3.3 |
| Customs duty | 1.0 | 0.8 | 0.8 | 1.2 | 1.1 | 1.3 | 1.3 | 1.5 | 1.1 | 1.2 | 0.7 | 0.8 | 0.7 |
| Fixes payments | 0.6 | 0.8 | 0.6 | 0.1 | 0.1 | 0.1 | 0.0 | - | - | - | - | - | - |
| Turnover tax | - | - | - | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.5 | 0.5 | 0.5 | 0.6 |
| Income tax | - | - | - | 6.2 | 6.6 | 6.1 | 5.9 | 6.7 | 6.7 | 6.1 | 5.6 | 5.8 | 6.4 |
| Other tax incomes | 1.0 | 0.5 | 0.6 | 1.0 | 1.0 | 1.3 | 0.5 | -0.7 | 1.2 | 1.5 | 1.8 | 1.5 | 1.8 |
| 1.2 State duties | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.6 | 0.7 | 0.5 | 1.0 | 1.3 | 0.7 | 0.8 |
| 1.3 Social payments | 2.9 | 3.3 | 3.0 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | 0.8 | 1.0 | 1.0 |
| Compulsory social insurance contributions | 2.9 | 3.3 | 3.0 | 0.2 | 0.0 | - | - | - | - | - | - | - | - |
| Targeted social payments | - | - | - | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | 0.8 | 1.0 | 1.0 |
| 2. Official transfers | 0.4 | 0.7 | 0.9 | 0.6 | 0.6 | 0.3 | 0.2 | 0.2 | 0.9 | 0.2 | 0.2 | 0.1 | 0.3 |
| 3. Other incomes | 1.2 | 1.4 | 1.5 | 1.4 | 1.2 | 1.2 | 1.2 | 1.4 | 2.0 | 1.2 | 1.4 | 1.3 | 1.6 |
Table 7. State Budget Expenditures by Functional Classification, in % to GDP
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget expenditures, total | 22.7 | 29.6 | 27.6 | 27.9 | 28.6 | 27.0 | 24.1 | 24.9 | 30.6 | 28.7 | 26.4 | 26.8 | 29.0 |
| 01 General public services | 2.9 | 3.6 | 4.1 | 5.6 | 5.8 | 4.9 | 4.6 | 4.9 | 5.6 | 5.4 | 4.8 | 5.5 | 6.6 |
| 02 Defense | 3.4 | 4.1 | 4.3 | 3.9 | 4.5 | 5.3 | 4.0 | 4.8 | 6.3 | 4.8 | 5.7 | 5.5 | 5.4 |
| 03 Maintenance of public order and security and judicial activities. | 1.7 | 2.2 | 1.9 | 2.4 | 2.4 | 2.2 | 2.0 | 2.2 | 2.4 | 2.3 | 2.3 | 2.2 | 2.2 |
| 04 Economic relations | 2.5 | 4.3 | 3.2 | 2.2 | 2.6 | 2.3 | 1.9 | 1.7 | 2.0 | 2.2 | 2.1 | 2.1 | 2.0 |
| 05 Preservation of the environment | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| 06 Housing and communal facilities | 0.4 | 0.7 | 1.2 | 0.8 | 0.5 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| 07 Health | 1.4 | 1.8 | 1.6 | 1.7 | 1.7 | 1.5 | 1.3 | 1.5 | 2.4 | 2.3 | 1.7 | 1.5 | 1.5 |
| 08 Culture, sport and religion | 0.4 | 0.5 | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.5 | 0.5 | 0.4 | 0.5 | 0.5 | 0.4 |
| 09 Education | 2.9 | 3.4 | 2.8 | 2.4 | 2.4 | 2.2 | 2.0 | 2.0 | 2.3 | 2.1 | 1.9 | 1.9 | 2.3 |
| 10 Social security | 6.0 | 7.8 | 7.1 | 7.6 | 7.8 | 7.3 | 6.9 | 6.9 | 8.8 | 8.9 | 7.2 | 7.4 | 8.4 |
| 11 Expenditures non classified under the main groups | 1.0 | 1.1 | 0.6 | 0.6 | 0.3 | 0.4 | 0.6 | - | - | - | - | - | - |
