Economy of the Republic of Artsakh
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Before the 2020 Nagorno-Karabakh war, the economy of the Republic of Artsakh was small, but rapidly growing. The economy of Karabakh showed a relatively quick and confident recovery from the 1991-1994 war. In 1999, the GDP figure was $59 million, 80 percent down on the figure in Soviet times.[3] Yet, the GDP of the Republic of Artsakh reached $114 million in 2005, double the figure in 2001, registering economic growth of 14% (in current prices) in 2005,[4] and in 2009 it registered a GDP of $260 million, which increased to $320 million by 2010. Nagorno-Karabakh's GDP (PPP) for 2010 was estimated at $1.6 billion[citation needed].
Currency | 1 Dram = 100 louma |
---|---|
Calendar year | |
Statistics | |
GDP | $716.8 million (2019 est.)[1] |
GDP growth | 9% (2019 ) |
GDP per capita | $4,779 (2019 est.) |
GDP by sector | services (57%), manufacturing industry (15%), construction (9%), agriculture (16%) (2007 est.) |
Labour force | 64,987 total (2013), 62,420 employed, 2,567 unemployed (2013 est) |
Unemployment | 4.0% (2013 est.) |
Main industries | tourism, agriculture, animal husbandry, gold mining, copper mining, electricity production, construction, road construction, diamond-processing, telecommunications, knitted wear, distillery, banking |
External | |
Exports | $202,050 (2018) |
Export goods | Foodstuffs, tourism, watchmaker, alcohol, electricity |
Main export partners | Armenia |
Imports | $353,007 (2018) |
Main import partners | Armenia |
Public finances | |
Expenses | $186 million (2016)[2] |
Economic aid | $38 million (2009) |
All values, unless otherwise stated, are in US dollars. |
According to official estimates of the Nagorno-Karabakh Statistical Service,[5] the GDP in current (market) prices increased by 116% between 2001 and 2007. The Consumer Price Index increased only by 34% during this period, which implies a real growth of about 60% in GDP during the six years 2001–2007. In 2007, agriculture accounted for 16% of GDP, manufacturing industries 15%, construction 9%, and the service sector 57%. The share of agriculture in GDP went down from 33% in 2002 to 16% in 2007, while the share of manufacturing and services increased correspondingly.
Most investments were in telecoms, gold mining, diamond polishing, jewelry and agriculture. In the Soviet Union, Nagorno-Karabakh was the largest per capita producer of grapes.[citation needed] The territory's major newspaper and publishing company was Azat Artsakh, which was founded in Stepanakert in 1923.[citation needed]
Nagorno-Karabakh is known for its mulberry vodka (Armenian: tuti oghi), commercially produced and exported under the brand name Artsakh by the Artsakh-Alco Brandy Company in Askeran District.[6][7]