page_title: Economy of Armenia
section_title: Domestic business environment
hierarchical_section_title: Economy of Armenia / Domestic business environment
caption_attribution_description: English: Entrance to the State Revenue Committee of the Government of the Republic of Armenia, which is claimed to be corrupt. Located on Movses Khorenatsi Street, between Mashdots and Zakian Streets, in downtown Yerevan. Հայերեն: Պետական Եկամուտների Կոմիտե։
context_page_description: The economy of Armenia grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
  Until independence, Armenia's economy was based largely on industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources. Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel from Russia, including gas and nuclear fuel for Armenia's Metsamor nuclear power plant. The main domestic energy source is hydroelectric. Small amounts of coal, gas and petroleum have not yet been developed.
  Armenia's severe trade imbalance has been offset somewhat by international aid, remittances from Armenians working abroad, and foreign direct investment. Economic ties with Russia remain close, especially in the energy sector.
  The former government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been more difficult to implement in the period when Republican Party of Armenia was in power.
context_section_description: Since transition of power to new leadership in 2018 Armenian government works on improving domestic business environment.  Numerous formerly privileged business are now required to pay taxes and officially register all workers.  Mainly due to this there were 9.7% more payroll employees registered in January 2019 as compared to January 2018.
  In April 2019 Armenian parliament approved reforms of management of joint stock companies effectively enacting a blocking minority shareholders stake of 25% to cope with shareholder oppression.
  Following the advice of economic advisers who cautioned Armenia's leadership against the consolidation of economic power in the hands of a few, in January 2001, the Government of Armenia established the State Commission for the Protection of Economic Competition. Its members cannot be dismissed by the government.
caption: Armenian State Revenue Committee (housing both the Armenian Customs Service and the Armenian Tax Service) is claimed to be corrupt.
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