Table 8. State Budget Expenditures by Economic Classification, in % to GDP
| 2008 | 2009 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| State budget expenditures, total | 22.7 | 29.6 | 27.6 | 27.9 | 28.6 | 27.0 | 24.0 | 24.9 | 30.6 | 28.7 | 26.4 | 26.8 | 29.0 |
| 1. Current expenditures | 20.1 | 22.9 | 22.1 | 24.6 | 25.3 | 22.8 | 21.6 | 22.0 | 27.0 | 25.6 | 21.9 | 21.9 | 23.7 |
| Wages | 1.8 | 2.4 | 2.2 | 2.8 | 2.8 | 2.6 | 2.5 | 2.6 | 2.8 | 2.6 | 2.3 | 2.3 | 2.4 |
| Acquisition of goods and services | 3.8 | 4.8 | 4.6 | 5.1 | 3.2 | 2.8 | 2.6 | 2.9 | 2.9 | 2.8 | 2.4 | 2.0 | 1.1 |
| Subsidies | 2.5 | 0.6 | 0.5 | 0.7 | 2.4 | 2.0 | 1.8 | 1.7 | 1.9 | 2.0 | 1.8 | 1.7 | 1.8 |
| Interest payments | 0.3 | 0.5 | 0.9 | 1.5 | 1.9 | 2.2 | 2.3 | 2.4 | 2.7 | 2.6 | 2.3 | 2.7 | 3.1 |
| Transfers | 2.3 | 2.5 | 2.7 | 3.0 | 3.1 | 2.4 | 2.1 | 2.3 | 3.0 | 2.9 | 2.8 | 3.0 | 3.0 |
| Expenditures of social pentions and allowances | 5.8 | 7.6 | 7.1 | 7.8 | 8.0 | 7.4 | 7.1 | 6.9 | 9.0 | 8.9 | 7.2 | 7.5 | 10.1 |
| Other expenditures | 3.6 | 4.3 | 4.0 | 3.7 | 3.8 | 3.4 | 3.1 | 3.0 | 4.6 | 3.8 | 3.1 | 2.7 | 2.3 |
| 2. Transactions with non financial assets | 2.6 | 6.7 | 5.5 | 3.4 | 3.3 | 4.3 | 2.5 | 2.9 | 3.7 | 3.1 | 4.5 | 5.0 | 5.3 |
Table 9. Public Debt of Armenia
| 1995 | 2000 | 2005 | 2008 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| mln USD | |||||||||||||||
| External debt | - | 859.5 | 1,099.2 | 1,577.1 | 3,300.5 | 4,325.3 | 4,803.4 | 5,513.9 | 5,536.0 | 5,784.5 | 6,059.4 | 6,648.4 | 6,445.4 | 6,501.5 | 6,454.2 |
| Debt of Government | - | 651.0 | 896.7 | 1,396.6 | 2,737.9 | 3,849.0 | 4,298.7 | 4,912.4 | 4,986.0 | 5,295.2 | 5,599.5 | 6,190.7 | 5,894.1 | 5,950.7 | 5,950.1 |
| Debt of Central Bank | - | 175.5 | 196.2 | 176.0 | 562.6 | 476.3 | 504.7 | 601.5 | 550.0 | 489.3 | 459.9 | 457.7 | 551.3 | 550.8 | 504.0 |
| Credits Guaranteed by Government and CB | - | 19.1 | 3.1 | 0.0 | - | - | - | - | - | - | - | - | - | - | |
| Special Credit Programs | - | 13.9 | 3.3 | 4.4 | - | - | - | - | - | - | - | - | - | - | |
| Domestic debt | 0.5 | 54.0 | 114.1 | 328.9 | 504.6 | 752.4 | 1,138.7 | 1,260.7 | 1,386.1 | 1,536.7 | 1,909.0 | 2,577.2 | 4,192.3 | 5,343.9 | 6,388.1 |
| bln AMD | |||||||||||||||
| External debt | - | 474.6 | 494.9 | 483.7 | 1,199.5 | 2,092.4 | 2,324.5 | 2,669.3 | 2,678.1 | 2,774.8 | 3,166.6 | 3,192.2 | 2,536.7 | 2,631.8 | 2,559.5 |
| Debt of Government | - | 359.5 | 403.7 | 428.4 | 995.1 | 1,862.0 | 2,080.3 | 2,378.1 | 2,412.0 | 2,540.1 | 2,926.2 | 2,972.4 | 2,319.7 | 2,408.8 | 2,359.6 |
| Debt of Central Bank | - | 96.9 | 88.3 | 54 | 204.5 | 230.4 | 244.2 | 291.2 | 266.1 | 234.7 | 240.4 | 219.8 | 217.0 | 223.0 | 199.9 |
