r), OSCE, PFP, UN, UNCTAD, UNESCO, UNIDO, UPU, WHO, WIPO, WMO

Diplomatic representation in US:
chief of mission: Ambassador Ruben SHUGARIAN
chancery: Suite 210, 1660 L Street NW, Washington, DC 20036
telephone: [1] (202) 628-5766
FAX: [1] (202) 628-5769

US diplomatic representation:
chief of mission: Ambassador Harry J. GILMORE
embassy: 18 Gen Bagramian, Yerevan
mailing address: use embassy street address
telephone: [7] (8852) 151-144, 524-661
FAX: [7] (8852) 151-138

Flag: three equal horizontal bands of red (top), blue, and gold

@Armenia:Economy

Overview: Under the old Soviet central planning system, Armenia had
developed a more modern industrial sector, supplying machine building
equipment, textiles, and other manufactured goods to sister republics
in exchange for raw materials and energy resources. Armenia is a large
food importer and its mineral deposits (gold, bauxite) are small. The
economic decline in recent years (1991-94) has been particularly
severe due to the ongoing conflict over the ethnic Armenian-dominated
region of Nagorno-Karabakh in Azerbaijan. Azerbaijan and Turkey have
blockaded pipeline and railroad traffic to Armenia for its support of
the Karabakh Armenians. This has left Armenia with chronic energy
shortages because of a lack of capacity and frequent disruptions of
natural gas deliveries through unstable Georgia, as well as
difficulties in obtaining other types of fuel. In addition, bread is
strictly rationed and there are shortages of other goods. In 1994, the
economy seemed to bottom out. The government has managed to increase
its financial and budgetary discipline, bringing inflation down from
around 40% per month in first half 1994 to single digits in second
half 1994 and the first quarter of 1995. A full economic recovery
cannot be expected until the conflict is settled and the blockade
lifted.

National product: GDP - purchasing power parity - $8.1 billion (1994
estimate as extrapolated from World Bank estimate for 1992)

National product real growth rate: -2% (1994 est.)

National product per capita: $2,290 (1994 est.)

Inflation rate (consumer prices): 27% per month average (1994 est.)

Unemployment rate: 6.5% of officially registered unemployed but large
numbers of underemployed (1994 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Exports: $43 million to countries outside the FSU (f