From cia factbook
The ongoing conflict with Azerbaijan over the ethnic Armenian-dominated
region of Nagorno-Karabakh and the breakup of the centrally directed
economic system of the former Soviet Union contributed to a severe
economic decline in the early 1990s. By 1994, however, the Armenian
Government had launched an ambitious IMF-sponsored economic
liberalization program that resulted in positive growth rates in
1995-2003. Armenia joined the WTO in January 2003. Armenia also has
managed to slash inflation, stabilize the local currency (the dram),
and privatize most small- and medium-sized enterprises. The chronic
energy shortages Armenia suffered in the early and mid-1990s have been
offset by the energy supplied by one of its nuclear power plants at
Metsamor. Armenia is now a net energy exporter, although it does not
have sufficient generating capacity to replace Metsamor, which is under
international pressure to close. The electricity distribution system
was privatized in 2002. Armenia's severe trade imbalance has been
offset somewhat by international aid and foreign direct investment.
Economic ties with Russia remain close, especially in the energy sector.
Industries:
diamond-processing, metal-cutting machine tools,forging-pressing
machines, electric motors, tires, knitted wear, hosiery, shoes, silk
fabric, chemicals, trucks, instruments, microelectronics, jewelry
manufacturing, software development, food processing, brandy
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