Armenia - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Armenia was 39.73 as of 2020. Its highest value over the past 30 years was 73.10 in 1994, while its lowest value was 38.79 in 2007.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1990 46.33
1991 60.12
1992 61.26
1993 60.75
1994 73.10
1995 62.19
1996 55.99
1997 58.27
1998 52.84
1999 49.80
2000 50.07
2001 45.72
2002 46.15
2003 49.57
2004 44.88
2005 42.83
2006 38.88
2007 38.79
2008 40.28
2009 42.60
2010 44.89
2011 46.91
2012 48.40
2013 49.20
2014 47.22
2015 41.96
2016 42.33
2017 48.99
2018 53.08
2019 54.76
2020 39.73

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts