The Armenian economy heavily relies on investment and support from Armenians abroad. Before independence, Armenia’s economy was largely industry-based ? chemicals, electronics, machinery, processed food, synthetic rubber, and textile ? and highly dependent on outside resources. The republic had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Agriculture accounted for less than 20% of both net material product and total employment before the dissolution of the Soviet Union in 1991. After independence, the importance of agriculture in the economy increased markedly, its share at the end of the 1990s rising to more than 30% of GDP and more than 40% of total employment.
Yerevan is the capital and largest city of Armenia and one of the world’s oldest continuously-inhabited cities. It is the administrative, cultural, and industrial center of the country. Yerevan’s share of national industrial production is approximately 50%. Yerevan’s manufactures include chemicals, primary metals, machinery, rubber products, plastics, textiles, and processed food. Even though the economic crisis of the 90s ravaged the industry of the country, several factories remain always in service, notably in the petrochemical and the aluminium sectors.
Yerevan has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.