| Credits Guaranteed by Government and CB | - | 10.6 | 1.4 | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Special Credit Programs | - | 7.7 | 1.5 | 1.4 | - | - | - | - | - | - | - | - | - | - | - |
| Domestic debt | 0.2 | 29.8 | 51.3 | 100.9 | 183.4 | 364.0 | 551.1 | 610.3 | 670.5 | 737.2 | 997.7 | 1,237.4 | 1,650.0 | 2,163.2 | 2,533.3 |
| In dollar term, in % to GDP | |||||||||||||||
| External debt | - | 45.0 | 22.4 | 13.5 | 35.6 | 41.5 | 45.9 | 48.0 | 44.5 | 42.4 | 51.2 | 45.7 | 29.8 | 27.7 | 25.1 |
| Debt of Government | - | 34.1 | 18.3 | 12.0 | 29.6 | 36.9 | 41.1 | 42.7 | 40.1 | 38.8 | 47.3 | 42.5 | 27.3 | 25.4 | 23.1 |
| Debt of Central Bank | - | 9.2 | 4.0 | 1.5 | 6.1 | 4.6 | 4.8 | 5.2 | 4.4 | 3.6 | 3.9 | 3.1 | 2.6 | 2.3 | 2.0 |
| Credits Guaranteed by Government and CB | - | 1.0 | 0.1 | 0.0 | - | - | - | - | - | - | - | - | - | - | - |
| Special Credit Programs | - | 0.7 | 0.1 | 0.0 | - | - | - | - | - | - | - | - | - | - | - |
| Domestic debt | 0.04 | 2.8 | 2.3 | 2.8 | 5.4 | 7.2 | 10.9 | 11.0 | 11.1 | 11.3 | 16.1 | 17.7 | 19.4 | 22.8 | 24.9 |
| In dram term, in % to GDP | |||||||||||||||
| External debt | - | 46.0 | 22.1 | 13.6 | 34.7 | 41.5 | 45.9 | 48.0 | 44.5 | 42.4 | 51.2 | 45.7 | 29.8 | 27.7 | 25.1 |
| Debt of Government | - | 34.9 | 18.0 | 12.0 | 28.8 | 36.9 | 41.1 | 42.7 | 40.1 | 38.8 | 47.3 | 42.5 | 27.3 | 25.4 | 23.1 |
| Debt of Central Bank | - | 9.4 | 3.9 | 1.5 | 5.9 | 4.6 | 4.8 | 5.2 | 4.4 | 3.6 | 3.9 | 3.1 | 2.6 | 2.3 | 2.0 |
| Credits Guaranteed by Government and CB | - | 1.0 | 0.1 | 0.0 | - | - | - | - | - | - | - | - | - | - | - |
| Special Credit Programs | - | 0.7 | 0.1 | 0.0 | - | - | - | - | - | - | - | - | - | - | - |
| Domestic debt | 0.0 | 2.9 | 2.3 | 2.8 | 5.3 | 7.2 | 10.9 | 11.0 | 11.1 | 11.3 | 16.1 | 17.7 | 19.4 | 22.8 | 24.9 |
Table 10. External public debt of Armenia, breakdown per donors, mln USD
| 2000 | 2005 | 2008 | 2010 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Total External Debt | 859.5 | 1,099.2 | 1,577.1 | 3,299.0 | 4,325.3 | 4,803.4 | 5,513.9 | 5,536.0 | 5,784.5 | 6,059.4 | 6,648.4 | 6,445.4 | 6,501.5 | 6,454.2 |
| Multilateral creditors | 661.3 | 982.9 | 1,234.7 | 2,253.7 | 2,879.9 | 3,235.8 | 3,639.1 | 3,604.1 | 3,602.5 | 3,917.8 | 3,770.9 | 3,771.9 | 3 853.4 | 3,849.7 |
| WB | 397.5 | 750.9 | 1,019.1 | 1,265.5 | 1,650.6 | 1,741.5 | 1,807.9 | 1,796.3 | 1,821.6 | 1,827.8 | 1,760.6 | 1,656.7 | 1,714.3 | 1,722.5 |
| EBRD | 48.5 | 14.8 | 0.0 | 10.0 | 18.9 | 20.5 | 23.6 | 21.8 | 19.3 | 20.6 | 21.4 | 25.8 | 43.5 | 40.5 |
| IFAD | 18.4 | 40.8 | 57.8 | 62.0 | 61.2 | 63.5 | 66.4 | 64.3 | 64.3 | 67.3 | 61.9 | 55.2 | 52.0 | 47.0 |
| EU | 21.4 | - | - | - | 71.0 | 68.8 | 77.9 | 74.4 | 72.8 | 79.7 | 73.5 | 69.4 | 71.9 | 67.8 |
| IMF | 175.5 | 176.4 | 134.8 | 740.8 | 414.3 | 412.0 | 404.2 | 328.2 | 253.3 | 518.8 | 439.0 | 476.3 | 385.9 | 207.5 |
| OPEC | - | - | 15.0 | 28.7 | 40.4 | 55.4 | 57.5 | 56.6 | 53.9 | 50.2 | 45.3 | 40.4 | 90.7 | 134.9 |
| ADB | - | - | 8.1 | 146.7 | 395.4 | 511.9 | 659.3 | 722.5 | 782.7 | 788.9 | 778.7 | 857.0 | 857.3 | 967.3 |
| EIB | - | - | - | - | 128.1 | 157.2 | 237.0 | 233.8 | 224.6 | 247.5 | 266.4 | 259.7 | 283.7 | 282.0 |
| EADB | - | - | - | - | 100.0 | 205.0 | 305.2 | 306.3 | 310.1 | 317.0 | 324.1 | 331.4 | 354.0 | 380.1 |
| Bilateral Creditors | 198.2 | 116.4 | 342.4 | 1,045.3 | 509.5 | 626.4 | 958.9 | 1,062.6 | 1,173.1 | 1,186.8 | 1,151.2 | 1,269.6 | 1,221.4 | 1,150.8 |
| Russia | 114.7 | - | - | 500.0 | 7.8 | 56.4 | 252.6 | 313.2 | 396.5 | 359.4 | 356.5 | 319.5 | 279.4 | 239.3 |
| Germany | 5.7 | 69.3 | 125.3 | 132.7 | 189.9 | 200.4 | 295.9 | 343.2 | 380.4 | 408.4 | 417.4 | 511.0 | 526.8 | 463.6 |
| France | 2.5 | 4.2 | 5.0 | 4.3 | 20.0 | 79.4 | 122.0 | 126.7 | 127.2 | 149.7 | 144.4 | 244.5 | 244.0 | 302.4 |
| USA | 57.7 | 41.3 | 37.2 | 33.1 | 23.5 | 21.8 | 20.1 | 18.3 | 16.6 | 14.7 | 13.2 | 12.1 | 10.2 | 8.6 |
| Japan | - | 1.6 | 174.9 | 374.4 | 241.5 | 239.4 | 238.5 | 233.2 | 225.5 | 227.6 | 194.3 | 161.1 | 142.0 | 120.4 |
| Abu-Dhabi Foundation | - | - | - | 0.9 | 6.4 | 6.6 | 5.9 | 5.3 | 4.6 | 4.0 | 3.4 | 2.8 | 2.2 | 1.5 |
| ExIm Bank of China | - | - | - | - | 20.4 | 22.4 | 23.8 | 22.6 | 22.3 | 23.0 | 22.0 | 18.6 | 16.8 | 14.9 |
| Turkmenistan | 12.8 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Switzerlan | 5.0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Borrowings from Commercial Banks | - | - | - | - | 23.2 | 22.4 | 24.6 | 22.7 | 20.5 | 20.6 | 16.7 | 13.7 | 12.1 | 9.4 |
| SBC Bank (Belgium) | - | - | - | - | 5.3 | 4.7 | 4.7 | 3.9 | 3.3 | 3.0 | 2.2 | 1.6 | 1.1 | 5.1 |
| Austria (Reiffeizen bank) | - | - | - | - | 8.7 | 8.5 | 9.6 | 9.2 | 8.0 | 7.8 | 6.2 | 4.9 | 4.2 | 3.1 |
| Austria (Erste bank) | - | - | - | - | 9.1 | 9.3 | 10.3 | 9.6 | 9.2 | 9.8 | 8.3 | 7.2 | 6.8 | 5.796 |
| Bonds purchased by non-residents | - | - | - | - | 912.7 | 918.8 | 883.9 | 838.7 | 980.7 | 925.7 | 1,701.7 | 1,382.8 | 1,407.2 | 1,437.9 |
| Government bonds in FX | - | - | - | - | 911.2 | 902.3 | 863.9 | 831.2 | 973.7 | 919.4 | 1589.3 | 1271.0 | 1046.6 | 1006.5 |
| Government bonds | - | - | - | - | 1.5 | 16.5 | 20.0 | 7.5 | 7.0 | 6.3 | 112.4 | 111.8 | 360.6 | 431.3 |